...FOR
REAL LIFE
2024
Universal
registration
document
VIRTUAL
WORLDS...
Contents
General
2
Person Responsible
3
1
PresentatIon of the Company
5
Dassault Systèmes’ Vision, Strategy and Performance 6
1.1
Key data
8
1.2
Dassault Systèmes – profile and purpose
9
1.3
History and Development of the Company
15
1.4
Business Activities
20
1.5
Research and development
35
1.6
Company Organization
40
1.7
Financial Summary: five‑year historical information 42
1.8
Non – Financial Summary
44
1.9
Risk Factors
48
2
Environmental, social, societal and
governance responsibility
57
2.1
Introduction to the Sustainability Statement
58
2.2
Sustainability Statement
60
2.3
Auditor’s Report and Attestations
225
2.4
Maintain a Vigilance Plan
232
3
Financial review and prospects
243
3.1
Operating and Financial Review
244
3.2
Financial Objectives
256
3.3
Interim and Other Financial Information
257
4
Financial statements
259
4.1
Consolidated Financial Statements
260
4.2
Parent company financial statements
304
4.3
Legal and Arbitration Proceedings
338
5
Corporate Governance
339
5.1
Report of the Board of Directors on
Corporate Governance
340
5.2
Enterprise risk management and internal control
396
5.3
Summary of Share Transactions by
Dassault Systèmes Executives
403
5.4
Information About the Statutory Auditors
406
5.5
Declarations Regarding the Administrative
and Management Bodies
407
6
Information about Dassault Systèmes SE,
the share capital and the ownership
structure
409
6.1
Information about Dassault Systèmes SE
410
6.2
Information About the Share Capital
414
6.3
Information About the Shareholder Base
417
6.4
Stock Market Information
429
7
General Meeting
431
7.1
Presentation of the Resolutions Proposed
by the Board of Directors to the General
Meeting of May 22, 2024
432
7.2
Text of the Draft Resolutions Proposed
by the Board of Directors to the General
Meeting of May 22, 2025
444
Cover
Credit: Dassault Systèmes
The image features a 3D structural representation of a protein-
DNA complex. The protein is made of alpha-helices, beta-sheets,
and loop regions. The DNA molecule is displayed as a charge
surface rendering, indicating the negatively charged phosphate
backbone and neutral grooves. Such virtual twins illuminate
the precise, atomic-resolution intermolecular interactions that
regulate transcriptional control, DNA binding specificity, and
drug-target interactions.
1
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
UNIVERSAL
REGISTRATION
DOCUMENT 2024
Including the Annual financial report
This document is an English‑language translation of Dassault Systèmes’ Document d’enregistrement
universel (Universal registration document), which was filed with the AMF (French Financial Markets
Authority) on March 18, 2025, under regulation (UE) 2017/1129 without prior approval in accordance
with Article 9 of such regulation. Only the French version of the Document d’enregistrement universel
is legally binding.
The format of this Universal registration document is different from that of the official version filed with
the AMF on March 18, 2025.
2
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
General
This Universal registration document also includes:
—
the annual financial report to be prepared and published
by any listed company within four months of the end
of its fiscal year, pursuant to Article L. 451-1-2 of the
French Monetary and Financial Code and Article 222-3 of
the French Financial Markets Authority (AMF) General
Regulation; and
—
the annual management report of the Board of Directors
of Dassault Systèmes SE, including the report on
corporate governance and sustainability disclosures
stipulated in Article L. 233‑28‑4 of the French
Commercial Code (Code de Commerce), which must be
presented to the General Meeting of Shareholders called
to approve the financial statements for each year ended,
in accordance with Articles L. 225-100 and L. 22‑10‑34
et seq. of the French Commercial Code.
The two tables set forth on pages 459 and 460 provide
cross‑references to the relevant portions of these two
reports.
All references to “euros” or to the symbol “€” refer to the
legal currency of the French Republic and certain countries
of the European Union. All references to the “U.S. dollar” or
to the symbol “$” refer to the legal currency of the United
States.
Due to rounding, the sum of the figures in the tables of this
Universal registration document may not exactly correspond
to the totals, and the percentages may not accurately reflect
the absolute values.
In this Universal registration document, and except
when reference is made to the share, voting rights and
the administrative and management bodies of Dassault
Systèmes,
references
to
“Dassault
Systèmes”,
the
“Company”, the “Group” and “we” must be understood as
referring to Dassault Systèmes SE and all of the companies
included in the scope of the consolidation.
“Dassault Systèmes SE” or the “Company” refers only to the
European parent company, which is governed by French law.
In compliance with Article 19 of European Regulation no.
2017/1129 of the European Parliament and of the European
Council, the following information is incorporated by
reference in this Universal registration document:
—
the consolidated financial statements on pages 188 to
228 (inclusive), the parent company financial statements
on pages 234 to 257 (inclusive), and the related audit
reports on pages 229 to 232 and 259 to 263 (inclusive)
of the Universal registration document for the year 2023
filed with the French Financial Markets Authority (AMF)
on March 18, 2024, under no. D. 24‑0125;
—
the financial information on pages 172 to 185 (inclusive)
of the Universal registration document for the 2023
financial year filed with the French Financial Markets
Authority (AMF) on March 18, 2024, under no.
D. 24‑0125;
—
the consolidated financial statements on pages 168 to
208 (inclusive), the parent company financial statements
on pages 215 to 238 (inclusive), and the related audit
reports on pages 209 to 213 and 240 to 244 (inclusive)
of the Universal registration document for the year 2022
filed with the French Financial Markets Authority (AMF)
on March 17, 2023, under no. D. 23‑0112;
—
the financial information on pages 152 to 166
(inclusive) of the Universal registration document for
the 2022 financial year filed with the French Financial
Markets Authority (AMF) on March 17, 2023, under no.
D. 23‑0112;
The portions of these documents which are not incorporated
herein are either not relevant for current investors, or are
covered in another section of this Universal registration
document.
3
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Person Responsible
Person Responsible for the Universal registration document
Pascal Daloz – Chief Executive Officer.
Certification by the Person Responsible for the Universal registration
document
Vélizy-Villacoublay, March 18, 2025.
I hereby certify that the information contained in this
Universal registration document is, to my knowledge, in
accordance with the facts and that no information likely to
affect its significance has been omitted.
I hereby certify that, to my knowledge, the financial
statements have been prepared in accordance with
applicable accounting standards and give a true and faithful
representation of the assets, liabilities, financial position and
results of Dassault Systèmes SE and of all the companies
included within the scope of consolidation, and that the
management report, the content of which is cross‑referenced
in a table on page 460, presents a true and faithful
representation of the business trends, results and financial
position of Dassault Systèmes SE and of all the companies
included within the scope of consolidation, together with
a description of the main risks and uncertainties they face
and, that it has been prepared in accordance with applicable
sustainability disclosure standards.
Pascal Daloz
Chief Executive Officer
4
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
5
1
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
1
PRESENTATION
OF THE COMPANY 1
Dassault Systèmes’ Vision, Strategy and Performance
6
1.1
Key data
8
1.2
Dassault Systèmes – profile and purpose
9
1.3
History and Development of the Company
15
1.3.1
Summary
15
1.3.2
Our Timeline
16
1.4
Business Activities
20
Dassault Systèmes’ Corporate Model*
20
1.4.1
Dassault Systèmes
22
1.4.2
Dassault Systèmes’ Offering
26
1.4.3
Material Contracts
34
1.5
Research and development
35
1.5.1
Overview
35
1.5.2
SaaS offering and Services
36
1.5.3
Intellectual Property
37
1.5.4
Investments
38
1.6
Company Organization
40
1.6.1
Dassault Systèmes SE’s Position within the Company
40
1.6.2
Principal Subsidiaries of the Company
41
1.7
Financial Summary: five‑year historical information
42
1.8
Non – Financial Summary
44
1.8.1
Key metrics
44
1.8.2
Main Ratings and Awards
47
1.9
Risk Factors
48
1.9.1
Risks Related to the Business
48
1.9.2
Financial and Market Risks
54
1.9.3
Insurance
56
1
6
PresentatIon of the Company
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Dassault Systèmes’ Vision, Strategy and Performance
Bernard Charlès, Executive Chairman
Pascal Daloz, Chief Executive Officer
At the beginning of 2024, we revealed the “Generative
Economy” as our new horizon for 2040 – resulting from
the coming together of the Experience Economy and the
Circular Economy. To foster more sustainable experiences
and lifestyles, our aim is to help our customers go beyond
the
mechanistic
thinking
that
dominated
industry
and the economy during the last century. Tomorrow’s
game‑changers will be those who take inspiration from the
living world to generate rather than consume, giving back to
the planet as much as we take from it – what we call the “eco
bill” — as they develop innovative solutions to improve the
lives of consumers, patients and citizens.
This vision proved relevant in 2024, resonating strongly
with our customers. Last year saw a series of major strategic
partnerships, recognizing and endorsing the strengths
of our 3DEXPERIENCE platform in the three sectors we
serve, namely Manufacturing Industries, Life Sciences &
Healthcare, and Infrastructure & Cities.
Our 3DEXPERIENCE platform is now employed by top‑tier
players that include Airbus, Lockheed Martin, Mahindra
& Mahindra, Volkswagen, Jaguar Land Rover, Renault
Group, BMW, Volvo, Bayer, Sanofi, CSADI, and BIAD.
They are leveraging its scientific value, AI capabilities and
cloud‑enabled flexibility to transform their organizations,
business models and product portfolios. With our Industry
Solutions, Processes and Roles, they can elevate their value
proposition, as well as the knowledge and know‑how of their
teams.
Similarly, 19 of the world’s 20 largest pharmaceutical
companies have selected our MEDIDATA platform to
optimize data use, allowing them to fast‑track the
development of groundbreaking treatments.
Meanwhile, players in the Infrastructure & Cities sector have
chosen Dassault Systèmes solutions to pursue disruptive
approaches, especially in construction and energy.
As a result, and in constant currencies, our software
revenue in 2024 grew by 6%, fueled by a 14% increase in
3DEXPERIENCE revenue. At the same time, we strengthened
our investment capabilities and profitability, achieving a
non-IFRS operating margin of 31.9% and non-IFRS diluted
earnings per share (EPS) up by 9% compared to 2023.
Today,
the
world’s
most
advanced
players
in
the
Manufacturing Industries and Infrastructure & Cities sectors
- making airplanes, vehicles, machinery, robots, or high‑tech
and Medtech equipment - use our virtual twins to deliver
the quality, performance and safety of their products and
services, and to comply with standards and regulations.
Dassault Systèmes has developed the same approach in the
Life Sciences & Healthcare sector, pioneering development
of virtual twins of the living world – from cells to organs to
patients.
These achievements are part of our vision for the Generative
Economy – and they paved the way for the introduction of
our “3D UNIV+RSES” strategy at the beginning of 2025.
For
our
customers,
this
strategic
move
will
bring
significant benefits comparable to those ushered in with
the 3DEXPERIENCE platform in 2012. This approach is a
continuation of the industrial transformations powered
by Dassault Systèmes for the past 40 years and more.
Because this is what Dassault Systèmes does - creating
representations of the world that offer customers new ways
of designing and manufacturing: 3D design, digital mock‑up
(DMU), product data management (PDM), product lifecycle
management (PLM), virtual twin experience, and virtual twin
of the living world.
3D
UNIV+RSES
are
the
seventh
generation
of
representations of the world introduced by Dassault
Systèmes. They will sit at the heart of the Generative
Economy - an economy that revolves around knowledge,
where an organization’s virtual assets of knowledge and
know‑how form its primary competitive advantage - serving
as a powerful currency.
7
1
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
1
With its 3D UNIV+RSES strategy, Dassault Systèmes
pledges to become the most trusted partner for generating
and protecting the intellectual property of all its customers.
From now on, thanks to 3D UNIV+RSES, customers can
create the “virtual twin of everything for everyone”. These
new, highly secure spaces for representing the world will
enable customers to fully leverage their extensive 3D design,
virtual twin and PLM data assets. By combining modeling,
simulation, real‑world data and AI-generated content, 3D
UNIV+RSES make it possible to tap into the vast capabilities
of virtual‑plus‑real (V+R) experiences.
3D UNIV+RSES offer the most powerful environments for
training our industrial AI engines as well as for protecting
our customers’ intellectual property. Developed with the
3DEXPERIENCE platform, 3D UNIV+RSES embed generative
AI technologies at the core of intellectual property lifecycle
management (IPLM). In lockstep with the widespread
adoption of AI, this disruptive innovation will enable
customers in all sectors to fully take advantage of AI at
every stage in their product and services lifecycle, making
them more sustainable and ultimately improving the lives of
consumers, patients and citizens.
The rollout of 3D UNIV+RSES expands Dassault Systèmes’
portfolio with two new categories of solutions: Virtual
Companions and Virtual Twin Experiences.
This rich array of AI-powered solutions will help customers
develop both individual and collective learning possibilities,
and innovate to drive progress.
We thank all our employees for their hard work and creative
thinking. And we thank our customers for their ongoing
trust. We are ready to work hand‑in‑hand with them to
elevate their knowledge and know‑how, and build the
workforce of the future.
Welcome to the “new New World”!
1
8
PresentatIon of the Company
Key data
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.1
Key data
25,000
employees
41% Europe
27% Americas
32% Asia
370,000+
customers ranging from entrepreneurs
to multinationals, in 12 industries
Headcount breakdown:
184
sites
13
brands
€6.21bn*
total revenue
+7%*
Cloud software revenue growth
+14%*
3DEXPERIENCE software revenue growth
31.9%*
operating margin
+10%*
software revenue growth from subscription
diluted EPS growth
+9%*
+2%
growth in R&D headcount
41%
share of employees in R&D
5
women among 13 members
of the Executive team
AAA
rated “Leader” in the software sector
MSCI rating
69.8%
eligible revenue to the EU Taxonomy
35.0%
aligned revenue with EU Taxonomy
An Innovative Company
A Global Company
A Sustainable & Responsible
Company
A Growing & High-Performance
Company
*
Non-IFRS, growth rates in constant currencies.
See chapters 1.7 et 3.1 for IFRS figures.
+5%*
2,350
mentors involved
80
innovative projects with high
environmental and societal impact
supported worldwide since 2015
Within the 3DEXPERIENCE Lab:
#4
ranking in the software sector
S&P Global CSA; and also member of the
Dow Jones Sustainability World Index
839
protected innovations
9
1
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
Dassault Systèmes – profile and purpose
1
1.2
Dassault Systèmes – profile and purpose
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 organizations and individuals with
3D UNIV+RSES – combinations of virtual twin experiences
– based on a unique collaborative and secure software
platform. 3D UNIV+RSES allow customers to create innovate
products, services and experiences that contribute to the
“Generative Economy” for a more sustainable world.
In three main sectors of the economy (Manufacturing
Industries, Life Sciences & Healthcare, Infrastructure &
Cities), Dassault Systèmes is developing 3D UNIV+RSES that
push the boundaries of innovation, learning and production.
This new representation of the real world, based on scientific
laws and mathematical models and which combines virtual
modeling with simulation, real‑world data and artificial
intelligence (AI), empowers organizations to imagine, design
and deploy disruptive concepts and processes.
Dassault Systèmes helps customers address the major global
challenges that have emerged over the past decade:
—
How to make cities great places to live and work?
—
How to care for the entire planet and for each individual
—
How to conduct clinical trials to roll out a vaccine in less
than a year?
—
How to design the entire product lifecycle?
—
How to make sustainable purchasing choices?
—
How to prepare the workforce of the future for the jobs
of the future?
—
How to develop new paradigms in scientific observation
and reasoning?
Dassault Systèmes is opening up a new horizon as part
of the emerging Generative Economy. The result of the
coming together of the experience economy and the
circular economy, the Generative Economy is based on
the premise of taking inspiration from the living world to
develop knowledge and know‑how – to generate rather than
consume.
2012: The Experience Economy and virtual twin
experiences
As early as 2012, Dassault Systèmes declared that “the
product is no longer enough” to build a sustainable economy,
and opened up the Experience Economy, centered on product
usage.
That same year, Dassault Systèmes launched 3DEXPERIENCE,
a platform that provides organizations with real‑time overview
of their business and ecosystem. The 3DEXPERIENCE platform
connects people, ideas, data, and solutions in a unified
environment, allowing organizations of all sizes to innovate,
produce, and sell in entirely new ways.
Dassault Systèmes’ solutions transform the way products
are designed, simulated, produced, marketed and supported,
leveraging the virtual world to improve the real world. The
Company has helped manufacturers disrupt how products
are designed and manufactured – with 3D design, 3D digital
mock‑up (3D DMU), 3D PLM, and now with 3DEXPERIENCE.
2020: From things to life
Asserting that industry had to shift “from things to life”, in
2020, Dassault Systèmes extended virtual twin experiences
to living organisms – including human beings.
Today, as the global economy enters a new era, the Company
is pushing this approach further. The Experience Economy
and the Circular Economy are converging into the Generative
Economy and Dassault Systèmes aims to catalyze this
transformation. It is about learning from life: understanding
and mimicking the metamorphic magic of life. Learning from
life opens up an entirely new perspective on sustainable
innovation.
2024: The Generative Economy and 3D UNIV+RSES
At the beginning of 2024, Dassault Systèmes revealed
the Generative Economy as its new horizon for 2040 –
resulting from the coming together of the Experience
Economy and the Circular Economy. To foster more
sustainable experiences and lifestyles, the Company’s aim is
to help customers shift away from the mechanistic thinking
that dominated industry and the economy during the last
century. Tomorrow’s game‑changers will be those who
take inspiration from the living world to generate rather
than consume, giving back to the planet as much as they
take from it – what Dassault Systèmes calls the “eco bill” –
as they develop innovative solutions to improve the lives of
1
10
PresentatIon of the Company
Dassault Systèmes – profile and purpose
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
consumers, patients and citizens. The Generative Economy is
a knowledge economy based on virtual assets. As knowledge
and know‑how become organizations’ primary competitive
advantages, their virtual assets – a significant repository of
intellectual property – account for the greater part of their
value.
February 2025: Dassault Systèmes introduces
3D UNIV+RSES
With its 3D UNIV+RSES, Dassault Systèmes pledges to
become the most trusted partner for harnessing and
protecting customers’ intellectual property.
3D UNIV+RSES are the seventh generation of solutions for
representing the world introduced by Dassault Systèmes,
following on from 3D design, 3D product data management
(3D PDM), 3D DMU, PLM, virtual twins of the living world,
and virtual twin experiences. 3D UNIV+RSES will sit at the
heart of the Generative Economy – an economy that revolves
around knowledge.
It is important to remember that virtual worlds were
created to drive sustainable development. The purpose
of the first 3D representations was to replace physical
prototyping, saving raw materials, energy and resources.
PLM solutions pioneered by Dassault Systèmes in the early
1990s helped foster a circular, more balanced approach
within industry. Dassault Systèmes’ ambition is to be
the catalyst and enabler of both the 21st century Industry
Renaissance and the Generative Economy. Combining
the real and the virtual ushers in new ways of inventing,
learning, producing, and doing business. Achieving a more
sustainable future is only possible by leveraging the virtual
world.
From now on, thanks to 3D UNIV+RSES, Dassault Systèmes’
customers can create the “virtual twin of everything for
everyone”. These new, highly secure spaces for representing
the world will enable them to fully leverage their extensive
3D design, virtual twin and PLM data assets. By combining
modeling, simulation, real‑world data and AI-generated
content, 3D UNIV+RSES enable organizations to tap into the
vast capabilities of virtual‑plus‑real (V+R) experiences.
3D UNIV+RSES offer the most powerful environments for
training our industrial AI engines, as well as for protecting
customers’ intellectual property. Developed with the
3DEXPERIENCE platform, 3D UNIV+RSES embed generative
AI technologies at the core of IPLM. In lockstep with the
widespread adoption of AI, this disruptive innovation will
enable customers in all sectors to fully take advantage of
the AI revolution at every stage in their product and services
lifecycle, making them more sustainable and ultimately
improving the lives of consumers, patients and citizens.
Dassault Systèmes believes that virtual worlds extend
and improve the real world. This is encapsulated in the
Company’s tagline, “Virtual Worlds for Real Life”.
Dassault Systèmes is a European science-based, innovation-
driven company with a deeply entrepreneurial spirit and
focused on the long-term. Its 25,000 workforce across
184 sites worldwide all share this same mindset. This also
translates into a high level of market confidence and trust
among Dassault Systèmes’ 370,000‑plus customers.
Dassault Systèmes built its strategy around three words:
“Human Industry Experiences”.
“Human” reflects the Company’s focus on people, drawing
on their imagination, knowledge and know-how to make a
lasting contribution for the benefit of all. “Industry” means
that Dassault Systèmes wants to offer customers what they
value most – sustainable outcomes. “Experiences” refers to
the commitment to helping organizations and individuals
thrive in today’s new “New World”.
To deliver on this strategy, Dassault Systèmes focuses on
developing solutions in three main sectors: Manufacturing
Industries, Life Sciences & Healthcare and Infrastructure &
Cities. After modeling the object in its environment, Dassault
Systèmes also wants to model the living.
The
Company
deploys
its
strategy
through
three
strategic operational components: Brands, Industries and
Geographies.
Brands create great user experiences and build vibrant user
communities. Industries develop focused offerings that
deliver value to organizations and users in a specific area of
industry. The eleven Geographies (GEOs) are the driving force
for business growth and for overseeing implementation of
the Company’s customer engagement model.
Dassault Systèmes offers a rich array of solutions delivered
through its 3DEXPERIENCE platform, designed to facilitate
the sharing and reuse of knowledge and know‑how. In
2025, tying in with the rollout of 3D UNIV+RSES, Dassault
Systèmes will round out its portfolio of Solution Experiences,
Process Experiences and Roles with the introduction of two
new categories of products: Virtual Companions and Virtual
Twin Experiences.
The 3DEXPERIENCE platform aims to catalyze and enable
innovation by allowing businesses to connect the dots inside
and outside their organization - from upstream thinking to
design, engineering, manufacturing, sales & marketing, all
the way to ownership.
The 3DEXPERIENCE platform is a game‑changer in value
creation for organizations because it is the only platform that
offers both a system for running their business and a model
for transforming it. As a result, businesses can ramp up their
operational excellence and, at the same time, develop highly
innovative value networks.
11
1
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
Dassault Systèmes – profile and purpose
1
The 3DEXPERIENCE platform is structured into four quadrants
encompassing thirteen brands. The 3DEXPERIENCE portfolio
comprises 3D modeling applications, simulation applications,
social and collaborative applications, and information
intelligence applications.
Dassault Systèmes’ purpose
Established in 2012, Dassault Systèmes’ purpose is to
provide business and people with 3DEXPERIENCE universes
to imagine sustainable innovations capable of harmonizing
product, nature and life.
This purpose reflects the Company’s commitment to
contributing positively to society and the environment, and
“Harmonizing product, nature and life” is its specific vision
of sustainable innovation. This is based on the premise that,
in the 21st century, with a global population of nearly eight
billion, we cannot continue to produce and consume in the
same way we did in the 20th century. A product cannot be
sustainable if its impact on the environment and on society
has not been thought through. Conversely, product design
can be improved by observing and taking inspiration from
the living world.
Dassault Systèmes firmly believes that we should think
about progress in terms of balance: what are we taking from
and giving back to the planet? “Harmonizing product, nature
and life” lies at the heart of the industry of the 21st century.
It is the primary driver of innovation and the key to both
sustainable enterprise in all sectors of the economy and
progress in all spheres of society.
For over a decade, Dassault Systèmes has been defined as
the 3DEXPERIENCE Company. It anticipated very early on
that the world would shift from a product-based economy to
an experience economy that prioritizes product usage over
ownership.
The experience economy is not just about “user experience”.
It is about the overall performance and impact of any service
we provide to society – what Dassault Systèmes calls the
“eco‑balance”. Rather than simply producing goods, industry
must be seen as a value chain of creation. 21st century
industry is a network of creation, production and experience
sharing.
In 2012, Dassault Systèmes also boldly claimed that
3DEXPERIENCE universes would become the most powerful
sustainable innovation enablers. The platform’s overriding
success clearly endorses this claim.
First, virtual twin experiences make it possible to represent
hypotheses, which are then tested and verified against
real‑world data, with the aim of optimizing models within
a loop process.
The virtual twin experience is a virtual representation of
the world achieved by combining modeling, simulation,
real-world data, and artificial intelligence. In some ways,
the virtual twin experience can be seen as a library and a
workshop: it represents existing and potential knowledge
and know-how, and it allows us to create use case scenarios
which are then checked out against real-world data. With the
cloud, all these technologies can be made available to every
kind of organization, business and research lab.
Delivered through the 3DEXPERIENCE platform, virtual
twins are crucial to foster a more circular economy, which
gives back as much as it takes away. Dassault Systèmes
quantifies and demonstrates their impact based on customer
use cases in several industries (see section 2.2.2.1 “European
Taxonomy”).
Second, virtual twin experiences rely on collaborative
experience platforms, which have emerged as the key
infrastructure for the 21st century.
Leveraging these platforms, companies like Amazon,
Uber and Airbnb have shaken up the retail, transport and
hospitality industries with disruptive experiences. Today,
other industries are poised to experience something
similar with their own platforms, unifying entire research
and
production
ecosystems,
rethinking
public/private
partnerships, and converging supply and demand. Far more
than just a technology, virtual platforms offer a holistic
approach to innovation and an inspiration for new offerings.
Sustainable
innovation
is
intrinsically
holistic,
multi-
disciplinary, multi-scale, and circular. Tomorrow’s game-
changers will not be those with the most automated
production systems, but those with the best-developed
knowledge
and
know-how
assets,
whose
business
environments involve subcontractors as full-fledged partners
in value creation. Manufacturers must take a more balanced
approach: reducing their negative impact (footprint) and
improving their positive impact (handprint) across the entire
product lifecycle. This is where platforms really come to the
fore – elevating the role of businesses as sustainability leaders,
sparking creativeness, and sharing knowledge and know‑how.
There is an imperative now for manufacturers to consider
the entire lifecycle of their products: where are the
materials sourced? Is the production process frugal? What
is the impact of the distribution channel? Does the product
have a sustainable end-use? Can the materials be reused
or repurposed? As we shift toward a more decarbonized
and circular economy, we must embrace a system of
systems approach – made possible today using virtual twin
experiences of value chains, ecosystems, and collaborative
platforms.
As it is adopted by new categories of innovators, the
3DEXPERIENCE platform has become the catalyst and enabler
of the Industry Renaissance, the global transformation
underway that ushers in new ways of inventing, learning,
producing, and trading.
The platform encompasses a highly complementary and
resolutely unique scope of scientific disciplines, including
biology,
chemistry,
materials
science,
mechanics,
electromagnetics, etc.
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PresentatIon of the Company
Dassault Systèmes – profile and purpose
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Through
augmented
reality
and
realistic
simulation,
virtual experiences are revolutionizing our relationship
with knowledge. The virtual experience adds knowledge
and know‑how, while eliminating the gap between
experimentation and learning. Through the virtual world,
new categories of manufacturers create new categories of
experiences for new categories of customers.
Extending the focus from things to life.
Since its inception in 1981, Dassault Systèmes has been
instrumental in fostering sustainable innovation for products.
At the same time, its ambition to harmonize product, nature
and life has led it to develop a new understanding of life
and nature. Today, the Company is capable of applying
knowledge and know-how acquired in the non-organic world
to the organic – living – world.
While the surface of simple objects is represented with 3D
design, it takes the 3D DMU to represent not only the surface
but also the inside of complex systems. 3D PLM integrates
the time dimension. Now, with 3DEXPERIENCE, we are
representing the usage.
In 2020, Dassault Systèmes announced its ambition to create
the virtual twin experience of the human body, integrating
modeling,
simulation,
information
intelligence,
and
collaboration. This brings together biosciences, material and
information sciences to project the data from an object into
a complete living virtual model that can be fully configured
and simulated. Industry, researchers, physicians and even
patients can visualize, test, understand, and predict what
cannot be seen - from the way drugs affect a disease to
surgical outcomes – before a patient is treated.
In 2024, Dassault Systèmes led several groundbreaking
initiatives for developing virtual twin experiences of
the human body across the entire lifecycle of medical
technologies, demonstrating its continuous commitment
to revolutionizing healthcare and scientific research. These
included collaborative research publications and visionary
symposia, pioneering medical initiatives with industry
and government agencies, and strategic partnerships with
educational institutions:
—
the Company hosted the 10th Annual Virtual Human Twin
Experience Symposium, bringing together the largest
vibrant communities in the field, with 500+ professionals
from pharmaceutical firms, medical device companies,
practitioners, and regulatory bodies to define and
experience new medical twin‑based practices;
—
winner in the Digital Healthcare Acceleration Strategy
category of the French government’s France 2030
stimulus plan, the “TwinOnco” project was announced
publicly on National Digital Health Innovation Day,
attended by the Minister for Employment, Labor
and Solidarity. The consortium, comprising Dassault
Systèmes as lead supplier and Assistance Publique –
Hôpitaux de Paris public hospital authority, renowned
for its medical and scientific excellence, aims to leverage
artificial intelligence and virtual twins to develop best
medical practices for cancer patient care;
—
in collaboration with the U.S. Food & Drug Administration
(FDA), Dassault Systèmes is involved in a groundbreaking
project to revolutionize healthcare through the use of
virtual twins and generative AI. Dubbed ENRICHMENT,
the initiative aims to explore the use of in silico clinical
trials (ISCT) to develop medical devices, focusing on
potential benefits such as reducing the size and duration
of clinical trials;
—
lastly, Dassault Systèmes published a new whitepaper
illustrating its Life Sciences strategy. It sets out
the Company’s vision of next‑generation precision
medicine propelled to new heights thanks to virtual
twin experiences – from patients to the entire
healthcare system. Dassault Systèmes explains how
the combination of multi‑scale modeling, simulation
and real‑world data is poised to revolutionize clinical
decision‑making, treatment plans, care delivery, and
public healthcare management.
The IFWE Loop – the short- to mid-term lever for delivering
this strategy.
For 40 years, Dassault Systèmes has powered a positive
spiral of innovation, encompassing everything from design
to manufacturing. Today, as its most advanced customers
already think in terms of lifecycle and systems of systems,
Dassault Systèmes is extending this journey into an infinite
loop by seamlessly connecting the virtual and the real with
real‑world data. In the Generative Economy, we can leverage
data science to innovate and improve the user experience.
This opens up new possibilities, including bringing objects
to life: driven by real‑world data, physical objects become
augmented objects. Cars can be monitored and optimized
in real‑time through their virtual counterpart. This will
enable “software‑defined experiences”, shifting the value
from physical assets to software, all the while empowering
customers to establish direct connections with their
end‑customers through tailored experiences. Crucially, this
software must be cybersecurity ready. Dassault Systèmes
is fostering groundbreaking ecosystems and promoting
new kinds of public‑private partnerships to tackle these
challenges.
In addition, it is now possible to generate multiple lives for
things – waste is becoming a resource for new products. This
is the PLM of the 21st century: Dassault Systèmes invented
product lifecycle management back in the 1990’s; today, it
has made it possible to create the virtual twin of multiple
lifecycles for a given thing.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
Dassault Systèmes – profile and purpose
1
To this aim, the Company will leverage the power of numbers
to broaden its value proposition in order to reach even more
audiences, extending across all business users, consumers,
patients, and citizens. This will substantially expand its
addressable market and serve as a catalyst for accelerating
top-line growth.
VIRTUAL
TWIN
EXPERIENCE
GENERATIVE
EXPERIENCE
VIRTUAL
COMPANION
CYCLE
OF LIFE
SENSE
COMPUTING
KNOWLEDGE &
KNOW-HOW PLATFORM
These developments paved the way for the launch of
Dassault Systèmes’ 3D UNIV+RSES strategy at the start of
2025.
An essential component of Dassault Systèmes’ corporate
purpose going forward, 3D UNIV+RSES will sit at the heart
of the Generative Economy – an economy that revolves
around knowledge, where an organization’s virtual assets
of knowledge and know‑how form its primary competitive
advantage – serving as a powerful currency.
With its 3D UNIV+RSES, Dassault Systèmes pledges to
become the most trusted partner for harnessing and
protecting customers’ intellectual property.
This new UNIV+RSES strategy is underpinned by seven
foundations:
—
Creating virtual twins of everything for everyone,
encompassing an organization’s entire ecosystem – not
just products and services but processes, programs and
business models;
—
Experience at the core, providing environments for
experimentation that integrate motion, transformation
and time;
—
Embedded AI technologies to fast‑track the creation of
game‑changing generative experiences;
—
In turn, these experiences will empower organizations to
develop virtual companions for enhancing individual and
collective knowledge and know‑how and growing the
workforce of the future;
—
The virtualization of the entire product and service
lifecycle, coupled with the integration of processes from
the living world, such as regeneration, wound healing
and aging;
—
Multi‑sensory immersive experiences (sense computing)
to help elevate knowledge and know‑how;
—
The
3DEXPERIENCE
platform,
Dassault
Systèmes’
knowledge platform, as the 3D UNIV+RSES development
architecture, offering an unrivalled, powerful learning
environment.
1
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PresentatIon of the Company
Dassault Systèmes – profile and purpose
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
A culture of innovation
Dassault Systèmes is a science-based company geared to the
future and to progress, with many of its customers pioneers
in their field (including robotics, energy and transport). Its
values are underpinned by innovation and a shared ambition
to make a lasting, positive impact on everyone’s lives. Within
the Company, this is known as the IFWE mindset: “IF” refers
to the passion to explore new possibilities, and “WE” to
the belief that, by connecting people, we can bring about
meaningful change.
M
y
J
o
u
r
n
e
y
M
y
L
e
a
d
e
r
s
h
i
p
M
y
S
k
il
ls
BRING OUR
TOGETHER
COMMUNITY
WE CAN BUILD HARMONY
TO ACHIEVE OUR GOALS
SHOW
IS POSSIBLE
THE DREAM
WE CAN INSPIRE PEOPLE
TO CREATE IT
HAVE
TO LEARN
THE PASSION
WE CAN EXPAND CREATIVITY
TO NAVIGATE THE FUTURE
CHALLENGE
THE STATUS QUO
WE CAN IMAGINE NEW HORIZONS
TO IMPROVE THE WORLD
M
y
A
c
h
i
e
v
e
m
e
n
t
s
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
History and Development of the Company
1
1.3
History and Development of the Company
1.3.1
Summary
Dassault Systèmes was founded in 1981 through the
spin‑off of a small team of engineers from Dassault Aviation,
which was developing 3D surfacing modeling software to
design wind tunnel models and reduce cycle times for wind
tunnel testing. The Company entered into a distribution
agreement with IBM the same year and started to sell its
software under the CATIA brand. With the introduction of
the Version 3 (V3) architecture in 1986, Dassault Systèmes
laid the foundations of 3D modeling for product design.
Working with large industrial customers unveiled the need
for a software solution that would support the design of
highly diversified parts in 3D. The growing adoption of 3D
design for all components of complex products, such as
airplanes and cars, triggered the vision for transforming the
3D part design process into a systematic integrated product
design. The Version 4 (V4) architecture was thus created in
1994, opening new possibilities to realize full digital mockups
(DMU) of any product. V4‑architected software solutions
helped customers reduce the number of physical prototypes
and substantially shorten product development cycle times,
while making global engineering a reality as engineers were
able to share their work across the globe virtually.
Introduced in 1999, Version 5 (V5) software architecture
served as the foundation for a robust 3D PLM solution.
In conjunction with its strategy and product portfolio
development plans, Dassault Systèmes undertook a series
of targeted acquisitions to expand software applications
offering to include digital manufacturing, realistic simulation,
product data management and enterprise business process
collaboration.
Building on its knowledges and know‑how in 3D, 3D DMU
and 3D PLM, Dassault Systèmes unveiled in 2012 the
3DEXPERIENCE platform (built on V6 architecture), designed
to support our customers’ innovation processes and deliver
truly new and rewarding experiences for their end‑users.
In 2020, Dassault Systèmes announced the extension of
3DEXPERIENCE from things to life, with the ambition to
invent the dynamic virtual twin of the human body.
In 2023, Dassault Systèmes unveiled its new horizon, 2040:
catalyzing the Generative Economy, learning from life and
its generative processes to open up a new perspective on
sustainable ways of producing, treating, living and learning.
In 2024, as part of the Generative Economy, Dassault
Systèmes revealed 3D UNIV+RSES that embed multiple
generative AI technologies at the core of global IPLM for the
benefit of its clients.
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PresentatIon of the Company
History and Development of the Company
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.3.2
Our Timeline
3D Design and 3D Digital mock‑up
1981 – Creation of Dassault Systèmes to design products in
3D through the spin‑off of a team of engineers from Dassault
Aviation.
1981 – The Company’s flagship brand, CATIA, is launched.
1981 – Worldwide marketing, sales and support agreement
with IBM, beginning of a long‑standing partnership.
1981 – Initial industry focus: automotive and aerospace.
1986 – V3 software introduced for 3D Design.
1994 – V4 architecture introduced offering a new
technology for creating the full 3D Digital Mock-Up (“DMU”)
of a product, enabling customers to significantly reduce
the number of physical prototypes and to have a complete
understanding of the virtual product.
1994 – Expansion of the Company’s industry focus to seven
industries, adding fabrication and assembly, consumer
goods, high‑tech, shipbuilding and energy.
1996 – Initial public offering in June.
1997 – Broadening of Dassault Systèmes’ 3D Design offer
to the entry 3D market, with the acquisition of the startup
SOLIDWORKS, with Windows‑native architecture, targeting
principally the 2D to 3D market migration opportunity.
1997 – Formation of the Company’s Professional channel,
focused on marketing, sales and support of SOLIDWORKS.
1998 – Creation of the ENOVIA brand, focused initially on
management of CATIA product data for larger clients with
the acquisition of IBM’s Product Manager software.
Expanding to 3D product lifecycle management
1999 – Launch of V5 architecture designed for both
Windows NT and UNIX environments.
1999 – Unveiling of an expanded addressable market vision:
3D Product Lifecycle Management (PLM) for 3D design,
simulation analysis, digital manufacturing and product data
management.
1999 – ENOVIA’s portfolio expanded to product data
management for the small and mid‑sized companies (“SMB”)
market with the SmarTeam acquisition.
2000 – Creation of the DELMIA brand, initially addressing
digital manufacturing (digital process planning, robotic
simulation and human modeling technology).
2005 – Creation of the SIMULIA brand, addressing realistic
simulation, representing a significant expansion of the
Company’s simulation capabilities to leverage the acquisition
of Abaqus.
2005 – Creation of the Company’s Value Solutions sales
channel, an indirect channel specifically focused on
supporting SMB companies, including suppliers to OEMs.
This channel rounded out Dassault Systèmes’ other indirect
channel, the Professional channel, which is focused on
SOLIDWORKS users.
2006 – Expansion of the ENOVIA portfolio with the
acquisition of MatrixOne, a global provider of collaborative
PDM software and services.
2007 – Amendment of the IBM partnership agreement,
outlining the Company’s progressive assumption of full
responsibility for the Value Solutions channel.
2007 – Creation of the 3DVIA brand, to bring 3D technology
to new users to imagine, communicate and experience in 3D.
2007 – CATIA offer extended with ICEM acquisition,
a company well known in the automotive industry for its
styling and high‑quality surface modeling and rendering
solutions.
2008 – Unveiling of the Company’s V6 architecture.
2010 – Full control of distribution sales channels with the
acquisition of IBM PLM, the IBM business unit dedicated
exclusively to the marketing, sale and support principally of
the CATIA, ENOVIA and DELMIA brands.
2010 – Acquisition of Exalead, providing a new class of
search‑based applications for collaborative communities to
imagine better user experiences.
2011 – Expansion of DELMIA’s offering with the acquisition of
Intercim, offering manufacturing and production management
software for advanced and highly regulated industries.
2011 – 100% of the Company’s total revenues are derived
from its wholly‑directed three sales channels, completing
the transition from IBM begun in 2005.
Expanding to 3DEXPERIENCE
2012
–
Expansion
of
the
Company’s
strategy
to
3DEXPERIENCE along with purpose: harmonize product,
nature and life. See paragraph 1.2 “Profile and Purpose of
Dassault Systèmes”.
2012 – Creation of a new brand, GEOVIA, dedicated to
modeling the planet; focus on a new industrial sector,
Natural Resources, with the acquisition of Gemcom in the
mining sector.
2012 – Acquisition of NETVIBES, bringing intelligent
dashboarding
capabilities,
and
SquareClock,
providing
cloud‑based 3D space planning solutions.
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PresentatIon of the Company
History and Development of the Company
1
2012
–
3DEXPERIENCE
launch
announcement
and
introduction of the Company’s first Industry Solution
Experiences.
2013 – Unveiling of V6 Release 2014, available to select
customers, on premise as well as Software as a Service
(SaaS), featuring the controlled availability of existing and
new industry‑focused and user‑focused offerings and
the introduction of a new navigational user interface, the
3DEXPERIENCE platform.
2013 – Broadening of the Company’s manufacturing
offerings to Manufacturing Operations Management with
the acquisition of Apriso.
2014 – Introduction of 3DEXPERIENCE R2014x, the first
release of the Company’s new 3DEXPERIENCE platform,
offering end‑to‑end and integrated scientific, engineering,
manufacturing and business capabilities and services, with
the V6 architecture as its foundation.
2014 – Creation of a new brand, 3DEXCITE, with the
acquisition of Realtime Technology AG (“RTT”) providing
professional high‑end 3D visualization software, marketing
solutions and computer‑generated imaging services to
extend the Company’s offerings to marketing professionals.
2014 – Creation of a new brand, BIOVIA, principally
addressing
science-
based
industries,
combining
the
acquisition of Accelrys and the Company’s internal
developments.
2014 – Quintiq acquisition in operations planning and
optimization, expanding DELMIA’s offering.
2015 – Introduction of 3DEXPERIENCE R2015x, offering
a simplified and improved user experience, with powerful
enhancements that significantly increase productivity on
premise as well as on public or private cloud. In addition,
R2015x introduces groupings of applications called “roles”,
to cover industry‑specific user needs.
2015 – Legal transformation of Dassault Systèmes from
a French public limited company (société anonyme) to a
European company (Societas Europaea, SE). The adoption
of the status of European company reflected the Company’s
international dimension and growing presence throughout
Europe.
2015 – CATIA’s capabilities expanded to further enhance
its coverage of complex mechatronics systems engineering,
with the acquisition of Modelon GmbH, an expert in
“ready‑to‑experience”
content
for
systems’
modeling
and simulation, which are strategic to transforming the
Transportation & Mobility industry.
2016 – Introduction of 3DEXPERIENCE 2016x.
2016 – Extension of SIMULIA’s multi‑physics, multi‑scale
offer with the acquisition of CST, a technology leader in
electromagnetic simulation, and the addition of Next Limit
Dynamics, bringing capabilities in computational fluid
dynamics simulation.
2016
–
Expansion
of
the
Company’s
DELMIA’s
manufacturing portfolio with the acquisition of Ortems,
focused on production planning and scheduling.
2016 – Acquisition of full ownership of 3DPLM Software
Solutions Ltd (3DPLM), a joint venture in India with
Geometric Ltd;
2017 – New extended partnership with The Boeing
Corporation
to
expand
its
deployment
of
Dassault
Systèmes products across its commercial aircraft, space
and defense programs, adding the 3DEXPERIENCE platform
for Manufacturing Operations Management and for PLM
and extending its usage of Dassault Systèmes’ design,
engineering simulation and digital manufacturing software.
2017 – Extension of Dassault Systèmes’ simulation
capabilities with the acquisition of Exa Corporation for highly
dynamic fluid flow analysis throughout the design process.
2017 – Extension of CATIA’s Marine and Offshore industry
capabilities with the acquisition of AITAC B.V., where its
“Smart Drawings” software application is used to automate
the creation of drawings.
2017 – Increasing to a majority stake in Outscale, a global
provider of enterprise‑class cloud services, strengthening the
management of our cloud resources and services.
2018 – Launch of Power’By to enable all customers
to benefit from the 3DEXPERIENCE platform’s value
immediately, without any need for migration of legacy data.
2018 – Acquisition of majority ownership of Centric
Software, a PLM specialist for the fashion, apparel, luxury
and retail sectors to accelerate the digital transformation
for the increasingly complex development of collections that
respond to on‑trend and on‑demand consumers.
2018 – Acquisition of No Magic for model‑based systems
engineering, architecture modeling for software, system
of systems and enterprise business processes modeling –
strengthening CATIA portfolio with continuous 3D digital
processes.
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PresentatIon of the Company
History and Development of the Company
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
2018 – Acquisition of Cosmologic, a developer of fluid phase
modeling software.
2019 – Acquisition of IQMS, extending the 3DEXPERIENCE
platform to small and mid‑sized manufacturing companies
to optimize engineering, manufacturing and business
processes.
2019 – Acquisition of Argosim to strengthen Dassault
Systèmes’ simulation and modeling portfolio for embedded
systems.
2019 – Acquisition of Elecworks, the suite of CAD software
developed by Trace Software, to better respond to the
challenges posed by electrical product design and to develop
smart products for the high‑tech, equipment and energy
industries.
2019 – Acquisition of MEDIDATA, the world leader in clinical
testing. MEDIDATA’s clinical expertise and cloud solutions
enable development and marketing of smarter therapies.
With this acquisition, the Life Sciences & Healthcare industry
becomes the second largest source of revenue for Dassault
Systèmes, positioning the Company at the forefront of a
new era in personalized medicine and patient‑centered care.
2019
–
Acquisition
of
Distene,
the
developer
of
market‑leading meshing software.
2019 – Launch of the 3DEXPERIENCE WORKS family of
applications aimed at small and mid‑sized companies,
bundling SOLIDWORKS, DELMIAWORKS, ENOVIAWORKS
and SIMULIAWORKS.
From things to life
2020 – Acquisition of PROXEM, a firm specialized in
semantics software and services based on artificial
intelligence, to strengthen the collaborative data science
capabilities of the 3DEXPERIENCE platform.
2021 – Acquisition of INTEROPSYS SAS (Iterop), a
Business Process Management firm. Integration with the
3DEXPERIENCE platform and OUTSCALE brings innovation
within everybody’s reach via the cloud.
2021 – “Together”, Dassault Systèmes’ first employee
shareholding plan launched for approximately 98% of the
workforce.
2021 – Dassault Systèmes joins the European Green Digital
Coalition as a founding member.
2021 – Approval by the Science-Based Targets initiative
(SBTi) of Dassault Systèmes’ GHG reduction targets and
publication of strategic roadmap to become carbon neutral.
2021 – Contract with Renault for the global deployment of
the 3DEXPERIENCE platform on the cloud, as part of the
group’s “Renaulution” strategic plan.
2021 – Acquisition of a majority stake in Bloom, an AI
platform dedicated to qualitative, predictive and strategic
analysis of social networks. The investment is coupled with
a strategic partnership that will enable Dassault Systèmes to
deliver combined offerings.
2022 – MEDIDATA expands and strengthens decentralized
clinical trial capabilities through groundbreaking partnership
with Circuit Clinical.
2022 – Inria and Dassault Systèmes form a strategic alliance
for a European Digital Trusted Platform.
2022 – Life Cycle Assessment solution added to the
3DEXPERIENCE platform to transform the sustainable
innovation process.
2022 – Global beauty company Shiseido implements
Dassault Systèmes’ Manufacturing solutions worldwide as
consumers’ push for skincare and wellness.
2022 – Dassault Systèmes, the H. Hartmann Institute and
the Institute Rafaël launch the VORTHEx project, the world’s
first 3D simulator for radiotherapy.
2022 – Dassault Systèmes extends agreement with Hyundai
Motor by five years.
2022 – Acquisition of DIOTASOFT, bringing augmented
reality and field control technology to its Manufacturing and
Operations customers.
2022 – Docaposte, Dassault Systèmes, Bouygues Telecom
and Banque des Territoires sign an alliance to offer the
reference solution for trusted cloud services.
2022 – OUTSCALE added as a new brand as the leading
sovereign and sustainable operator of trusted Business
Experience as a Service.
2022 – Dassault Systèmes and Ecole Normale Supérieure
Paris-Saclay sign MoU to boost virtual twin knowledge and
know‑how.
Virtual twin experiences for a sustainable world
2023 – Renault Group and Dassault Systèmes develop a new
data science solution to optimize vehicle costs.
2023 – Dassault Systèmes’ second employee shareholding
plan launched for approximately 99% of the workforce.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
History and Development of the Company
1
2023 – UK Atomic Energy Authority to develop fusion
energy plant with Dassault Systèmes’ 3DEXPERIENCE
platform.
2023 – Dassault Systèmes strengthens its offering for
Finance by integrating the Innova regtech solution.
2023 – Launch Therapeutics selects MEDIDATA AI Intelligent
Trials to accelerate clinical trial development.
2023 – Dassault Aviation and Dassault Systèmes partner to
bring secure, sovereign collaboration on the cloud to next
generation defense programs.
2023 – Centric Software acquires AI-powered predictive
pricing solution, aifora.
2023 – Renewal and expansion of partnership with Jaguar
Land Rover (JLR) for a 5‑year period, reaching a new
milestone in the usage of the 3DEXPERIENCE.
2023 – MEDIDATA and the National Cancer Institute extend
their longstanding partnership for an additional five years to
advance cancer research.
2023 – OUTSCALE becomes the first Cloud qualified with
SecNumCloud 3.2, the highest distinction in France and
Europe addressing the challenges of security and sovereignty
delivered by ANSSI.
3D UNIV+RSES for a Generative Economy
2024 – Dassault Systèmes unveils its strategic horizon for
2040, the Generative Economy;
2024 – BMW Group partners with Dassault Systèmes to
bring the 3DEXPERIENCE platform to its future engineering
platform.
2024 – Red Eléctrica transforms its design process and
collaboration with Dassault Systèmes’ 3DEXPERIENCE
platform.
2024 – Dassault Systèmes and Mistral AI partner to offer
trusted, AI-Powered industry‑grade solutions to accelerate
the Generative Economy.
2024 – MEDIDATA launches Clinical Data Studio, leveraging
AI to modernize the data experience in clinical trials.
2024 – Mahindra & Mahindra selects the 3DEXPERIENCE
platform on the cloud to accelerate its end‑to‑end new
product development process.
2024 – MEDITWIN brings together French science and
technology excellence around virtual twins for the future of
medical care.
2024 – MEDIDATA drives diversity in clinical trials, passing
35,000 studies and 10 million participants.
2024 – Volvo Cars adopts the 3DEXPERIENCE platform for
electric vehicle development.
2024 – MEDIDATA announces Rave Lite to support growth
in early and late‑stage clinical trials.
2024 – Dassault Systèmes establishes a new joint venture
with CSADI, a leading Chinese architecture and engineering
institute, to address key challenges in China’s urban
development.
2024 – Volkswagen Group implements the 3DEXPERIENCE
platform to optimize vehicle development;
2024 – MEDIDATA advances new frontiers for Life
Sciences through patient‑centric experiences, AI-powered
innovations, and new patient engaging alliances.
2024 – Dassault Systèmes reveals 3D UNIV+RSES and
related AI-based services.
For further information on acquisitions over the last three
years, see paragraph 1.5.4 “Investments” below.
1
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PresentatIon of the Company
Business Activities
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.4
Business Activities
›
Dassault Systèmes’ Corporate Model*
• Manufacturing
Industries
• Life Sciences
& Healthcare
• Infrastructure & Cities
Provide businesses and people
with 3DEXPERIENCE universes
to imagine sustainable
innovations capable of
harmonizing product,
nature and life.
Driving Dassault
Systèmes
development
in 159 countries.
A unified
collaborative
environment
to connect people,
ideas and data.
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INTELLECTUAL CAPITAL
13 technology portfolios serving the full innovation cycle
40+ years accumulated industry knowledge
€1,286M R&D investment (+5%)
839 protected innovations
See chapter 2.2.3
See chapters 2.5 & 2.7
See chapters 1.4.1 & 1.5.1
See chapters 1.8, 3.1 & 6
RESOURCES
& CAPITAL
NATURAL CAPITAL
91% share of renewable electricity
47.9% share of suppliers (in CO2 emissions) with a science-based
emissions reduction target (50% by 2025)
-45% CO2 emissions related to business travel and employees’ commute
compared to 2019
FINANCIAL CAPITAL
Long term & stable shareholders structure
€1,459M net cash position
A Stable S&P credit rating
SOCIAL CAPITAL
14,000+ people in commercial partners' ecosystem
200+ scientific & research partners
10,000+ people in technology & marketplace partners’ ecosystem
HUMAN CAPITAL
25,000 employees
41% working in R&D
5 women among 13 members of the Executive team
26% women among People managers
See chapters 1.4, 1.5, 3.1 & 4.1
*
The Business Model.
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See chapters 1.4.2 & 2.2.2
INTELLECTUAL CAPITAL & Customer Relationships
69.8% eligible revenue to EU Taxonomy
25+ years: average length collaboration with our 20 main clients
CREATED
& SHARED VALUE
NATURAL CAPITAL (Environment)
-9% total CO2 emissions compared to 2019
85% of workforce worldwide located in an ISO-certified site for its energy
management
83% share of renewable energy supplies
FINANCIAL CAPITAL (Shareholders)
€1.28 non-IFRS EPS (diluted net earnings per share)
Dividend policy: 30% of IFRS net income
SOCIAL CAPITAL (Society)
€279,9M IFRS income tax expense (18.9% ETR)
51 community interest projects supported by La Fondation Dassault Systèmes
10M+ students using 3DEXPERIENCE Edu solutions
97% employees trained on ethics & compliance
HUMAN CAPITAL (Employees)
99% of employees trained
78.4% employees pride and satisfaction rate
98% of employees under permanent contract
1,400+ internship and apprenticeship offers posted
2,600+ job offers filled in 2024, 95% under permanent contract
See chapter 2.2.3
See chapters 2.2 & 3.1
See chapters 1.7 & 3.1
See chapter 2.2
BUSINESS
MODEL
To achieve its
corporate purpose,
Dassault Systèmes focuses
on Human Industry
Experiences.
Leveraging the power
of science-based
3D UNIV+RSES,
Dassault Systèmes
wants to be the catalyst
and enabler of the
Generative Economy
and mirror the generative
method of life.
A continuous
relationship
with customers
to provide them
with the right value
at the right time.
370,000+ customers
ranging from
entrepreneurs
to multinationals,
in 12 industries.
3D UNIV+RSES integrate
modeling, simulation, real-world
data and artificial intelligence
technologies to ensure the life
cycle of products while
protecting the intellectual
property of Dassault
Systèmes customers.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The methodology used to represent the resources Dassault
Systèmes deploys and the shared value for society that it
creates is the Integrated Reporting Framework proposed
by the Value Reporting Foundation (now part of the
International Sustainability Standards Board). The Integrated
Reporting Framework presents this stakeholder value
creation process according to the five relevant “Capitals”
for our sector: Intellectual, Human, Social, Financial, and
Natural.
1.4.1
Dassault Systèmes
1.4.1.1
The Company’s strategy: Human
Industry Experiences
To fulfill the ambition for sustainable innovation encapsulated
in its corporate purpose, Dassault Systèmes’ strategy is to
focus on Human Industry Experiences.
“Human” means that our ultimate ambition and primary
resource are one and the same – human beings.
Dassault Systèmes builds on imagination, knowledge and
know‑how to make a lasting contribution for the benefit
of all. The Company firmly believe that the greatest value of
virtual worlds lies in the potential for imagining the future,
much more than exponential computing capability. Dassault
Systèmes is also convinced that tomorrow’s leaders will not
be those with the most automated production systems, but
those with the best‑developed legacy of knowledge and
know‑how, whose business environments involve suppliers
as full‑fledged partners in value creation.
“Industry” is about offering what customers value the
most: harnessing the knowledge and know‑how needed
to serve the needs of the industries served by Dassault
Systèmes. To succeed in the experience economy, it is no
longer enough to be an expert in a specific technology or
production method: we need to be an expert in experience,
with a deep understanding of usages. The “customer’s
world” is what Dassault Systèmes calls “Industry”.
Customers do not expect their supplier to provide simply
a technology but rather provide a technology that helps
their organization grow and move forward. To meet those
challenges, Industry Solutions on the 3DEXPERIENCE
platform are tailored for each of the industries served.
“Experiences” mean that Dassault Systèmes aims to help
businesses and people build and live in today’s new “New
World”. The 20th century was the century of products; the
21st century is about the experience economy, where usage
holds more value than the object itself. This phenomenon is
touching all sectors of the economy – from the very nature of
offerings to the buying decision – and all areas of everyday
lives, both at home and in the workplace.
To deliver on this Human Industry Experiences strategy,
Dassault Systèmes will focus on developing its leadership
in three strategic sectors of the economy: Manufacturing
Industries, Life Sciences & Healthcare and Infrastructure &
Cities.
These sectors share similar development processes and
sustainability needs in their efforts to improve quality of
life, whether through more affordable and precise therapies,
optimized infrastructures, or better care of the environment.
1.4.1.2
Strategic operational elements
Dassault Systèmes rolls out its strategy through its
Strategic Operational Elements: Brands, Industries and
GEOs.
Brands
Dassault Systèmes’ brands create great user experiences
and build vibrant user communities. With thirteen brands,
powered by the 3DEXPERIENCE platform, the Company has
the broadest portfolio of software applications in the market.
Dassault Systèmes brands are organized into application
families:
—
social and collaborative applications: 3DEXCITE, CENTRIC
PLM, ENOVIA;
—
3D modeling applications: SOLIDWORKS, CATIA, GEOVIA,
BIOVIA;
—
simulation applications: SIMULIA, DELMIA, 3DVIA;
—
information
intelligence
applications:
NETVIBES,
MEDIDATA;
—
infrastructure for business experiences: OUTSCALE.
Sectors
Dassault Systèmes develops Industry Solution Experiences,
industry‑focused offerings which deliver specific value
to companies and users in a particular industry. Dassault
Systèmes serves twelve industries grouped into three
sectors:
Manufacturing
Industries
(Transportation
&
Mobility; Aerospace & Defense; Marine & Offshore; Industrial
Equipment;
High-Tech;
Home
&
Lifestyle;
Consumer
Packaged Goods - Retail) – Life Sciences & Healthcare –
Infrastructure & Cities (Infrastructure, Energy & Materials;
Architecture, Engineering & Construction; Business Services;
Cities & Public Services).
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GEOs
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.
Theses GEOs are structured into three groups:
—
the “Americas” group, made of two GEOs;
—
the group named “Europe”, comprising Europe, Middle
East and Africa (EMEA) and made of four GEOs;
—
the group named “Asia”, comprising Asia and Oceania
and made of five GEOs.
1.4.1.3
Dassault Systèmes’ Key Competitive
Strengths
Dassault Systèmes, a world‑leading player in industry
transformation, has unique assets to sustain a long‑term
growth.
Global industry is entering into the Generative Economy. In
this emerging era, companies must offer experiences rather
than just products or services, and pay increasing attention
to the sustainability of these experiences. Innovation
happens though virtual twins that combine the virtual and
the real. In this era, the value shifts from the real to the
virtual: virtual assets are the new currency of the economy,
and industry leaders are those mastering the capitalization
of knowledge and know‑how.
Dassault Systèmes is a science‑based company. It is
positioned at the heart of the Industry Renaissance by
combining art, science and technology for a sustainable
society.
The company’s purpose is to “harmonize products,
nature and life”. Its distinctive DNA gives it the ability to
scientifically model and accurately represent the world
through a multidisciplinary, multiscale approach.
Dassault Systèmes has acquired its longstanding leadership
position (1) by defining new markets and creating new
offers, expanding from 3D design and 3D digital mock‑ups
to product lifecycle management, virtual twins and now
3D UNIV+RSES. This market leadership is underpinned by a
clear and strong commitment to innovation in all its forms,
both internally and with customers and their ecosystems.
3D UNIV+RSES are a new class of digital representation
that integrates modeling, simulation, real‑world data, and
AI-generated content. They enable the virtualization of an
(1)
Dassault Systèmes evaluates its competitive positioning based on third‑party studies (D&B, Oxford Economics, Omdia, IDC, Gartner).
entire product lifecycle, linking virtual twins across design,
engineering, manufacturing, and usage, and the combination
of
multiple
virtual
twins
across
companies.
Those
environments enable organizations to securely experiment,
learn, and innovate with artificial intelligence, capitalizing on
their knowledge and know‑how.
With 3D UNIV+RSES, Dassault Systèmes becomes an IP
generation and management company.
Dassault Systèmes therefore invests substantially in R&D,
with a long‑term view. Important areas of investment in R&D
include the 3DEXPERIENCE business platform architecture,
modeling technologies (3D, systems engineering, natural
resources
and
biosystems),
technologies
for
realistic
simulation of products, production processes and usage,
technologies
for
intelligence
information
(artificial
intelligence, optimization, big data analytics, with a notable
focus on healthcare), and connectivity technologies (for
social or structured collaboration and program management
& compliance). The Company’s R&D efforts consistently
aim to deliver breakthrough user experiences, incorporating
knowledge and know‑how elevation through artificial
intelligence technologies, and expand the usage domain
through immersive experiences, native cloud and mobility
solutions.
Dassault Systèmes’ long‑term vision is supported by a solid
financial model with a high level of recurring software
revenue.
Retaining sustainable market leadership requires a long‑term
vision that is achieved by investing in people and maintaining
a long‑term financial model. The Company has a diverse,
highly educated workforce, which, at of the end of 2024
totaled 25,000 employees, up 5% compared to 2023. Its
financial model, with a high level of recurring software
revenue (representing 80% of total non-IFRS software
revenue in 2024), has helped to maintain but also increase
investments in R&D and customer support.
The significant level of diversification of Dassault Systèmes
revenue across twelve industries and eleven GEOs supports
its sustained growth and resilience, even in unstable
macroeconomic times.
Dassault Systèmes has a diverse customer base in terms
of size and geographic origin, from small startups to global
leaders and disruptors who are redefining their industry.
Dassault Systèmes solutions help them develop a unique
patrimony of knowledge and know‑how. The Company
distributes its products through direct and indirect sales
channels, working with commercial partners.
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Dassault Systèmes has forged a strong and vibrant
ecosystem of commercial and software development
partners, technology and education institutes, research
bodies
and
systems
integrators.
Dassault
Systèmes
also supports a wide ecosystem of startups through the
3DEXPERIENCE Lab, an open innovation program focused
on accelerating disruptive, sustainable innovation. Dassault
Systèmes also contributes to the transformation of industries
by creating new jobs for the workforce of the future, notably
around its 3DEXPERIENCE Edu initiatives.
Since its inception in 1981, Dassault Systèmes has worked
in close partnership with other professionals in software
development and technology, in sales and marketing, in
services and in education and research. More recently,
relationships have been extended with systems integrators
offering strong industry expertise and regional presence for
both sales and services. This pool of commercial partners,
from value‑added resellers to system integrators, brings
together a total of more than 14,000 people. Moreover, the
Company has an extensive ecosystem of more than 400
software development partners building applications to
complement its software portfolio. With its sights on the
future, Dassault Systèmes is working closely with academic,
research and medical organizations around the world to
equip students with a learning environment augmented by
virtual technologies.
1.4.1.4
Growth Strategy
Based on its 3DEXPERIENCE platform and software
portfolio, Dassault Systèmes estimates that the current
total addressable market (TAM) in the software domain is
approximately $45 billion. Dassault Systèmes benefits from
large levers for further growth with a potentially accessible
market (PAM) of around $100 billion. This addressable
market is split across the three main economic sectors
served by Dassault Systèmes: Manufacturing Industries
(around $25 billion TAM), Life Sciences and Healthcare
(around $10 billion TAM), and Infrastructure & Cities (around
$10 billion TAM).
Dassault Systèmes is developing its business through several
growth drivers, notably:
—
3D UNIV+RSES strategy: launched in early 2025, 3D
UNIV+RSES are the seventh generation of representation
of the world introduced by Dassault Systèmes. 3D
UNIV+RSES are at the heart of the Generative Economy
thought as a knowledge economy, and should enable
Dassault Systèmes’ customers to create “the virtual
twins of everything for everyone”. These new highly
secured environments will permit its client base to fully
exploit their rich, high‑quality patrimony of 3D design,
virtual twins and PLM data. 3D UNIV+RSES make it
possible to take full advantage of the dialogue between
virtual and real (V+R) because they combine modeling,
simulation, real‑world data and content generated by AI;
—
virtual twins: Dassault Systèmes is helping companies
of all sizes to create virtual twins of everything, from
products to processes, to organizations. Virtual twins
are a scientifically grounded model that goes beyond
a pure digital representation because it’s connected
and constantly re‑calibrated with real world data. This
continuous loop generates new knowledge that can
be reused, turning virtual twins into a deep source and
reference of industrial intellectual property. This strategy
applies in every domain everywhere, for everyone.
Examples range from virtual twins of Material or Biologics
for researchers, virtual twins of production systems
to manage sustainable global industrial operations for
supply chains and virtual twin of an enterprise to sustain
a responsible and profitable business model;
—
the 3DEXPERIENCE platform: this collaborative platform
brings together applications and communities in a single
environment to create and operate end‑to‑end product
experiences, from the virtual creation of these products
to their operation in the real world. The platform is the
hub of innovation for the company, connecting not only
its employees but also customers and partners in virtual
universes. The platform is also the preferred channel
for the relationship between Dassault Systèmes, its
customers and the entire ecosystem to capitalize on and
accelerate customer experience;
—
progressive
adoption
of
the
Cloud,
protection
of know‑how and sovereignty: working on the
Cloud accelerates gains in deployment, continuous
improvement of solutions and enhanced collaboration
across businesses from anywhere, anytime. It allows
for quick implementation of value‑added services for
clients’ virtual twins, helping clients shape the world of
tomorrow while protecting their know‑how in a complex
geopolitical landscape. Dassault Systèmes is committed
to investing continuously to offer clients an unmatched
combination of Cloud performance, security, and
sovereignty;
—
the transition to subscription models: the gradual
adoption of the Cloud and the flexibilities offered by
subscription models are encouraging an increasing
number of Dassault Systèmes’ clients to opt for
subscription, accelerating the adoption of Dassault
Systèmes’ experiences and driving innovation;
—
industry diversification: Dassault Systèmes is constantly
working to expand its presence in each of its twelve
target industries, in particular through the coverage
of new sub‑segments. For further information, see
paragraph 1.4.2.1 “Industries and Customers”;
—
domain diversification beyond product innovation:
Dassault Systèmes continues to invest in expanding the
coverage of each of its brands and in broadening their
respective bases. With a rich history in serving research
and engineering teams, the Company constantly
introduces new solutions to new communities of users
engaged in the marketing, production, operation, and
circularity of the products, services, and experiences
of its clients. These new communities bridge the gap
between the virtual world of innovation and the real
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world of operations and experience. Virtual twins thus
become the universal medium for these communities
gathered in virtual universes. For further information, see
paragraph 1.4.2 “Dassault Systèmes’ offering”;
—
capitalization of knowledge and know‑how: Dassault
Systèmes enables its clients to build virtual twins of
everything by harnessing enormous data patrimony.
In 3D UNIV+RSES, clients elevate this data patrimony
into knowledge and know‑how thanks to artificial
intelligence. They combine modeling, data analysis and
artificial intelligence to generate new value. Dassault
Systèmes provides a platform to generate and manage
their knowledge and know‑how, an IPLM platform;
—
sustainable innovation for industry: through its support
for customers in developing sustainable innovations,
Dassault Systèmes continues to enrich its solutions
to enable all industries to minimize the environmental
impact of their products, services, and experiences, and
to facilitate product and material circularity;
—
geographic
diversification: Dassault Systèmes has
active customers in 159 countries and has identified
opportunities to step up its presence and expand
its global footprint through eleven regional field
organizations designed to prioritize and drive the
Company’s growth initiatives at the local level and stay
closely aligned with customers’ needs;
—
acquisitions expanding the addressable market: Dassault
Systèmes acquisition policy is in line with its purpose
and strategy. The Group seeks potential acquisitions
that expand the domain expertise of its brands, enhance
its industry offering, leverage and elevate knowledge
and know‑how in new ways and address its customers’
growing needs. Dassault Systèmes also complements its
internal solutions developments through key selected
acquisitions. For further information, see paragraphs
1.4.2 “Dassault Systèmes’ offering,” 1.5 “Research and
development” and 1.5.4 “Investments”.
For a description of the challenges that must be met to
maintain growth, see paragraph 1.9.1 “Risks Related to the
Business.”
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1.4.2
Dassault Systèmes’ Offering
1.4.2.1
Industries and Customers
The 3DEXPERIENCE platform - combining applications,
content and services - helps companies to develop innovative
solutions for final users.
Dassault Systèmes has a diversified client base, comprised
of global leaders, mid‑market companies, small companies
and startups, and also includes government and educational
institutions, establishing a long term relationship which
translates into an average length collaboration of more
than 25 years with its 20 main clients. Its market strategy
is industry‑based (Manufacturing Industries, Life Sciences
& Healthcare, and Infrastructures & Cities) with a very close
proximity to customers and offers adapted to its industries,
which are themselves divided into market segments.
SECTOR/Industry
Market Segments Addressed by Dassault Systèmes
MANUFACTURING INDUSTRIES
Transportation & Mobility
Cars & Light Trucks OEMs, Racing Cars, Motorcycles, T&M Industry Suppliers, Trucks &
Buses, Trains, Mobility Services
Aerospace & Defense
Commercial Aviation, Aerospace & Defense Suppliers, Propulsion, Defense, Air
Transportation, Space
Marine & Offshore
Naval Shipyards, Commercial Shipyards, Offshore, Yachts & Workboats, Marine
Suppliers, Marine & Offshore Specialists
Industrial Equipment
Industrial Robots, Machine Tools & 3D printers, Specialized Manufacturing Machinery,
Heavy Mobile Machinery & Equipment, Building Equipment, Power & Fluidic Equipment,
Fabricated Metal & Plastic Products, Tire Manufacturers, Professional Services
High-Tech
Consumer Electronics, Security, Control & Instrumentation, Computing, Software
& Communications, Contract Manufacturing Services, Technology Suppliers,
Semiconductors, Telecom & Media Operators
Home & Lifestyle
Furniture & Home Goods, Sports & Leisure Goods, Fashion & Luxury Goods, Specialist
Retailers
Consumer Packaged Goods – Retail
Food & Beverage, Beauty & Personal Care, Household Products, Packaging, General
Retailers
LIFE SCIENCES & HEALTHCARE
Life Sciences & Healthcare
Pharmaceuticals & BioTechs, Medical Devices & Equipment, Patient Care
INFRASTRUCTURE & CITIES
Infrastructure, Energy & Materials
Mining, Metals & Minerals, Oil & Gas, Chemicals, Power, Civil & Transportation
Infrastructure
Architecture, Engineering &
Construction
Utilities, Building & Facilities, Construction Products & Services, Agriculture & Forestry
Business Services
Banking & Insurance, Rail Freight, Postal, Express & Air Cargo, Sea Freight & Integrated
Logistics
Cities & Public Services
Cities & Territorial Authorities, Public Contractors, Public Funded Centers of Innovation,
Education
The breakdown of our non-IFRS software revenue in
2024 for our three sectors was as follows: Manufacturing
Industries 70%, Life Sciences & Healthcare 22% and
Infrastructure & Cities 8%. Within the Manufacturing
Industries sector, main industries were Transportation &
Mobility, Industrial Equipment and Aerospace & Defense
representing respectively 22%, 17% and 14% of non-IFRS
software revenue in 2024. In 2024, Dassault Systèmes made
around 5% of its revenue with customers within the Defense
industry.
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1.4.2.2
3DEXPERIENCE platform
Dassault Systèmes’ 3DEXPERIENCE platform catalyzes
and fuels innovation, enabling businesses to connect the
dots within and outside their organization, from upstream
thinking to design, engineering, manufacturing and sales &
marketing, all the way to ownership.
Virtual
experience
platforms
for
industry,
urban
development and healthcare are the infrastructures of the
21st century.
Today, sustainable innovation is predicated on creating
holistic experiences. Only by connecting all the dots
between people, ideas, and data can a business create
differentiating customer experiences and drive consumer
loyalty, engagement, and value.
Dassault Systèmes offers both a fresh approach to innovation
by connecting R&D, engineering, production, marketing and
end‑users in an innovative business model directly linking
sellers and buyers, purchasers and subcontractors, service
providers and end‑customers.
The 3DEXPERIENCE platform enables businesses to
enhance their operational excellence and helps them create
the most innovative value networks.
With a consistent
Software as a Service
Operator enabling
a Unified Cyber
Governance
Platform
Augment people
& ideas by revealing
knowledge
& know-how
Industry Solution Experiences
Virtual Twin Experiences
Virtual Companions
Dedicated Cloud
Confined Collaboration
Sovereign Cloud
Trusted Collaboration
International Cloud
Secured Collaboration
Industry Process Experiences
Roles & apps
Experience as a Service
Home & Lifestyle
Aerospace
& Defense
Infrastructure,
Energy
& Materials
Architecture,
Engineering
& Construction
Transportation
& Mobility
Consumer
Packaged
Goods - Retail
Industrial
Equipment
Marine
& Offshore
Cities & Public
Services
High-Tech
Life Sciences
& Healthcare
Business
Services
Architecture for
The 3DEXPERIENCE platform is a platform for knowledge
and know‑how, a game‑changing collaborative environment
that empowers businesses and people to innovate in entirely
new ways.
—
digital
experience
platforms
for
industry,
urban
development and healthcare are becoming critical to
operate a business. They have already transformed the
retail, transportation and hospitality industries, and are
now set to transform all industries;
—
creating experiences is a complex process, requiring
diverse knowledge and know‑how, and connecting
the dots between people, ideas, and data – inside and
outside the company – between complex interconnected
systems;
—
tomorrow’s game changers will be those that empower
the workforce of the future with the best knowledge
and know‑how assets and not those with the most
automated production systems.
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Social & Collaborative Apps
Information Intelligence Apps
Real time 3DEXPERIENCE®
3D Modeling Apps
Simulation Apps
The 3DEXPERIENCE platform offers an entire universe of
experiences to connect people, businesses and ideas.
First, through OUTSCALE, a Dassault Systèmes’ brand and
a strategic sovereign cloud operator, the Company offers
cyber governance declined in three levels:
—
Dedicated Cloud for sovereign collaboration in the
customer’s space;
—
Sovereign Cloud for trusted collaboration within a
common legal and fiscal space;
—
International Cloud for secure collaboration anywhere.
Then, Dassault Systèmes provides a platform to empower
people to manage and transform their business.
As a system of operations, the 3DEXPERIENCE platform
enables
businesses
to
innovate
and
operate
with
operational excellence, from idea to modeling and
simulation to market delivery and usage.
It empowers everyone by embracing and extending their
skills and knowledge, connecting people, teams and
businesses. It allows everyone involved in an innovation
project – from the research lab to the factory to the consumer
– to interact and work together. As a result, innovators can
virtually design and test consumer experiences, before
physically producing them.
Finally, Dassault Systèmes provides Experiences as a Service,
which include:
—
Industry Solution Experiences for company performance
and innovation;
—
Industry Process Experiences for efficient teams;
—
Roles for champion users.
With 3D UNIV+RSES launched in February 2025, the
Company’s portfolio evolves with two new product
categories:
—
Virtual Companions, augmenting users towards a new
level of productivity and innovation;
—
Virtual Twin Experiences, centered on a virtual twin,
incorporating virtual twin specific knowledge and
know‑how to simulate its evolution in the real world.
1.4.2.3
Software Applications Portfolio
Dassault Systèmes brands by quadrants of the Compass
Symbolized by the Compass, the 3DEXPERIENCE platform
is structured into four quadrants.
3
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e
n
c
e
A
p
p
s
Si
m
ul
a
ti
o
n
A
p
p
s
ENOVIA
CENTRICPLM
3DEXCITE
3DVIA
DELMIA
SIMULIA
SOLIDWORKS
CATIA
GEOVIA
NETVIBES
MEDIDATA
BIOVIA
3D Modeling Applications
SOLIDWORKS – Authentic Design Experience
SOLIDWORKS is focused on providing powerful yet simple
and
easy‑to‑use
3D
product
development
solutions
accessible to all innovators, from students to makers to
professionals. These solutions enable clients to innovate
and streamline their design processes. By augmenting
SOLIDWORKS with the 3DEXPERIENCE platform services,
businesses have new ways to create, collaborate, and
innovate.
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PresentatIon of the Company
Business Activities
1
Focused
on
delivering
powerful
design
experiences,
the expanded portfolio that also includes SOLIDWORKS
browser‑based and mobile‑ready solutions brings leading
edge capabilities, such as artificial intelligence, machine
learning and generative design, to every designer.
True to its mission to democratize 3D design, SOLIDWORKS
continues to empower its passionate community: millions
of students, educators, makers, professionals and life‑long
learners who create cutting‑edge products and develop
countless world‑changing innovations.
In 2019, Dassault Systèmes introduced 3DEXPERIENCE
Works to create a new family of specialized business
applications on the 3DEXPERIENCE platform for small and
medium sized companies, typically SOLIDWORKS users,
that want to expand their business to become experience
providers. Small and midsized firms worldwide need cloud
based solutions to grow but have long been challenged to
find ones that are right for their size.
In 2025 this new family of applications will be called
“SOLIDWORKS Value Offers”, and by introducing them,
Dassault Systèmes brings the platform benefits to all
SOLIDWORKS Clients. The SOLIDWORKS Value Offers
extend the ease of use and simplicity to a new category of
solutions composed of fine‑tuned and simplified applications.
SOLIDWORKS Value Offers uniquely combine collaboration
with design, simulation, manufacturing and manufacturing
ERP capabilities in a single virtual collaborative environment
to help growing businesses become more inventive,
efficient and responsive. The SOLIDWORKS Value Offers
family includes applications from SOLIDWORKS, DELMIA,
DELMIAWorks, ENOVIA, SIMULIA, NETVIBES and 3DEXCITE.
CATIA – Shape the World We Live in
CATIA is the leading solution (1) spanning the complete
innovation and development processes – from vision to
certification – to imagine, design, simulate and operate
sustainable products and systems.
CATIA shifts traditional 3D CAD (computer‑aided design)
expectations to cognitive‑augmented design. Leveraging
knowledge, know‑how and proven technology to automate
design and systems engineering combined with modeling,
simulation, and AI, CATIA wants to provide AI-driven
Generative Experiences to all its users.
The brand offers a differentiating approach to Generative
AI to solve industry challenges based on fine‑tuned models
trained on industry‑specific datasets and models coming
from knowledge and know‑how of industry processes.
CATIA provides an intuitive user experience, powered by
3D, web services, as well as mobile and augmented reality
technologies to collaborate virtually, and empowering
co‑design experiences. Lastly, through its cyber‑physical
systems modeling and simulation capabilities, CATIA is
integral to 3DEXPERIENCE-based Industry Solutions for
(1)
Dassault Systèmes evaluates its competitive positioning based on several third‑party studies (D&B, Oxford Economics, Omdia, IDC, Gartner).
model‑based systems engineering, enterprise architecture,
concept modeling and system simulation.
These solutions enable global industry leaders to act as
game changers in key sectors like Manufacturing Industries,
where 85% of electric vehicles are using CATIA solutions, or
in Infrastructure & Cities, where Dassault Systèmes’ design
software is adopted in 80% of new nuclear projects.
GEOVIA – Model the Sustainable Planet
GEOVIA provides end‑to‑end digital solutions focusing on
the intersection of natural resources, infrastructure and
urban planning. The brand empowers a diverse community
of geoscientists, earth engineers, and urban planners to
access the information and insights they need to make
informed decisions that balance economic, environmental,
and social considerations, ensuring the responsible use and
development of the earth’s resources.
As part of the 3DEXPERIENCE platform, GEOVIA makes
it possible to create virtual twins of the Earth’s surface,
subsurface and infrastructure that enable users to analyze
and visualize the impacts of their decisions through a
dynamic and comprehensive view of assets and processes,
helping to improve operational efficiency and optimize
resource utilization through real‑time monitoring, predictive
analytics, and continuous improvement.
GEOVIA is driven by a vision to model a sustainable future
where technology, knowledge and know‑how play a
crucial role in promoting responsible natural resources
management, improving the quality of life for all people, and
safeguarding the planet for generations to come.
BIOVIA – Model the Biosphere
BIOVIA empowers scientists to shape the biosphere by
discovering and developing novel chemicals, biologics, and
materials to improve lives and create a more sustainable
world. Through collaboration and experiences, BIOVIA
connects the virtual world of modeling and simulation with
the real world of scientific laboratory experimentation.
BIOVIA partners with science‑based organizations bringing
the best of knowledge and know‑how with a comprehensive
set
of
experiences,
spanning
across
five
portfolios:
biosciences, materials science & engineering, lab informatics,
scientific informatics and total quality and regulatory. Our
software solutions are orchestrated in end‑to‑end workflows
on the 3DEXPERIENCE platform.
BIOVIA provides deep scientific heritage and technology
expertise advances to the highest levels of research and
collaborative innovation across science‑driven industries
including Life Sciences & Healthcare, Consumer Packaged
Goods, Infrastructure, Energy & Materials, Transportation &
Mobility, Aerospace & Defense and High-Tech. Organizations
around the world are transforming digitally, advancing
innovation and increasing productivity and quality while
assuring regulatory compliance and shortening time to
market.
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Simulation Applications
The 3DEXPERIENCE platform lets you test possible
scenarios against reality.
3DEXPERIENCE is made possible by real‑time realistic
simulation. Dassault Systèmes has made big investments
in technologies and services to simulate complex behaviors,
production
system
execution,
additive
manufacturing
processes, logistics operations and consumer usages
in everyday life. It has unique assets for complexity
management and multiscale, multidiscipline simulation
(structures, fluids, electromagnetics, acoustics, etc.). Building
simulation into the design and virtual manufacturing process
makes it possible to optimize product design in accordance
with the manufacturing process and with robustness,
weight, and cost constraints.
SIMULIA – Reveal the World We Live in
SIMULIA delivers science‑based multiscale, multiphysics
simulation solutions that enable designers, engineers,
scientists, and all innovators to create and experience virtual
twins. Leveraging data science and state‑of‑the‑art AI, the
3DEXPERIENCE platform unifies modeling and simulation
(MODSIM) and enables all stakeholders to collaborate on
accelerating innovative product development, optimizing
infrastructure for living as well as its sustainability, and
accelerating innovations in the Life Sciences industry. Our
end‑to‑end industry processes capture knowledge and
know‑how, putting the power of MODSIM in the hands
of all users to eliminate material waste, reduce costly
time‑consuming physical testing, improve quality and
safety, and meet global sustainability mandates.
DELMIA – Make It Happen
A key feature of Dassault Systèmes’ 3DEXPERIENCE
platform is the connection between the virtual and real
worlds. Operational excellence requires harmonized design,
production, distribution, human resources management
and processes. DELMIA enables global industrial operations
to design and test the manufacturability of products in a
simulated, virtual environment, optimize the supply chain,
and operate factories, warehouses and distribution to
sustainably manage and fulfill customer demand.
3DVIA – Shape Your Dream
3DVIA currently helps over 35 million consumers make
important buying decisions in their daily lives by delivering
a fast, rich and visually stunning experience for 3D space
planning. The brand is driving growth and proliferation of 3D
among consumers via two separate target audiences.
For consumers and interior designers, HomeByMe offers
a free tool for consumers and is used by millions of people
to create virtual twins of their home. Its professional
subscriptions enable interior designers to offer their
customers a game‑changing level of speed, responsiveness,
ease of use and visual impact with 360° virtual reality and
augmented reality.
For retailers, 3DVIA offers two products that support a
virtual omnichannel buying experience: HomeByMe for
Kitchen Retailers and HomeByMe for Home Retailers.
These products afford an interactive 3D room‑planning
experience dedicated to furniture retailers and their millions
of customers.
Information Intelligence Applications
The 3DEXPERIENCE platform allows you to calibrate and
contextualize experiences considering all the information
within and outside the Company.
The 3DEXPERIENCE platform provides unique intelligent
information, artificial intelligence, semantic indexing and
search capabilities. Leveraging the ultimate new data
science, machine learning technologies and modeling, the
3DEXPERIENCE platform makes it possible to understand,
analyze, correlate, infer, describe, predict and prescript very
complex information. This profound dialogue between the
virtual model and data is unique to Dassault Systèmes and is
not found elsewhere.
NETVIBES – Reveal Information Intelligence
NETVIBES augments people in business with Virtual Twin
Experiences, elevating data to knowledge and know‑how,
providing contextualized, actionable insights to reach their
goals. This is set in motion for enterprises:
—
Value Network with AI-driven standardization & sourcing
optimization, for resilient supply‑chain;
—
Virtual Product Development with KPI-driven design
decisions (Sustainability, Cost, Weight);
—
Customer Experience with 360° insights on assets in
operations, toward enhanced availability & customer
satisfaction;
—
Planning with empowerment to deliver programs
& projects on cost, on quality, on schedule, and to
understand market trends and secure competitive
portfolio.
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Business Activities
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MEDIDATA – Power Smarter Treatments and Healthier People
MEDIDATA is powering smarter treatments and healthier
people through digital solutions to support clinical trials.
Celebrating 25 years of ground‑breaking technological
innovation across more than 35,000 trials and 10 million
patients, MEDIDATA offers industry‑leading expertise,
analytics‑powered insights, and the largest patient‑level
historical clinical trial data set in the world.
MEDIDATA has a pivotal role to play in shaping the
Generative Economy. Dassault Systèmes’ vision of creating
virtual twins of humans, with a focus on patient centricity,
sets the trend in the industry and is an inspiration for the
future.
More than 1 million registered users across approximately
2,300 customers trust MEDIDATA’s seamless, end‑to‑end
platform to improve patient experiences, accelerate clinical
breakthroughs, and bring therapies to market faster.
Social and Collaborative Applications
The 3DEXPERIENCE platform allows you to bring together
and catalyze a diversity of talents towards Collaborative
Innovation.
The 3DEXPERIENCE platform allows any business to become
innovative by building on structured and unstructured
collaboration. The platform connects people, ideas, data and
solutions driving collaborative innovation.
ENOVIA – Plan your Definition of Success
ENOVIA enables all people in business to plan their definition
of success. That is because ENOVIA applies the power of the
3DEXPERIENCE platform across all industries, connecting
people, knowledge and processes to streamline collaboration
across the value network and product lifecycle.
With ENOVIA, companies of all sizes eliminate silos of
operation to maintain agility and more efficiently manage
their
configured,
multi‑discipline,
design,
engineering
and manufacturing process across the lifecycle. Using the
power of virtual twin experiences across the enterprise,
clients facilitate continuous innovation and accelerate time
to market while maintaining compliance with business,
sustainability and regulatory objectives.
The ENOVIA portfolio provides dedicated business roles and
industry processes to connect users across multiple domains
like quality, sourcing, procurement and planning.
CENTRIC PLM – Plan your Collection’s Success
CENTRIC PLM provides an innovative product concept to
launch platform for retailers, brands and manufacturers
of all sizes and segments of the consumer goods industry
including fashion, footwear, luxury, outdoor, consumer
electronics, cosmetics & personal care and food & beverage.
CENTRIC PLM enables digital transformation to achieve
strategic and operational goals such as orchestrating
and executing a competitive retail and product strategy,
increasing agility, speeding time to market and getting closer
to consumers resulting in maximized revenues and margins.
All solutions are highly configurable and built hand‑in‑hand
with market‑leading companies:
—
Centric PLM streamlines product design, development,
sourcing, quality & compliance, packaging & proofing,
sustainability and digital product creation.
—
Centric Planning™ delivers best‑in‑class, easy‑to‑use and
visually‑driven financial, merchandise and assortment
planning as well as store & vendor forecasting for
seamless and fast, pre and in‑season execution;
—
Centric Visual Boards™ improves team collaboration
for optimized product assortments and a streamlined
omni‑channel buying and sell‑in process;
—
Centric Pricing™ provides AI-driven competitive product
and price assortment benchmarking information and
market trend insights.
3DEXCITE – Engineer the Excitement
3DEXCITE drives commercial innovation through software
and services based on the 3DEXPERIENCE platform.
In the experience economy, manufacturers’ business models
are changing, and engineering is becoming more important
than artistry in commercialization.
Service ecosystems now extend the value of sophisticated
products through applications, fueling demand for more
accurate and appealing content, representing products
in their context of use. 3DEXCITE delivers software and
professional services to transport product knowledge into
end‑user virtual universes.
OUTSCALE – The Leading Sovereign and Sustainable Operator
of Trusted Business Experience as a Service
OUTSCALE, a brand of Dassault Systèmes since 2022, is the
first sovereign and sustainable operator of Trusted Business
Experience as a Service. It is the first ever Infrastructure as
a Service (IaaS) company certified SecNumCloud by ANSSI
– French National Agency for the Security of Information
Systems.
OUTSCALE’s strategy and its offer are unique in the industry.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
First, OUTSCALE is the strategic sovereign cloud operator
that enables governments and corporations from all sectors
to access digital autonomy through a cloud experience and
cyber governance declined in three levels:
—
Dedicated Cloud: a cloud dedicated to sovereign
collaboration in the customer’s space;
—
Sovereign Cloud: a sovereign trusted cloud for trusted
collaboration within a common legal and fiscal space;
—
International Cloud: an international cloud for secure
collaboration.
Secondly, OUTSCALE aims to be the value creation enabler
for new business experiences through holistic collaborative
worlds that combine data science, virtual twin experiences,
process
modeling,
supported
by
collaboration
tools.
OUTSCALE delivers business experience twins that enable
all business users to excel in their roles by leveraging data
science, breaking down silos, and capturing knowledge
and expertise across their organization and ecosystem:
from market intelligence and cost optimization to talent
management, innovation acceleration, asset intelligence, and
quality control.
Finally, OUTSCALE strengthens cyber governance and
develops business experiences through a new cloud
ecosystem via its Marketplace or alliances such as NumSpot.
1.4.2.4
Portfolio of Experiences for
3D UNIV+RSES
Dassault Systèmes provides a portfolio of Experiences as a
Service that offer knowledge and know‑how to maximize
outcomes for its clients.
The Company’s portfolio is structured with Industry Solution
Experiences and Industry Process Experiences that are
meaningful combination of roles developed by brands:
—
Industry Solution Experiences meet the challenges of an
industry and support an enterprise transformation: for
example, Engineered to Fly allows Aerospace & Defense
suppliers to accelerate production and go‑to‑market
lifecycles from bid to delivery.
—
Industry
Process
Experiences
improve
a
team
performance: they correspond to the business process
used by a team in the context of the solution. Let us
take the example of Aerospace Composite Engineering in
Engineered to Fly: this industry process experience aims
at helping to design, optimize and produce composites
parts with process‑oriented applications.
—
Roles empower one individual for excellence in his
job: they correspond to the work of one individual in
the context of the industry process – for example,
Composites Braiding & Forming Engineer in the context
of Aerospace Composite Engineering correspond to the
job of an engineer.
By December 31, 2024, Dassault Systèmes offered
114 Industry Solution Experiences, 735 Industry Process
Experiences and 554 Roles.
Dassault Systèmes’ industry portfolio is forward looking. It
is carefully crafted by industry segment based on “what my
industry values the most” – its most important challenges.
The Company’s portfolio aims at helping to meet these
challenges and ensure its customers that they become
innovation and sustainability front‑runners.
Each Industry Solution and Industry Process Experiences
has a set of Key Value Indicators to explain the value to
customers and allow them to monitor it – these key value
indicators can be as broad as acceleration of innovation
lifecycle, operational efficiencies, reduction of time loss,
reduction of CO2 emissions or increase of revenues.
While crafting this portfolio, specific attention is paid to
ensure that Dassault Systèmes’ industry portfolio also
helps customers become even more sustainable, by limiting
footprint and increasing handprint – for example: reducing
physical testing and increase virtual testing; optimizing
factory operations; simulating the environmental impact of a
product or process, etc.
This commitment to help customers across all industries to
develop new products, materials and processes needed to
build a more sustainable economy is at the heart of Dassault
Systèmes’ purpose. See sections 1.8 “Environmental, Social,
and Governance Performance” and 2.7.2 “EU Taxonomy
Indicators” for more information about the Company’s
approach to sustainable development and its ambitions.
This well‑structured portfolio allows companies to embark
on significant digital transformation, while having a clear
overview of the impact and desired outcomes for their
organizations, as well as the jobs and skills of their people.
Both C-level and operational teams can understand and track
the outcomes of transformation projects at their own level.
The portfolio also encompasses industry‑specific knowledge
and know‑how in the industries served, a capacity greatly
accelerated with artificial intelligence based services.
With 3D UNIV+RSES launched in February 2025, the
Company’s portfolio evolves with two new product
categories:
—
Virtual Companions, augmenting users towards a new
level of productivity and innovation;
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1
—
Virtual Twin Experiences, centered on a virtual twin,
incorporating virtual twin specific knowledge and
know‑how to simulate its evolution in the real world.
1.4.2.5
How Dassault Systèmes engages with
customers
Dassault Systèmes customers extend from startups,
small and mid‑sized companies to the largest firms in
the world and also include educational institutions and
government departments. Dassault Systèmes leverages
its 3DEXPERIENCE platform to engage seamlessly with all
customers, accelerate its growth, define and execute sales
processes.
Together with the Company’s partners, four ways have been
developed to engage with customers and provide them with
the right value at the right time:
—
Customer Solution Experiences: a direct engagement
approach for companies that are under transformation
and are looking for the greatest value for their customers;
—
Customer Process Experiences: a partnership‑based
approach for organizations that seek optimal operational
performance from their industrial processes;
—
Customer
Role
Experiences:
a
partnership‑based
approach for organizations whose users want to achieve
excellence and need to be provided with knowledge and
know‑how to perform on their job;
—
Life Science Engagement: an engagement approach for
Life Sciences & Healthcare organizations.
In addition, Dassault Systèmes provides an Online Store
for organizations which expect end‑to‑end, full online
engagement, for SaaS roles. This Online engagement triggers
continuous relationship with users and helps growing SaaS
businesses become more inventive, efficient and responsive.
1.4.2.6
Estimated Addressable Market Size,
Market Position and Competitors
Total addressable market
The total addressable market is estimated at approximately
$45 billion. The total addressable market sizing uses
third party estimates of software domains, analyzed and
compared to the software capabilities of the company’s
offer. Third party estimates do not take into account
internally developed software by companies but only
commercially sold software.
(1)
Dassault Systèmes evaluates its competitive positioning based on third‑party studies (D&B, Oxford Economics, Omdia, IDC, Gartner).
(2)
On January 16th, 2024, Synopsys announced a definitive agreement to acquire Ansys. The transaction is anticipated to close in the first half of 2025.
(3)
On October 30th, 2024, Siemens announced an agreement to acquire Altair Engineering. The transaction is anticipated to close in the second half of 2025.
Market positioning
Dassault Systèmes is leader (1) in the 3D PLM market,
which includes 3D software for design, simulation,
digital manufacturing, product data management and
collaboration. Dassault Systèmes is also one of the world’s
leading 3D design and engineering simulation software
providers with CATIA, SOLIDWORKS and SIMULIA brands.
The 3DEXPERIENCE provides the most complete user
experiences, as they go beyond the simulation of the
individual physics or multi‑physics capabilities.
By industrial sector, Dassault Systèmes is one of the leading
software vendor in Manufacturing Industries and Life
Sciences & Healthcare. In Infrastructure & Cities, with the
3DEXPERIENCE platform, the Company’s approach meets
the growing needs of infrastructure operators and public
authorities to transform their services and their organizations
in the face of the accelerated virtualization of the world.
Competitive landscape
The software market is highly‑competitive. Dassault
Systèmes broadens the addressable market by expanding its
product portfolio, diversifying its client base, and developing
new applications and markets. The level of competition also
increases from new competitors ranging from technology
startups to the largest technology and industrial companies
in the world.
In Manufacturing Industries, competitors in the PLM market
include but are not limited to Siemens Digital Industries,
Autodesk, PTC, simulation vendors with Ansys (2), Altair
Engineering (3),
MSC
Software
(owned
by
Hexagon),
collaborative enterprise business processes and industrial
operations software vendors like Oracle and SAP.
Life Sciences & Healthcare sector is a highly fragmented
market with the three largest players, including Dassault
Systèmes, representing less than 30% of market shares.
There is a wide range of competitors in research and
discovery
(Schrödinger
and
Benchling),
in
preclinical
development (Labware and Thermo Fisher Scientific), in
clinical testing (Oracle and Veeva Systems), in manufacturing
(SAP, SAS and Tibco) and in commercialization (Veeva
Systems and Model N).
Other actors, mostly software developers, that directly
or indirectly compete with Dassault Systèmes include but
are not limited to Adobe, ARAS, Aveva Group (owned by
Schneider Electric), Bentley Systems, Epicor, Infor, Intergraph
(owned by Hexagon), JDA Software, Microsoft, Nemetschek,
Palantir Technologies, Plex, Salesforce, and other software
companies in the mining sector or offering information
intelligence, social enterprise innovation, collaboration
software capabilities or digital marketing.
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1.4.3
Material Contracts
Other than contracts entered into by the Company in the
ordinary course of business, Dassault Systèmes’ material
contracts are principally the distribution agreements with
its value‑added retailers and systems integrators. See
paragraph 1.4.2.6 “How We Engage with Customers”,
strategic partnerships in paragraph 1.5 “Research and
Development”, and in particular paragraph 1.5.1 “Overview”.
Business contracts
JLR
In 2023, JLR and Dassault Systèmes renewed and expanded
their partnership for a five‑year period to support the
“Reimagine” strategy of JLR to become a “Digital First”
company, expanding the usage of the 3DEXPERIENCE
platform from 8,500 to more than 18,000 users.
JLR continues to deploy Dassault Systèmes’ 3DEXPERIENCE
platform globally, to support the end‑to‑end development of
all its modern luxury vehicles. Users across all JLR business
areas and suppliers will make use of virtual twins to increase
efficiency, improve production management, save time, and
reduce waste and costs.
JLR’s decision to deploy the 3DEXPERIENCE platform at this
scale further confirms the role that Dassault Systèmes plays
in JLR’s commitment for a good and responsible business
in an industry that demands high levels of excellence and
personalization.
The Boeing Corporation
In 2017, The Boeing Corporation and Dassault Systèmes
entered into a new, extended strategic partnership agreement
pursuant to which Boeing will expand its deployment of
Dassault Systèmes’ software on the 3DEXPERIENCE platform
across its commercial aviation, space and defense divisions.
Following an extensive evaluation process, Boeing selected
Dassault Systèmes as its technological partner for its digital
transformation strategy: PLM, authoring and manufacturing
operations management tools.
Airbus
In December 2024, Airbus and Dassault Systèmes signed a
new long‑term strategic partnership agreement to accelerate
the digital transformation of its Commercial, Helicopters and
Defense and Space entities and contribute to the preparation
of its new generation programs.
The 3DEXPERIENCE platform, confirmed as the backbone
for the organization of the life cycle of new‑generation
Airbus programs, will be gradually deployed on the sovereign
SaaS Cloud at a global scale to more than 20,000 users to
support the entire development chain for all its civil and
military aircraft and helicopters. Users, coming from all areas
of activity, and Airbus suppliers will be able to collaborate
together more efficiently and use virtual twins to reduce
development cycles, anticipate and improve the efficiency of
production and after‑sale support while reducing costs.
Financing
Bond
In September 2019, Dassault Systèmes SE issued its
four‑tranche fixed rate bond for a total of €3.65 billion.
This issuance was part of the financing of the acquisition
of Medidata Solutions, Inc., completed in October 2019.
See paragraph 3.1.6 “Capital Resources” and Note 19 to
the consolidated financial statements. The first tranche
of €900 million was reimbursed on September 16, 2022.
The second tranche of €700 million was reimbursed on
September 16, 2024.
Term loans and lines of credit
To finance the acquisition of Medidata Solutions Inc.,
Dassault Systèmes also subscribed to two loans on
October 28, 2019 with maturities on October 28, 2024 in
the amount of €500 million and $530 million, respectively.
These loans were voluntarily repaid in full by Dassault
Systèmes between October 2020 and February 2022.
In connection with this acquisition, Dassault Systèmes also
received a financing commitment in the form of a revolving
line of credit of €750 million for a period of five years as
of October 28, 2019. In 2020, and then in 2021, Dassault
Systèmes extended its maturity for an additional year
each time, bringing the maturity date of this credit facility
to October 28, 2026. As of December 31, 2024, the line of
credit had not been drawn.
Negotiable European Commercial Paper
In July 2022, Dassault Systèmes launched a short‑term
program, the Negotiable EUropean Commercial Paper (NEU
CP) program, with a maximum limit authorized by the
Board of Directors of €750 million. The Company issued a
cumulative total in 2024 of €2,227 million (while remaining
under the limit) with a maximum maturity of three months,
and repaid €2,027 million under this program.
See paragraph 3.1.6 “Capital Resources” and Note 19 to the
consolidated financial statements.
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PresentatIon of the Company
Research and development
1
Leases
Dassault Systèmes signed long‑term leases (for twelve
years) for its corporate headquarters in Vélizy-Villacoublay,
France (the “3DS Paris Campus”) in 2008 and for its
offices, technology lab and data center in Waltham, outside
Boston, United States (the “3DS Boston Campus”) in 2010.
In 2013, Dassault Systèmes entered into a new lease for its
headquarters facilities for a non‑cancelable initial term of ten
years starting from the delivery date of an additional building
of approximately 13,000 square meters. Close to this site,
Dassault Systèmes has also leased since 2010 approximately
11,000 additional square meters in a building located in
Meudon-La-Forêt. In 2016, the 3DS Boston Campus lease
was extended for 25 months, to end on June 30, 2026.
In December 2019, Dassault Systèmes signed a new
lease contract for an additional building of approximately
28,000 square meters of office space within the 3DS Paris
Campus, for a fixed term of ten years starting in the second
quarter of 2023. The minimum future lease payments over
the lease term amount to approximately €81.1 million. In this
context, leases of existing buildings have been renegotiated,
notably to extend their term to 2032.
On February 14, 2020, Dassault Systèmes acquired the
leasehold rights, for a period of 75 years, for two buildings
located near the Dassault Systèmes offices in Pune, India
(the “3DS Pune Campus”), for an amount equivalent to
€42.8 million, as part of the expansion plan for this campus.
One of the two buildings was fully fitted‑out and delivered
in October 2021, and the fitting‑out of the second building
began mid‑2022 and was completed in the fourth quarter of
2024.
In November 2022, the Company signed a new lease
contract on a Paris office building for a fixed term of twelve
years effective as of the fourth quarter of 2023. The
minimum future lease payments on this building amount to
approximately €42.4 million.
See paragraph 1.9.2.4 “Liquidity Risk” and Note 18 to the
consolidated financial statements.
1.5
Research and development
1.5.1
Overview
Principal areas of investment in R&D are related to the
3DEXPERIENCE business platform foundations and services.
Moreover, with more than 200 scientific and research
partners, the Company’s R&D effort mainly aims at providing
major breakthrough on user experiences and on the
expansion of its portfolio’s reach with immersive, mobile and
native cloud solutions.
As of December 31, 2024, the Group’s R&D teams included
10,250 employees, compared to 10,097 at year‑end 2023,
representing approximately 41% of the total headcount.
The Group increased its total R&D headcount by 1.5% in
2024, after a 7.3% increase in 2023. (Refer to methodology
reported in paragraph 2.2.3.1.3 Managing Strategic Matter 6:
Fostering Employees’ Engagement to improve Retention).
The Company has R&D facilities in the countries where
its clients and high‑talent employees are located: in
Europe (mainly France, Germany, the United Kingdom,
the Netherlands, Poland, and Lithuania), America (mainly
the United States) and Asia (mainly India, Malaysia and
Australia).
In 2024, R&D expenses totaled €1,286.2 million, compared
to €1,228.3 million for 2023, increasing 5%. Dassault
Systèmes benefited from government grants and other
governmental programs supporting R&D of €50.0 million in
2024 and €38.3 million in 2023. These government grants
principally include research and development tax credits
received in France.
The Company conducts its R&D in close cooperation with
customers and users in their respective industries to develop
a deeper understanding of the unique business processes of
these industries as well as the future product directions and
requirements of these industries, customers and users.
The Company has established long‑standing, scientific
and technical collaborations with key partners in order
to maximize the benefits from available technology and
increase the value for shared customers. These research and
technology alliances are established with three objectives:
—
to cover end‑to‑end solutions with holistic offerings;
—
to participate in the development of future structure of
industries;
—
and to integrate the most advanced features of
technology into our solutions.
In
2024,
Dassault
Systèmes
counted
more
than
10,000 people in its ecosystem of technology and
marketplace partners. Further, the Company is a participant
in several hundred public‑private projects (for example under
the aegis of the FDA, prestigious universities such as Harvard
or MIT, and world leading institutes such Inria and INSERM),
collaborates with renowned scientists (including Nobel Prize
winners) and is engaged in technology partnerships across
the twelve industries (and industry sub‑segments) it serves.
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PresentatIon of the Company
Research and development
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Dassault Systèmes has software development partners
working in each domain of its software solutions. Its
global affiliate program enables developers to create and
market their own applications fully integrated with and
complementary to the Company’s software solutions.
Dassault Systèmes is deeply committed to creating quality
solutions that allow its customers to meet the critical
business requirements of the industries in which they
operate. This commitment to quality is evidenced by its
well‑established Quality Management System certified
ISO 9001:2015 – the latest version of the standard focusing
on operational excellence and performance.
1.5.2
SaaS offering and Services
The MEDIDATA platform is built to protect data’s privacy,
security, and quality. These critical elements are built
in at the design phase of its technology. This validated
core is certified by multiple independent certification
bodies to reinforce this commitment. MEDIDATA’s robust
accreditation and certification portfolio defines its industry’s
gold standards around data privacy, information security,
and quality management.
The MEDIDATA platform has been certified by the
highest security standards, including ISO 27001:2022,
ISO 27017:2015, SOC1 Type 2 and SOC2 Type 2 plus, as well
as ISO 27018:2019 for Privacy Information Management.
The MEDIDATA brand of Dassault Systèmes was the first
life sciences company to achieve compliance with the ISO/
IEC 27701:2019 Privacy Standard. In addition to having a
moderate FISMA (Federal Information Security Management
Act) authority to operate for over ten years, MEDIDATA is
compliant with regulations such as ICH E6 (R2), 21 CFR Part
11, EU GMP Annex 11, the Ministry of Health, Labour and
Welfare (MHLW) of Japan, and the National Medical Product
Administration of China (NMPA).
CENTRIC PLM innovations drive digital transformation for
the most prestigious companies such as retailers, brands and
manufacturers of consumer goods. In 2022, in addition to its
SOC-2 type 2certification, the CENTRIC PLM platform was
certified by the highest security standards: IS 27001:2013,
ISO 27017:2015 and ISO 27018:2019 for Privacy.
Since 2010, OUTSCALE has been providing companies
and public organizations with stable, scalable and secure
Infrastructure as a Service (IaaS) cloud computing services
deployed on trusted industrial infrastructure. OUTSCALE’s
sovereign cloud provides complete governance in terms
of digital security and sovereignty. The compliance with
market standards of these cloud computing services allows
OUTSCALE customers to deploy their applications with
effective performance control.
OUTSCALE is the strategic sovereign cloud operator that
enables governments and corporations from all sectors to
access digital autonomy through a Cloud experience and
cyber governance declined in three levels:
—
Dedicated Cloud: a cloud dedicated to sovereign
collaboration in the customer’s space;
—
Sovereign Cloud: a sovereign trusted cloud for trusted
collaboration within a common legal and fiscal space;
—
International Cloud: an international cloud for secure
collaboration.
OUTSCALE aims to be the value creation enabler for new
business experiences through holistic collaborative worlds
that combine data science, artificial intelligence, virtual twin
experiences, and process modeling. OUTSCALE delivers
business experience twins that enable all business users
to excel in their roles by leveraging data science, breaking
down silos, and capturing knowledge and expertise across
their organization and ecosystem: from market intelligence
and cost optimization to talent management, innovation
acceleration, asset intelligence, and quality control.
OUTSCALE’s portfolio leverages the company’s extensive
knowledge and expertise to host all of its platforms on a
scalable cloud and facilitate the cloud adoption.
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PresentatIon of the Company
Research and development
1
Finally, OUTSCALE strengthens cyber governance and
develops business experiences through a new cloud
ecosystem via its marketplace or alliances such as NumSpot.
OUTSCALE supports the strategic digital autonomy of
France and Europe by providing a trusted industrial cloud,
efficient and respecting European values and commitments.
OUTSCALE is a founding member of Gaia-X, the project
to federation of European cloud services, and a member of
European Alliance for Industrial Data, Edge and Cloud, of the
European Commission, aiming to foster the development and
deployment of next generation edge and cloud technologies.
On December 4, 2019, OUTSCALE announced that it had
obtained ANSSI’s (National Cybersecurity Agency of France)
Security Visa, that is, the SecNumCloud qualification, for
its entire Public Sector Cloud offering, aimed at public and
para‑public organizations and Operators of Vital Importance
(OIV): a first for a cloud service provider. This Security Visa
vouches for the highest level of commitment and compliance
with security regulations.
OUTSCALE is fully certified ISO 27001 (information security
management), ISO 27017 (cloud security), ISO 27018
(privacy protection in the cloud) and Health Data Hosting
delivered by ASIP Santé.
Launched in 2021, OUTSCALE’s marketplace expands
its portfolio of high‑added‑value innovative solutions to
transform the world of tomorrow. Companies and public
decision‑makers can choose the applications that meet
their needs from the marketplace’s trusted ecosystem of
recognized software vendors and service platforms.
In 2022, OUTSCALE became a brand of Dassault Systèmes,
and the first sovereign and sustainable operator of Trusted
Experience as a Service. OUTSCALE’s strategy and its offer
are unique in the industry.
In 2023, OUTSCALE became the first cloud operator to obtain
SecNumCloud 3.2 qualification, the highest requirement
in France and Europe for meeting security and sovereignty
challenges, awarded by ANSSI.
1.5.3
Intellectual Property
Dassault Systèmes protects its technology by applying
a combination of intellectual property rights including
copyrights, patents, trademarks, domain names and trade
secrets. The Company distributes its software products to its
customers via licenses that grant software utilization rights
without transfer of ownership. The contracts contain various
provisions protecting the Company’s intellectual property
rights over its technology, as well as related confidentiality
rights.
The source code (set of instructions under an intelligible
form, and used, once compiled, to generate the object code
licensed to customers and partners) of Dassault Systèmes’
products is protected both as a copyrighted work and as a
trade secret. In addition, some of the key capabilities of its
software products are protected through patents whenever
possible.
However, no assurance can be given that others will not copy
or otherwise obtain and/or use Dassault Systèmes’ products
or technology without authorization. In addition, effective
copyright, trade secret, trademark and patent protection
or enforcement may be unavailable or limited in certain
countries.
Dassault Systèmes is nevertheless engaged in an active
anti‑piracy and compliance policy and takes systematic
measures to prevent the illegal use and distribution of its
products, ranging from regularizing illegal use to initiating
legal proceedings.
In order to protect its technology and key product
capabilities, Dassault Systèmes generally files patent
applications in countries where many of its main customers
and competitors are located. At year‑end 2024, Dassault
Systèmes’
portfolio
comprised
over
839
protected
inventions, including 71 new patents filed in 2024, i.e. 27%
more filings than in 2023. Patents have been granted in one
or more countries for more than 70% of these inventions,
and patents for the others are pending. When a patent
protection is deemed unsuitable, certain inventions are kept
secret, with the proof of creation being saved. Dassault
Systèmes also has a cross‑license policy for patents with
major players in its industry. In recent years, Dassault
Systèmes has signed a number of transaction protocols and
patent licensing agreements with companies identified as
infringing its patents.
With respect to trademarks, the Company’s policy is to
register trademarks for its main products and services in
the countries where it does business. Trademark protection
may combine international, European Union and/or national
trademark filings.
See paragraph 1.9.1 “Risks Related to the Business”, and
particularly paragraph 1.9.1.3 “Protection of Dassault
Systèmes’ Intellectual Property Rights and Assets” for
the difficulties in ensuring adequate protection for the
Company’s own intellectual property, and paragraph 1.9.1.14
“Infringement of Intellectual Property Rights and of Third-
Party Technology Licenses” for risks concerning the alleged
unauthorized use of third‑parties’ intellectual property rights
by Dassault Systèmes.
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PresentatIon of the Company
Research and development
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.5.4
Investments
1.5.4.1
Overview
Dassault Systèmes is focused on three strategic sectors of
the economy: Manufacturing Industries, Life Sciences &
Healthcare and Infrastructure & Cities. The Company’s ability
to define and penetrate new markets has been critical to its
success, underpinned by a clear and strong commitment to
technological and business innovation.
The investments, in R&D and acquisitions, are aligned with
the Company’s strategy. They are the principal driver of
our product innovations and enhancements. Acquisitions
also complement and extend the business value Dassault
Systèmes can bring to industrial sectors, clients and users.
R&D expenses totaled €1.29 billion in 2024, €1.23 billion
in 2023 and €1.09 billion in 2022. Acquisitions, net of cash
acquired, amounted €22.5 million in 2024, €16.1 million in
2023 and €46.4 million in 2022.
Dassault Systèmes’ investments are in line with its purpose
to (i) broaden its offer to answer clients’ multi‑discipline
challenges, (ii) expand market coverage in the three sectors,
and (iii) extend the power of the 3DEXPERIENCE platform as
a system of operations.
For further information, see paragraphs 1.2 “Profile and
Purpose of Dassault Systèmes”, 1.4.1.1 “The Company’s
strategy:
Human
Industry
Experiences”
and
1.4.1.2
“Strategic operational elements”.
1.5.4.2
Main acquisitions between 2019
and 2024
Integrated Manufacturing ERP Solution for small and
midsized companies
On January 3, 2019, Dassault Systèmes completed the
acquisition of IQMS, a manufacturing ERP software company
offering an all‑in‑one solution for managing engineering,
manufacturing and business ecosystems by digitally
connecting order processing, scheduling, production and
shipping processes in real time. This acquisition allows
small and midsized manufacturing companies to digitally
transform their business operations and access the
3DEXPERIENCE platform, extending the value proposition
of SOLIDWORKS, and expanding the market coverage of the
DELMIA brand.
Clinical Software Leader in Life Sciences & Healthcare
On October 28, 2019, Dassault Systèmes completed
the acquisition of Medidata Solutions, Inc., a company
specialized in clinical development and data intelligence,
and whose clinical expertise and cloud solutions enable the
development and commercialization of smarter therapies.
This investment opened up a new world of virtual twin
experiences in Life Sciences & Healthcare. The combination
of MEDIDATA solutions and the 3DEXPERIENCE platform
connects the dots between research, development, clinical
trials, manufacturing and commercial deployment and
positions Dassault Systèmes as a leading partner for the
digital transformation of Life Sciences & Healthcare industry
in the age of precision medicine and patient‑centered
experiences.
Enhanced Collaborative Data Science
On
June
9,
2020
Dassault
Systèmes
completed
the acquisition of PROXEM, a specialist in artificial
intelligence‑based
semantic
processing
software
and
services, and provider of consumer experience analysis
solutions. With this acquisition, Dassault Systèmes extends
information intelligence on the 3DEXPERIENCE platform to
semantics with natural language processing technologies.
Customers can automate the interpretation of unstructured
text data to become more innovative, agile and sustainable.
Advanced 3DEXPERIENCE platform cloud and data
science strategy
On December 10, 2020 Dassault Systèmes completed the
acquisition of NuoDB. Founded in 2010, NuoDB develops
the most advanced distributed elastic database for cloud
environments. The cloud‑native distributed SQL database
capitalizes on the competitive advantages of the cloud,
with on demand scalability, continuous availability and
transactional consistency, and is built for mission critical
applications.
Enhanced collaborative business process management
On July 16, 2021, Dassault Systèmes acquired France‑based
Iterop, a Business Process Management company leveraging
BPMN 2.0 standard - a neutral, graphical language. Iterop’s
cloud‑based, agile and inclusive technology gives customers
better control of processes, in individual, agile team and
regulated industry contexts. Together, Dassault Systèmes
and Iterop will enhance the 3DEXPERIENCE platform and
OUTSCALE to extend inclusive innovation via the cloud.
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PresentatIon of the Company
Research and development
1
New business planning cloud experiences
On November 15, 2021, Centric Software, a Dassault
Systèmes Company, acquired the innovative end‑to‑end
retail planning solution provider, Armonica Retail: Founded
in 2018 in Milan, Italy, Armonica provides innovative
cloud‑native solutions enabling companies to orchestrate an
integrated process from planning to development to delivery
to omni‑channel sales. Armonica’s solutions and CENTRIC
PLM will deliver digital transformation that provides users
significant potential value via the ability to plan, visualize
and execute business, based on real‑time plan versus actual
feedback throughout the entire product lifecycle.
Expanding 3DEXPERIENCE platform with augmented
reality and field control technology
In July 2022, Dassault Systèmes announced the acquisition of
DIOTASOFT, a developer of assembly assistance and quality
control software solutions for manufacturing and operations.
Founded in 2009 in France, DIOTASOFT provides software
solutions for digital‑assisted operations and digital‑based
robotics inspection that help industrial companies enter a
new era of digital transformation. This acquisition expands
Dassault Systèmes’ 3DEXPERIENCE platform with actionable
virtual twin experiences on the shop floor, enabling industries
to optimize the performance of complex industrial processes
and boost their operational efficiency.
Offering the reference solution for trusted cloud
services through a consortium
In October 2022, Dassault Systèmes announced an alliance
with Docaposte (digital subsidiary of La Poste group), with
Bouygues Telecom and Banque des Territoires, uniting their
expertise and strengths at the core of a French industrial
consortium in order to create NumSpot, a company
dedicated to the development of a full offering of sovereign
and trusted cloud services in Europe. Available in 2023 in
France, NumSpot is targeting commercial development in
the European marketplace with the ambition to become the
benchmark in trusted cloud offerings.
Enlarged Centric Software Platform
In November 2022, Centric Software announced the
acquisition of StyleSage, a company offering AI-powered
tools for competitive assortment benchmarking, and price
and product trend insights. StyleSage provides product
trend data and competitive pricing intelligence to enable
fashion, beauty and home retailers and brands to understand
the pricing and style trends shaping their market and to
visualize the product and pricing mix of their competitors.
The combination of Centric PLM, Centric Planning, Centric
Visual Boards and StyleSage enables brands and retailers to
position themselves optimally vis‑à‑vis both the market and
consumers.
Making OUTSCALE the trusted partner for financial
institutions
In June 2023, Dassault Systèmes announced the acquisition
and integration of the Innova Regulatory – Technology
solution. This strategic move reinforces the ambition to make
OUTSCALE the trusted partner for financial institutions.
Innova
leverages
artificial
intelligence
to
automate
investment compliance controls. It offers precise semantic
analysis and automatic detection of investment rules,
adding a new dimension to Dassault Systèmes’ Business
Experience for Finance offering, which promotes optimized
management
of
compliance
controls
and
stimulates
collaboration and collective intelligence within organizations.
Acquiring an AI-Powered Predictive Pricing Solution
In September 2023, Centric Software announced the
acquisition of aifora, the artificial intelligence‑powered price
and inventory optimization solution. Focused on the needs of
trend‑driven, highly seasonal goods such as fashion, apparel,
footwear and home, aifora’s easily configured, easy to use
SaaS platform offers predictive algorithms and machine
learning models to interactively optimize pricing across
various stages of the retail lifecycle. Aifora’s solution also
enhances inventory allocation and replenishment, enabling
businesses to optimize supply chains and reduce overstock or
stockouts to align with sustainability initiatives.
Providing the only complete end‑to‑end electric
machinery MODSIM solution
In March 2024, SIMULIA announced the acquisition of
EOMYS. Based in Lille, France, the company founded in 2013
provides a software solution used for the assessment and
control of magnetic noise and vibrations in electric drives,
from electric machine conceptual design to system‑level
detailed design stage. The combination of EOMYS and
Dassault Systèmes technologies enables Dassault Systèmes
to provide the only complete end‑to‑end electric machinery
MODSIM solution in the industry.
Enhancing OUTSCALE’s managed services offering
with highly secure Kubernetes solutions
In April 2024, Satelliz joined OUTSCALE enhancing its
position as a Cloud technology leader with new capabilities.
Satelliz is specialized in the development and operation of
Kubernetes services, bolstered by its 24/7 management
expertise. The acquisition of Satelliz by OUTSCALE heralds
a new era for customers, allowing them to directly benefit
from the agility of Cloud Computing without the complexities
traditionally associated with infrastructure management.
Satelliz’s managed solutions, combined with OUTSCALE’s
expertise, facilitate simplified application management in a
dynamic market context.
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PresentatIon of the Company
Company Organization
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Bringing the simulation power of virtual twins to the next level
In
May
2024,
Dassault
Systèmes
acquired
AMCAD
Engineering. Founded in 2004, AMCAD is a French company
which offers a suite of reliable and adaptable radio frequency
modeling and testing software solutions that support
engineers in accurately designing and optimizing microwave
circuits. AMCAD solutions complement SIMULIA’s leading
3D simulation capabilities, by adding the modeling and
characterization capabilities for the active network part.
Our principal acquisitions with an individual purchase price greater than €100 million over the last three years include:
Acquisition
Year
Purchase Price
Medidata Solutions, Inc.
2019
€5.1 billion ($5.8 billion)
IQMS
2019
€379 million
Centric Software (majority ownership acquired in 2018, and acquisition of the
balance of shares of non‑employees in 2020) (1)
2018‑2020
€228 million
(1)
As of 12/31/2024, Dassault Systèmes holds 93% of the share capital of Centric Software.
1.6
Company Organization
1.6.1
Dassault Systèmes SE’s Position within the Company
Dassault Systèmes SE, Dassault Systèmes’ parent company,
fulfills several roles: first, it is one of the Company’s
largest operating entities and one of its principal R&D
centers, responsible for the development of a number
of the Company’s software solutions integrated in the
3DEXPERIENCE platform. Dassault Systèmes SE is also the
holding company that owns directly or indirectly all the
companies that make up the Company. Dassault Systèmes SE
plays a centralizing role, defining the Company’s overall
strategy and the means for its deployment, as well as the
marketing and sales policy and the three engagement models
(described in paragraph 1.4.2.6 “How Dassault Systèmes
engages with customers”). The parent company generally
manages cash for subsidiaries whose currency is the euro,
and provides support to the Company for a number of
activities, including finance, communication, marketing, legal
affairs (including management and protection of intellectual
property), ethics and compliance, human resources and IT,
and pools certain costs for its subsidiaries.
Dassault Systèmes SE receives royalties related to the
intellectual property it holds and separately charges
centralized services to the subsidiaries benefiting from
support services and cost pooling. It receives dividends paid
by its subsidiaries.
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PresentatIon of the Company
Company Organization
1
1.6.2
Principal Subsidiaries of the Company
As at December 31, 2024, Dassault Systèmes was composed
of Dassault Systèmes SE and its 88 operating subsidiaries.
On December 31, 2023, the Company had 88 operating
subsidiaries. This stability is due to the acquisitions made in
2024, which were offset by the execution of its simplification
program, the goal of which is to reduce the number of legal
entities existing in each country.
The chart below sets forth Dassault Systèmes’ main subsidiaries:
Dassault Systèmes SE
Dassault Systemes Deutschland GmbH
(Germany)
Europe
Dassault Systemes UK Ltd
(United Kingdom)
Dassault Systemes K.K.
(Japan)
Dassault Systemes Korea Corp.
(South Korea)
Dassault Systemes (Shanghai)
Information Technology Co., Ltd
(China)
100%
100%
Dassault Systemes Americas Corp.
(United States)
Dassault Systemes SolidWorks
Corporation (United States)
Medidata Solutions, Inc.
(United States)
100%
Centric Software, Inc.
(United States)
93%
100%
100%
100%
100%
Americas
Asia
Direct and indirect equity interest
See also Note 27 to the consolidated financial statements and the table of subsidiaries and shareholdings under Note 24 to the
parent company financial statements.
1
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PresentatIon of the Company
Financial Summary: five‑year historical information
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.7
Financial Summary: five‑year historical
information
Sustaining Growth over the Long‑term
Dassault Systèmes’ performance historically relies on a
financial model with a strong focus on recurring software
revenue, which represented over 80% of the total software
revenue during 2024.
Five‑year Financial Summary
We have provided below summary income statement and
balance sheet information for the last five years. The selected
financial data in the table below have been prepared in
accordance with International Financial Reporting Standards
(“IFRS”) as adopted in the European Union, unless otherwise
indicated.
A financial review including a comparison of 2023 and 2024
can be found in Chapter 3 “Financial Review and Prospects”.
Income statements and dividends
(in millions of euros, except per share data and percentages)
Year ended December 31,
2024
2023
2022
2021
2020
Total revenue
€6,213.6
€5,951.4
€5,665.3
€4,860.1
€4,452.2
Software revenue
5,613.3
5,360.0
5,144.0
4,402.6
4,012.6
Operating income
1,359.6
1,241.9
1,302.9
1,019.4
669.7
As a percentage of total revenue
21.9%
20.9%
23.0%
21.0%
15.0%
Net income attributable to equity holders of the
Company
1,200.2
1,050.9
931.5
773.7
491.0
Diluted net income per share (1)
€0.90
€0.79
€0.70
€0.58
€0.37
Dividend per share (1)
€0.26 (2)
€0.23
€0.21
€0.17
€0.11
Dividend per share growth
13.0%
9.5%
23.5%
54.5%
(20.0)%
(1) Figures before 2021 have been restated in order to reflect the five‑for‑one share split on Dassault Systèmes’ share effected on July 7, 2021.
(2) To be proposed for approval at the General Meeting of Shareholders scheduled for May 22, 2025.
Supplemental non-IFRS financial information
The supplemental non-IFRS financial information are
subject to inherent limitations. They are not based on any
comprehensive set of accounting rules or principles and
should not be considered in isolation from or as a substitute
for IFRS measurements. The various definitions and methods
of which can be found in Note 2 Material accounting policy
information of the consolidated accounts. In addition,
Dassault Systèmes’ non-IFRS supplementary financial data
may not be comparable to other data also called “non-
IFRS” and used by other companies. Non-IFRS financial
information definitions can be found in 3.1.2.3 “Non-IFRS
financial information definitions”. The reconciliation between
this financial information and the IFRS framework can be
found in 3.1.4 “IFRS non-IFRS Reconciliation”.
(in millions of euros, except per share data and percentages)
Year ended December 31,
2024
2023
2022
2021
2020
Total revenue
€6,213.6
€5,951.4
€5,665.5
€4,861.7
€4,464.8
Software revenue
5,613.3
5,360.0
5,114.3
4,404.0
4,024.0
Operating income
1,983.7
1,925.6
1,892.0
1,666.2
1,349.8
As a percentage of total revenue
31.9%
32.4%
33.4%
34.3%
30.2%
Net income attributable to equity holders of the
Company
1,705.1
1,597.9
1,512.2
1,265.3
994.7
Diluted net income per share (1)
€1.28
€1.20
€1.13
€0.95
€0.75
(1)
Figures before 2021 have been restated in order to reflect the five‑for‑one share split on Dassault Systèmes’ share effected on July 7, 2021.
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PresentatIon of the Company
Financial Summary: five‑year historical information
1
Balance sheets and net cash provided by operating activities
(in millions of euros)
Year ended December 31,
2024
2023
2022
2021
2020
ASSETS
Cash, cash equivalents and short‑term investments
€3,952.6
€3,568.3
€2,769.0
€2,979.5
€2,148.9
Trade accounts receivable, net
2,120.9
1,707.9
1,661.6
1,366.3
1,229.1
Goodwill and intangible assets, net
7,687.1
7,647.0
8,273.6
8,174.9
7,937.3
Other assets
1,785.4
1,699.2
1,556.9
1,698.0
1,648.9
TOTAL ASSETS
€15,545.9
€14,622.5
€14,261.1
€14,218.7
€12,964.2
LIABILITIES
Contract liabilities
1,663.4
1,479.3
1,536.6
1,304.4
1,169.1
Borrowings
2,493.6
2,990.7
2,996.0
3,869.7
4,190.4
Other liabilities
2,322.4
2,318.3
2,417.8
2,847.3
2,543.4
Parent shareholders’ equity
9,066.6
7,834.1
7,310.7
6,197.3
5,061.3
TOTAL LIABILITIES
€15,545.9
€14,622.5
€14,261.1
€14,218.7
€12,964.2
(in millions of euros)
Year ended December 31,
2024
2023
2022
2021
2020
Net cash provided by operating activities
€1,659.8
€1,565.2
€1,525.2
€1,613.1
€1,241.3
1
44
PresentatIon of the Company
Non – Financial Summary
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.8
Non – Financial Summary
Dassault Systèmes’ sustainable development strategy, inspired by its purpose, is built around three pillars:
—
maximizing Dassault Systèmes’ Handprint;
—
committing to environmentally sustainable operations;
—
developing an inclusive and ethics culture.
These pillars all include targets for 2025 or 2027.
1.8.1
Key metrics
1.8.1.1
Maximizing Dassault Systèmes’ Handprint
The EU Taxonomy of Sustainable Activities regulation,
voted in 2020 by the European Parliament, applies to
Dassault Systèmes, as a company subject to the CSRD,
registered in the European Union and exceeding certain
thresholds set by Regulation (EU) 2020/852 supplemented
by Delegated Regulation (EU) 2023/2486. Among the text’s
six environmental objectives, Dassault Systèmes deemed its
contribution to be essentially material to the mitigation of
climate change and the transition to a circular economy.
Multiple use cases representative of the implementation of
the Company’s solutions were documented on the relevant
engineering, simulation, manufacturing, digitalization and
logistics disciplines, as described in paragraph 2.2.2.1.9 “EU
Taxonomy Reporting Methodology”. For each use case,
the contribution of solutions to climate change mitigation
and circular economy objectives has been quantified. The
reference data and data specific to each use case, as well
as the calculation methods, have been implemented in
compliance with the standard methods and examination
criteria mentioned in the delegated regulations. The
definition of the architecture, governance and method for
linking and articulating Dassault Systèmes’ portfolio of
solutions with the objectives described in the delegated
regulations was the subject of work involving many of
the Company’s organizations, beyond the non‑financial
communication process. Indeed, the approach by which
Dassault Systèmes estimates, links and evaluates the
contribution of its solutions’ impacts to the EU Taxonomy’s
environmental objectives is taken into account in the
value creation and articulation processes of its solutions
portfolio (current and in development), as well as in
its value articulation consulting approaches. In 2025,
Dassault Systèmes will pursue its efforts and continue to
document new use cases representative of the impact of its
solutions for the Climate and Circularity objectives in order
to meet disclosure requirements for EU Taxonomy alignment.
4,006 M€
4,340 M€
1,989 M€
2,176 M€
EU Taxonomy
Maximizing Dassault Systèmes Handprint
TARGET 2027
ACHIEVED IN 2024
TARGET 2027
70%
40%
2023
Eligible revenue
Aligned revenue
67.3%
69.8%
ACHIEVED IN 2024
2023
33.4%
35.0%
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
PresentatIon of the Company
Non – Financial Summary
1
1.8.1.2
Committing to environmentally Sustainable Operations
In 2021, Dassault Systèmes joined the Science-Based Targets
initiative (SBTi) and aligned itself with a target of limiting
global temperature increases to 1.5°C by the end of the
century. The trajectory was validated in 2023 by the SBTi
and is broken down as follows:
—
Scope 1 and 2: 35% reduction in GHG emissions by 2027
compared with 2019;
—
Scope 3:
– business travel and employee’s commute: 20% reduction
in GHG emissions by 2027 compared with 2019,
– purchased goods and services and capital goods: 50%
of suppliers (measured in terms of carbon emissions)
must have defined science‑based emission reduction
targets.
At the same time, Dassault Systèmes has strengthened
its environmental reporting by integrating new sources of
impact, including water consumption, and by improving
several estimation methodologies, notably through the
use of a hybrid method combining spend‑based emission
factors and actual data provided by certain suppliers for
the purchase of goods and services and capital goods.
These changes enable a more accurate and exhaustive
assessment of environmental impacts, and partly explain the
variations observed since 2022. The environmental reporting
methodology is detailed in the chapter 2.2 “Sustainability
Statement”.
Committing to environmentally Sustainable Operations
TARGET 2027
TARGET 2027
TARGET 2027
-35%
-20%
-78%
-45%
Scopes 1 & 2 emissions - Energy
(in tCO2-eq, baseline 2019)
Scope 3 emissions - Business
Travel and Employees' Commute
(in tCO2-eq, baseline 2019)
2019
2024
25,098
77,595
2019
2024
* In GHG emissions.
5,622
42,859
50%*
47.9%
Scope 3 - Purchased Goods & Services,
Capital Goods - suppliers with
a science-based emissions reduction target
ACHIEVED IN 2024
ACHIEVED IN 2024
ACHIEVED IN 2024
1
46
PresentatIon of the Company
Non – Financial Summary
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.8.1.3
Developing an Inclusive and Ethics Culture
Dassault Systèmes’ commitment to developing an inclusive
and ethics culture is reflected in its desire to:
—
achieve a balanced representation of women and men;
—
develop its employees’ commitment and give meaning to
their professional lives;
—
ensure that employees have mastered the fundamentals
of ethics and compliance.
The policies related to this commitment concern the year
2024 and are applicable only in compliance with applicable
local and national regulations. They are reviewed annually
and can be adjusted, when necessary, with regard to changes
in the legal framework around the world, for example in the
United States.
The proportion of women on the Executive Committee is
38.5%, stable since 2020. The proportion of women among
People managers is up 1.6 points on 2023, corresponding to
an increase of 12% in the number of women in this role. The
pride and satisfaction rate is down 2.5 points on 2023. This
decrease follows the reminder sent to all employees by the
general management on the importance of respecting the
flexible word policy, defined at the end of 2021, under which
employees are authorized to work remotely up to a limit of
two days per week. Dassault Systèmes is convinced of the
power of collective intelligence; to this end, the frequency
and quality of face‑to‑face interactions between its
employees are key to maintaining its ability to explore new
frontiers, both today and in the future. Given the essential
role of employee engagement in terms of motivation,
sense of belonging and loyalty, Dassault Systèmes has
set a target rate of pride and satisfaction. Reviewed at the
beginning of 2025, this was brought down to 78% to take
into account the Company’s future transformations and the
strict application of the flexible word policy. In line with the
Company’s recurrence policy, over 96% of employees have
taken training in the Code of Business Conduct and the
Personal Data Protection.
The Company’s policies, actions and performance monitoring
metrics are detailed in paragraphs 2.2.3 “Social and Societal
Information” and 2.2.4 “Corporate Governance Information”.
Ethics and
Compliance
Employee
Engagement
Women-Men
Representation
26.3%
2023(2)
ACHIEVED IN 2024(2)
78.4%
2023
ACHIEVED IN 2024
2023
ACHIEVED IN 2024
96.6%
2023
ACHIEVED IN 2024
38.5%
38.5%
target
95%
78%
target
30%
target
Developing an inclusive and ethics Culture
Women in the Executive team(1)
Employees Pride and Satisfaction(3)
Women among People managers(1)
Employees trained on Ethics and Compliance(4)
(1) Objective only applicable to the extent permissible under local and national laws.
(2) Calculated on a headcount basis. As a change in methodology compared with previous years' reporting, the 2023 result has been revised applying this new calculation rule.
(3) Percentage measured by an annual satisfaction survey. Initially set at 85%, this target is revised in 2024 to 78% by 2025.
(4) Average percentage of permanent employees who completed mandatory trainings on Code of Business Conduct, Personal Data Protection and Anti-Corruption.
40%
TARGET 2027
30%
TARGET 2027
78%
TARGET 2025
95%
TARGET 2025
24.7%
80.9%
98.9%
target
95%
85%
target
30%
target
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PresentatIon of the Company
Non – Financial Summary
1
1.8.2
Main Ratings and Awards
Recognized for its transparency and commitment to Environmental, Social and Governance matters, Dassault Systèmes was
awarded the following ratings in 2024:
Ecovadis
CDP
B-list
in the Climate Change
questionnaire
S&P Global CSA
MSCI
Member of
UN Global Compact
Member of the
FTSE4Good Index
Sustainalytics
assessed as
Low Risk
ISS ESG
Prime status
B-
Platinum Medal
in the Top 1%
with 81/100
Member of the DJSI World
Ranked 4 in the Software
sector 66/100
AAA
Highest Possible
Ranking
Member of Corporate Knights
Global 100 Most Sustainable
Corporation for 13 years
Dassault Systèmes’ commitment to sustainability, related actions and achievements, as well as key metrics and their
integration into the Company’s strategy, are detailed in the sustainability statement in chapter 2 “Environmental, Social,
Societal and Governance Responsibility”.
1
48
PresentatIon of the Company
Risk Factors
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.9
Risk Factors
The risk factors are set out hereafter in two main categories:
risks related to Dassault Systèmes’ business (1.9.1) and
financial and market risks (1.9.2). These are the main risks
identified as being material, specific to the Company and
likely to have a negative impact on its business and financial
position as of the date on which this Universal registration
document was filed with the French Financial Markets
Authority (AMF).
The presentation of the risks is the result of regular
analysis as part of the risk management policy referred
to in paragraph 5.2 “Internal Control Procedures and
Risk Management”. In each category, the risk factors are
classified in descending order of importance taking into
account the probability of seeing them materialize and the
estimated scale of their negative effect, and after taking into
account the mitigation measures put in place by Dassault
Systèmes. However, other risks not mentioned or not yet
identified can affect Dassault Systèmes, its financial position,
its reputation, its outlook or its share price.
1.9.1
Risks Related to the Business
Once mitigation measures taken into consideration, Dassault
Systèmes considers risks 1 to 5 to be of great importance,
risks 6 to 13 of medium importance and risks 14 and 15 of
low importance.
1.9.1.1
An Uncertain Global Environment
In light of the uncertainties regarding economic, business,
social, health and geopolitical conditions 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 a customer’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 of financial resources may cause
some customers, e.g. within the automotive, aerospace,
energy or natural resources industries, to reduce,
postpone or cancel 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 negatively
affect Dassault Systèmes’ business, and in particular its
revenue, for example due to stricter export compliance
rules, or the introduction of new customs barriers or
controls on the exchange of goods and services;
—
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 costs
inflation could adversely affect the financial position of
Dassault Systèmes; and
—
the sales cycle of the Dassault Systèmes’ products –
already relatively long due to the strategic 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 to cease operations. A deteriorating
economic environment could generate increased price
pressure and affect the collection of receivables, which
would negatively affect Dassault Systèmes’ revenue,
financial performance and market position.
Dassault Systèmes makes every effort to take into
consideration this uncertain 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
business conditions and an upswing in the Company’s
business results.
1.9.1.2
Security of Systems and Facilities
As Dassault Systèmes’ Research and Development and
operations are largely computer‑based, their effectiveness
is dependent on the proper functioning of complex software
and integrated hardware systems. It is not possible to
guarantee the uninterrupted operation and complete security
of these systems. Computer viruses, whether deliberately
or unintentionally introduced, could cause damage, loss or
delays. Moreover, in a context of increased cyber‑attacks
and the emergence of cyber‑terrorism, Dassault Systèmes
may be subject to computer attacks or intrusions that could
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Risk Factors
1
interfere with the proper functioning of its systems and
cause substantial delays or damage to its activities, not
to mention disclosures or thefts of data. Such attacks or
intrusions, potentially targeted, could also cause damage to,
losses or disclosures of customer data hosted by Dassault
Systèmes or some of its service providers as part of its cloud
offerings, or interruptions to the online service, for which it
may be held liable and which may impact its reputation. The
increasing use of mobile devices (cellular telephones, tablets
and laptops) linked to certain Dassault Systèmes information
systems tends to increase the risk of unauthorized access.
Likewise, some transactions require the use of off‑the‑shelf
interconnection systems, for example with most of the
banking partners of Dassault Systèmes and many other
suppliers. Dassault Systèmes requires from its services and
partners high levels of security and control so as to protect
the messages’ integrity and prevent attacks and intrusions
in Dassault Systèmes’ systems. However, these controls do
not eliminate all risks of indirect impact from cyber‑attacks
affecting Dassault Systèmes’ partners.
In addition, because Dassault Systèmes’ key facilities
and data centers are located in a limited number of sites,
particularly Japan and California, which may be exposed to
earthquakes or climate risks, substantial physical damage
to any one of Dassault Systèmes’ sites, caused by natural
causes (as a direct or indirect result of climate change) or by
terrorist attacks or local violence, could materially reduce its
ability to continue its normal business operations.
1.9.1.3
Protection of Dassault Systèmes’
Intellectual Property Rights and Assets
Dassault Systèmes’ success is heavily dependent upon
its proprietary software technology. Dassault Systèmes
relies on a combination of copyright, patent, trademark,
trade secret law and contractual restrictions to protect its
technology. These legal protections may not provide a full
coverage of the Company’s products and could be breached
by third parties. In addition, some countries do not have
effective protection against infringements of copyright,
trademarks, trade secrets or patents, or they may be limited
in comparison to what exists in Western Europe or the United
States. If, despite Dassault Systèmes’ policy for protecting
its intellectual property, third parties are able to develop
similar technology, notably using artificial intelligence, or to
successfully challenge the Company’s intellectual property
rights, a reduction in the Company’s software revenue may
ensue. Furthermore, although Dassault Systèmes enters into
confidentiality agreements with its employees, distributors,
customers and potential customers and limits access to
and carefully controls the distribution of its software,
documentation and other proprietary information, the
measures taken may be inappropriate to deter misuse of
its technology, the unauthorized disclosure of confidential
information, or prevent its utilization by third parties.
In addition, like most of its competitors, Dassault Systèmes
faces a significant level of piracy of its leading products, both
by individuals and companies operating worldwide, which
could potentially affect Dassault Systèmes’ growth and
revenue in specific markets.
Litigation may be necessary to enforce Dassault Systèmes’
intellectual property rights and determine the validity
and scope of the proprietary rights of third parties. Any
litigation could entail substantial costs and the mobilization
of Company resources and could significantly weigh on
Dassault Systèmes’ operating income. Dassault Systèmes
may not prevail in all such litigation and its intellectual
property rights may be found invalid or unenforceable.
1.9.1.4
Complex Regulatory and Compliance
Environment
Dassault Systèmes operates in a legal environment with
multiple,
sometimes
conflicting,
regulations
that
are
constantly changing and becoming more complex as the
Group expands into various countries and business lines and
toward new customers and users (in particular individuals).
These regulations apply to many different fields, such as
general business practices, competitive practices, the fight
against corruption, the processing of personal data (including
health data), consumer protection, financial reporting
standards, securities law and corporate governance, internal
controls, employment laws and human rights protection,
environmental regulations, local and international tax
regulations,
export
control
regulations
for
high‑tech
products and sanction programs. Besides, the introduction
of newly created or stricter regulations in countries where
Dassault Systèmes operates or will operate could materially
increase compliance costs. Enforcement of digital economy
or climate change‑specific taxes could also negatively affect
the net result of Dassault Systèmes.
In order to conduct its business in a wholly ethical manner,
the Company requires all of its employees, subsidiaries,
retailers and intermediaries to comply with all applicable
laws and regulations. Dassault Systèmes broadly relies on
a large number of distributors and retailers to support the
licensing of its software products and the deployment of its
solutions (as described in paragraph 1.9.1.7 “Relations with
Partners in the Company’s Ecosystem”). Although Dassault
Systèmes has implemented a program to ensure that these
third parties fully comply with all applicable laws and
regulations, especially the highest ethical standards, export
compliance regulations, sanctions programs or competition
law, Dassault Systèmes’ business and reputation could be
negatively impacted in the event such third parties were to
breach local or international laws.
1
50
PresentatIon of the Company
Risk Factors
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The failure or suspected failure to comply with these
regulations may result in inquiries or investigations by the
relevant authorities, or even fines and sanctions, as well as
an increase in Dassault Systèmes’ litigation risk or a negative
effect on its business operations, revenue or reputation.
A number of these adverse consequences could occur even if
it is ultimately determined that there has been no failure to
comply.
1.9.1.5
Deployment Delays and Errors
Deploying
sophisticated
software
solutions
becomes
increasingly complex and these projects are often critical
to Dassault Systèmes’ customers. Such projects need to
take into account the customers infrastructure and diverse
software environment. Appropriate project and change
management controls are also critical to the success of
deploying complex software solutions that affect a large
number of users across multiple organizations and processes.
Customers may implement Dassault Systèmes’ solutions
using system integrators that Dassault Systèmes does not
control. Moreover, when it is responsible for the deployment
of its solutions, Dassault Systèmes could run into difficulties
in finding and mobilizing sufficient resources to complete the
projects within the time frames and budgets given, which
could negatively impact operating income.
Sophisticated software can also contain errors, defects,
vulnerabilities or other performance problems when first
introduced or when updates or new versions are released.
The integration of such software also involves the services
of third parties, whose quality is not controlled by Dassault
Systèmes. Dassault Systèmes may not be able to correct
such errors or defects in a timely manner and may need to
expend additional resources.
Similarly, the growing adoption of cloud‑based software
solutions by our customers, particularly in areas or processes
critical to their operations, could result in customer
complaints related to the performance and availability
of online services or data loss, which may be caused by
data migrations, service interruptions or attacks on the
infrastructure providers used to host these online services.
Such difficulties may also lead to the loss of customers,
or even in the case of the largest customers a potentially
significant loss of revenue with their subcontractors.
Technical problems, or the loss of a customer with a global
reputation, could also damage Dassault Systèmes’ own
business reputation and cause the loss of new business
opportunities. Were customers to suffer financial or other
damage because of product errors, delays or defects in
the software solutions provided, including online, such
customers could pursue claims against Dassault Systèmes.
Any resulting claim brought against Dassault Systèmes,
even if not successful, would likely be time‑consuming for its
management and costly to defend and could adversely affect
Dassault Systèmes’ marketing efforts and reputation.
1.9.1.6
Organizational and Operational
Challenges
Dassault Systèmes has continued to expand through
acquisitions and internal development and has substantially
increased
its
addressable
market
through
launching
3DEXPERIENCE.
The Company’s management policies and internal systems
must be adapted on an on‑going basis to meet the needs of
a larger, more complex structure and implement Dassault
Systèmes’ strategy to reach a broader market. It must
regularly reorganize to maintain efficiency and operational
excellence while ensuring customer retention and the
integration of newly acquired companies. It must also
continue to focus on quality of execution while maintaining
innovation.
Dassault Systèmes must also ensure that the profile and skill
sets of its employees are continually updated to reflect the
Company’s development and retain employees, notably from
newly acquired companies.
If Dassault Systèmes fails to resolve these issues effectively
and in a timely manner, its product development, cost
management and business operations may be affected
or may not adequately meet market and customer
expectations. This could have a negative impact on its
operational or financial performance.
Furthermore, consolidating newly acquired companies,
particularly large ones, is a challenge. Newly acquired
companies may also carry risks (such as litigation or events
related to pre‑acquisition practices potentially unknown
at the date of acquisition and sometimes identified
post‑acquisition,
e.g.
tax,
ethics
and
compliance
or
intellectual property claims).
Furthermore, these acquisitions, including of non‑controlling
interests, may also require Dassault Systèmes to recognize
amortization
expenses
on
intangible
assets
and/or
impairments of goodwill in (see Note 2 to the consolidated
financial statements). When making new acquisitions or
investments, Dassault Systèmes may need to allocate
significant financial resources, to make potentially dilutive
issuances of equity securities or to incur debt.
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1.9.1.7
Relations with Partners in the
Company’s Ecosystem
Dassault Systèmes’ 3DEXPERIENCE strategy requires a fully
integrated platform with access to computer‑aided design
(“CAD”), simulation, collaboration, manufacturing and data
management products, which are increasingly complex and
the deployment of which represents significant enterprise
projects for customers. Dassault Systèmes has continued
to develop an extended enterprise model and implement its
model in partnership with other companies in areas such as:
—
computer hardware, infrastructure and technology,
to maximize benefits from available technology;
—
product development, to enable software developers to
create and market their own software applications using
Dassault Systèmes’ open product architecture; and
—
consulting and professional services, to support and
assist customers as needed to deploy Industry Solution
Experiences on the 3DEXPERIENCE platform.
Dassault Systèmes believes that its partnering strategy
allows it to benefit from complementary resources and skills
and to reduce costs while achieving broader market coverage,
especially in diversification industries or emerging markets.
Dassault Systèmes’ broad partnering strategy nevertheless
creates a degree of dependency on certain partners and
suppliers. For example, a disruption to hardware supply
(servers, computers) or access to infrastructure (cloud),
in particular due to geopolitical, regulatory or health factors,
or due to a natural or climate disaster, could have an adverse
impact on the Company’s financial results.
In addition to its own sales force, Dassault Systèmes also
relies on an international network of distributors and
value‑added retailers. The type of relationship that the
Company has with its distributors and value‑added retailers,
as well as their financial and technical reliability and their
ability to invest, especially in diversification industries,
could affect Dassault Systèmes’ ability to sell and deploy its
product and service offerings.
Dassault Systèmes’ ability to establish partner relationships
for the development, distribution and deployment of its
3DEXPERIENCE platform, and its solutions more generally,
is an important element of its strategy.
Serious difficulties in the Company’s relationships with its
partners, or an unfavorable change of control or consolidation
of these partners, may adversely affect the development and
distribution of Dassault Systèmes’ products and business
operations and could cause it to lose the contribution of the
employees or suppliers of said partners. In addition, any
failure or significant changes in the terms and conditions
of its partners or a change in its ecosystem could result in
delays, defects or other damaging consequences for Dassault
Systèmes.
Due to the rapid evolution of the software development and
distribution sectors, it is difficult to ensure the long‑term
success of Dassault Systèmes’ relationship with any
particular partner.
1.9.1.8
Ability to Attract and Retain Talents
Dassault Systèmes’ success mainly depends on its ability
to attract, motivate and retain key executives, as well as
employees with a high level of skills and the diverse talent
required for the Group’s various activities.
Competition for such employees is high, and if Dassault
Systèmes loses the ability to hire and/or retain key
employees and executives, in particular those at its newly
acquired companies, its activities, revenue and operating
income could be negatively impacted.
Dassault Systèmes does not insure against the loss of key
personnel.
1.9.1.9
Competition and Business Model
Transformation
In the past few years, there have been fewer competitors
in Dassault Systèmes’ historical software markets. As the
various players compete for market share, adoption by
competitors of business models different from Dassault
Systèmes’ could lead to substantial declines in pricing, which
could require Dassault Systèmes to adapt to a substantially
different
commercial
environment.
These
competitive
pressures on pricing and the nature of the offer could lead to
competitors winning contracts, negatively affecting Dassault
Systèmes’ revenue, financial performance and market
position.
At the same time, by regularly expanding its product
portfolio, entering new geographic markets, diversifying its
customer base in new sectors of activity and developing new
applications for its products, Dassault Systèmes encounters
new competitors. Dassault Systèmes may also encounter
new players in markets where local policies encourage the
emergence of national solutions. Because of their size or
local presence in these markets, such competitors could have
greater resources, particularly financial or human resources,
and be able to withstand current or future technological
breakthroughs.
The development of SaaS offers and artificial intelligence
may also lead to new participants entering the market.
Dassault Systèmes’ ability to expand its competitive position
may thus be impaired. Indeed, Dassault Systèmes continues
to grow and promote its portfolio of software solutions
and processes available on the cloud. The introduction of
such solutions with the appropriate pricing model and with
the right level of quality, especially in the face of varying
customer demands in terms of scale, quality, security,
availability and performance of these online services, could
affect Dassault Systèmes’ growth and future results.
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PresentatIon of the Company
Risk Factors
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The progressive roll‑out of these services and their
distribution also requires the deployment of new sales,
support and management processes and expertise in those
areas, in particular to support changes of subscription
methods for some customers.
In the event the Company has difficulties setting up the
organization needed to manage its businesses and the new
competitive environment, Dassault Systèmes’ revenue,
financial performance, market position and reputation could
be negatively affected.
1.9.1.10
Legal Proceedings and Reputation Risks
Dassault
Systèmes’
risk
of
inquiries,
litigation
and
administrative proceedings increases as it expands into new
activity areas (including product distribution and online
services), economic sectors (in particular in the healthcare
and infrastructure businesses) or geographic regions, and
as it grows and enhances its position and visibility on the
market. These can be lengthy and expensive, disrupt the
management of the Company’s operations, and damage its
reputation, including in cases of actions that have no legal
basis.
In particular, stakeholders’ expectations in the ESG
(Environment, Social and Governance) fields are growing
and may exceed the legal and regulatory requirements in
force (for example, in the fight against climate change or the
protection of human rights). The Company’s commitment is
particularly reflected in action plans, which are described in
Chapter 2.2. Sustainability Report. Despite its action plans,
the Company could be the target, directly or through its
ecosystem, of legal or media actions, the effects of which
could damage its reputation even in the event of compliance
with regulations or benchmarks, particularly with respect to
ESG.
The outcome of legal or administrative investigations and
proceedings is uncertain and may differ from the team’s
expectations, which could result in an adverse effect on its
financial position and operating income, or even the conduct
of its operations and reputation.
1.9.1.11
Variability in Dassault Systèmes’
Quarterly Operating Income
Dassault Systèmes’ quarterly operating income may vary
significantly, depending on factors such as:
—
the timing and the cyclical nature of revenue received
due to the signing of important new customer orders,
the completion of service contracts and customer
deployments;
—
the timing of any significant acquisition or divestiture;
—
fluctuations in foreign currency exchange rates;
—
Dassault Systèmes’ ability to develop, introduce and
market new and enhanced versions of its products and
customer order deferrals in anticipation of these new or
enhanced products;
—
the
number,
timing
and
significance
of
product
enhancements or new products that either Dassault
Systèmes markets or that are released by its competitors;
—
general conditions in the software markets (as a whole or
on a regional basis) and the software industry generally;
and
—
the growing difficulty in planning and forecasting due to
new business models being introduced in the industry
alongside the traditional licensing model.
A substantial portion of Dassault Systèmes’ orders and
shipments typically occur in the last month of each quarter;
therefore, if any delay occurs in the timing of significant
orders, Dassault Systèmes may experience quarterly
fluctuations in its operating income. Additionally, as is typical
in the software industry, Dassault Systèmes has historically
experienced its highest licensing activity for the year during
the last quarter of the year, in particular the last month.
Delays in orders and shipments can also affect Dassault
Systèmes’ revenue and income.
The trading price of Dassault Systèmes’ shares may be
subject to wide fluctuations in response to quarterly
variations in its operating income and in the income of other
software application developers in Dassault Systèmes’
markets.
1.9.1.12
Emerging and Rapidly Changing
Technologies
Dassault Systèmes’ software solutions are characterized
by the use of rapidly changing technologies and through
upgrades to existing products or frequent new product
introductions. These solutions must address complex
engineering needs in various areas of product design,
simulation
and
manufacturing
and
must
also
meet
sophisticated process requirements, especially when it
comes to change management, industrial collaboration and
cross‑enterprise work.
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1
As a result, Dassault Systèmes’ success is highly dependent
upon its ability to:
—
understand its customers’ complex needs in different
business sectors;
—
support customers with their efforts to improve key
product lifecycle processes;
—
enhance its existing solutions by developing more
advanced technologies;
—
anticipate and take timely advantage of quickly evolving
technologies and standards, including in relation to
artificial intelligence;
—
ensure that its employees are trained to the newest
technologies; and
—
introduce new solutions in a cost‑competitive and timely
manner.
Dassault Systèmes also continues to face the challenge
of
the
increasingly
sophisticated
integration
of
its
products’ different functionalities to address customers’
requirements. As a result, more difficult development work
is required for new releases and offerings, with technical
limitations, for example in managing data migration or
the options for interfacing with third‑party systems used
by customers. In addition, if Dassault Systèmes is not
successful in anticipating technological leaps and developing
new solutions and services that address its customers’
increasingly sophisticated expectations, demand for its
products could decline and Dassault Systèmes’ operating
income and financial condition could be negatively affected.
1.9.1.13
Volatility of Technology Stocks
Under conditions of increased market uncertainty, the
trading price of Dassault Systèmes’ shares could be volatile.
The market for shares of technology companies is generally
more volatile than the general stock market.
1.9.1.14
Infringement of Intellectual Property
Rights and of Third-Party Technology
Licenses
Third parties, including Dassault Systèmes’ competitors,
may own or obtain copyrights, patents or other intellectual
property rights that could restrict Dassault Systèmes’ ability
to further develop, use or sell its own product portfolio,
potentially inherited from acquisitions. Dassault Systèmes
has received, and may in the future receive, letters of
complaint alleging that its products infringe the patents and
other intellectual property rights of others. Such claims could
cause Dassault Systèmes to incur substantial costs to defend
itself in any litigation that may be brought, regardless of
its merits. In the event that its legal defense fails, Dassault
Systèmes may be required to take one or more of the
following actions:
—
obtain and pay for licenses from the holder of the
infringed intellectual property right, which might not be
available on acceptable terms for Dassault Systèmes, if at
all; or
—
redesign its products or services, which could involve
substantial costs and require Dassault Systèmes to
interrupt product licensing and product releases. This
may not be feasible at all and may require product
enhancements to be put on hold.
In addition, Dassault Systèmes embeds in its products
third‑party
components
selected
either
by
Dassault
Systèmes itself or by companies it has acquired. Dassault
Systèmes has implemented strict approval processes to
certify the originality of third‑party components and verify
any corresponding licensing terms. The same approval
processes may not have been adopted by companies
acquired by Dassault Systèmes before their acquisition.
As a result, the use of third‑party embedded components in
Dassault Systèmes’ products generates exposure to the risk
that a third party may claim that such components infringe
their intellectual property rights. There is also a risk that such
license(s) might expire or terminate without renewal, thereby
affecting certain Dassault Systèmes products.
If any of the above situations were to occur for one of the
Company’s significant product, it could have a material
adverse effect on Dassault Systèmes’ financial condition and
operating income.
1.9.1.15
Shareholder Base
Groupe Industriel Marcel Dassault SAS (“GIMD”), the
main shareholder of Dassault Systèmes SE and of which
the Chairman until January 2025 was Charles Edelstenne,
Founder and Honorary Chairman of Dassault Systèmes SE,
owned 39.97% of Dassault Systèmes SE’s outstanding
shares, representing 53.91% of the exercisable voting rights
(53.19% of theoretical rights) as of December 31, 2024.
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1.9.2
Financial and Market Risks
Dassault Systèmes overall risk management policy is based
upon the prudent management of the Company’s market
risks, primarily foreign currency exchange risk and interest
rate risk. Dassault Systèmes’ management of these risks,
including the use of hedging instruments, is discussed in
Note 20 to the consolidated financial statements. Dassault
Systèmes’ exposure to these risks may change over time and
there can be no assurance that the benefits of the Company’s
risk management policies will exceed the related costs.
Such changes could have a materially adverse impact on the
Company’s financial results.
Dassault Systèmes generates positive cash flows from
operations and has financial borrowings and liabilities (e.g.,
bonds, bank loans, loan facilities, employee profit‑sharing).
Taking into account the mitigation measures implemented,
the Group considers risk 1 to risk 3 of medium importance
and risks 4 of low importance (all four risks discussed below
herein).
1.9.2.1
Foreign Currency Risk
Dassault Systèmes’ operating income can be affected by
changes and high volatility in exchange rates. In particular,
exchange rate fluctuation of the Japanese yen, the U.S.
dollar and to a lesser extent of the British pound, the South
Korean won and the Chinese yuan relative to the euro, can
affect revenue and expenses recorded in Dassault Systèmes’
statement of income upon translation of other currencies
into euro.
Dassault Systèmes bills its customers in major currencies,
principally euros, U.S. dollars and Japanese yen. Dassault
Systèmes also incurs expenses in different currencies,
principally euros, U.S. dollars and Japanese yen, depending
on Dassault Systèmes’ employees and suppliers’ location in
different countries. Moreover, Dassault Systèmes engages in
mergers and acquisitions, particularly outside the euro zone
and may lend money in different currencies to its wholly-
or partially‑owned subsidiaries or affiliates.
Although Dassault Systèmes currently benefits from
a natural coverage of most of its exposure to the U.S.
dollar from an operating margin perspective, exchange
rate fluctuation of the U.S. dollar relative to the euro may
impact its’ revenue and consequently its operating income,
net income and earnings per share. In addition, Dassault
Systèmes’ revenues denominated in Japanese yen, Chinese
yuan, Korean won and British pound substantially outweigh
its expenditures in these currencies. As a result, any
depreciation in the value of these currencies – in particular
the Japanese yen, and to a lesser degree the Chinese yuan,
British pound and South Korean won – relative to the euro,
would affect the revenue, operating income and margin, net
income and earnings per share.
Dassault Systèmes’ net financial income can also be
significantly affected by changes in exchange rates between
the time the income is recognized and when payments are
received and between the time an expense is recorded and
when it is paid. Any such differences are accounted for in
the “Foreign exchange gain/loss, net” caption of Dassault
Systèmes’ financial statements.
The main items of financial income subject to fluctuations
linked to exchange rates are:
—
the difference between the exchange rate used to record
invoices in foreign currencies and the exchange rate
when Dassault Systèmes receives or makes the payment;
and
—
the revaluation of monetary assets and liabilities
denominated in foreign currencies.
Since market growth rates for Dassault Systèmes’ software
applications and the revenue growth rates of its significant
competitors are computed in U.S. dollars, such growth rates
from period to period may not be comparable to Dassault
Systèmes’ euro‑computed revenue growth rates for the
same periods.
See Note 20 to the consolidated financial statements.
1.9.2.2
Credit or Counterparty Risk
The financial instruments which could expose Dassault
Systèmes to credit risk include principally its cash
equivalents,
short-
term
investments
and
customer
receivables. The hedging agreements entered into with
financial institutions pursuant to its policy for managing
currency and interest rate risks also expose the Company
to credit and counterparty risk. See Notes 12, 13 and 20 to
the consolidated financial statements. Dassault Systèmes
uses a rigorous selection process for its counterparts
according to credit quality, based on several criteria including
agency ratings and depending on the maturity dates of the
transactions.
1.9.2.3
Interest Rate Risk
Dassault Systèmes’ interest rate risk would primarily
translate into a reduction of its net financial revenue. See
Notes 19 and 20 to the consolidated financial statements.
1.9.2.4
Liquidity Risk
Dassault Systèmes’ liquidity risk corresponds to the risk
of not being able to meet its monetary needs thanks to its
financial resources. It depends in particular on the level of
Dassault Systèmes’ exposure to changes in the main market
parameters, which could lead to higher credit costs, or
even temporary limitation of access to external sources of
financing.
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1
Dassault Systèmes manages this risk by anticipating its
liquidity needs and ensures its coverage with short and
long‑term financial resources.
On November 15, 2024, Standard & Poors Global Ratings
reaffirmed their “A” rating with a stable outlook for Dassault
Systèmes SE and its long term debt.
As of December 31, 2024, Dassault Systèmes’ cash,
cash equivalents and short‑term investments totaled
€3.95 billion. See Note 12 to the consolidated financial
statements.
Dassault Systèmes has analyzed the amounts it will be
required to pay under its contractual commitments as of
December 31, 2024 and believes that it will be able to meet
such obligations.
The following table summarizes Dassault Systèmes’ principal
contractual obligations to make future payments as of
December 31, 2024:
Contractual obligations
(in millions of euros)
Total
Payments due by period
Less than
1 year
1‑3 years
3‑5 years
More than
5 years
Operating lease obligations (1)
656.1
113.8
190.7
163.8
187.8
Loan facilities (2)
2,523.1
455.9
909.8
1,157.4
-
Employee profit‑sharing
58.9
58.9
-
-
-
TOTAL
3,238.1
628.6
1,100.5
1,321.2
187.8
(1)
Corresponds to undiscounted lease liabilities payments (refer to Note 18 to the consolidated financial statements).
(2)
Including financial interest on commercial papers, interest on bond stocks as well as interest on the revolving line of €750.0 million (refer to Note 19 to the consolidated
financial statements).
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
1.9.3
Insurance
Dassault Systèmes has contracted with several insurance
companies for all significant risks incurred. Most of these
risks are covered either by insurance policies underwritten
in France for all Dassault Systèmes companies, or by a
US policy that covers the US subsidiaries and their own
subsidiaries and branches around the world. In addition, the
Company subscribes to specific coverage and/or local policies
to comply with applicable local regulations or to meet the
specific needs of certain activities or projects.
All of the Group’s companies are protected by a policy
covering professional and product liability as well as
civil liability for operations for a total insured value of
€150 million for 2024.
Dassault Systèmes has also taken out other insurance
policies covering, in particular, damage to the property of the
Company’s various sites, equipment and computer goods.
Based on the legal requirements applicable in each country,
the US companies of Dassault Systèmes and most of their
subsidiaries have specific insurance coverage. This insurance
includes coverage for property damage and professional
civil liability. In connection with this insurance, Dassault
Systèmes also has coverage for work‑related accidents in
the United States in accordance with applicable regulations.
As additional coverage for the various insurance policies
covering US companies and their subsidiaries, Dassault
Systèmes carries an “umbrella” policy for a maximum
amount of $25 million.
The insurance policies are regularly reviewed and may be
modified to reflect changes in the revenue, the activities and
risks incurred by Dassault Systèmes worldwide, as well as
the integration of newly acquired companies.
Dassault Systèmes has not established captive insurance
coverage.
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2
ENVIRONMENTAL,
SOCIAL, SOCIETAL
AND GOVERNANCE
RESPONSIBILITY 2
2.1
Introduction to the Sustainability Statement
58
2.2
Sustainability Statement
60
2.2.1
ESRS2 – General Information
61
2.2.2
Environmental Information
106
2.2.3
Social and Societal Information
162
2.2.4
Corporate Governance Information
210
2.2.5
Appendix – Glossary of abbreviations
223
2.3
Auditor’s Report and Attestations
225
2.3.1
Auditor’s Report on Consolidated Sustainability Statement and on control of
disclosure requirements of information as set out in article 8 of regulation (UE)
2020/852 (CSRD)
225
2.3.2
Statutory Auditor’s Attestation on the information communicated under
article /.225‑115 5° of the French Commercial Code relating to the
Dassault Systèmes SE’s total amount paid for sponsorship, pursuant to articles
238bis 1 to ( of the French General Tax Code
230
2.4
Maintain a Vigilance Plan
232
2.4.1
Governance
232
2.4.2
Risk mapping
233
2.4.3
Risk Assessment and Prevention
233
2.4.4
Whistleblowing Procedure
240
2.4.5
Measurement Follow-Up
241
2
58
Environmental, social, societal and governance responsibility
Introduction to the Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
2.1
Introduction to the Sustainability Statement
Back in 2012, Dassault Systèmes formulated its purpose
and its desire to provide business and people with
3DEXPERIENCE universes to imagine sustainable innovations
capable of harmonizing product, nature and life.
Since the creation of the Company, and at every stage of its
history, Dassault Systèmes has been committed to having
a positive impact on society through the implementation
of sustainable solutions and practices. Its purpose is driven
by its employees, and by the passion they demonstrate.
Day after day, it gives meaning to its business. It nurtures
a shared state of mind and develops positive energy. Above
all, its purpose enables Dassault Systèmes to constantly
raise market standards and requirements, while keeping the
common good in mind. Sustainable innovation is at the heart
of the Company’s business. Dassault Systèmes is convinced
that this culture of continuous innovation will drive
sustainable social progress. The Company has positioned its
business model to support those who imagine and innovate
on a daily basis.
Dassault Systèmes is convinced that virtual worlds are an
invaluable asset for imagining, designing and testing the
new products, materials and industrial processes that will
be needed for tomorrow’s social progress and sustainable
economy. The advantages of the convergence of virtual and
real worlds are to the benefit of sustainable innovation.
The virtual twins of the 3DEXPERIENCE platform enhance
reality by making it possible to model, simulate and optimize
products, materials, manufacturing processes and entire
systems. More than just a representation of the imaginary,
they give concrete form to the sustainable innovation needed
for customer transition. The Company is working towards
the emergence of more efficient business models for a more
sustainable and generative economy, drawing on its “forces
vives” and an ecosystem of external stakeholders.
By virtue of this purpose, and in addition to the
environmental targets measured, in particular, using the EU
Taxonomy reference framework, Dassault Systèmes also
contributes to sustainable development goals, as defined
within the framework of the United Nations Sustainable
Development Goals (SDGs), including in the field of Life
Sciences & Healthcare.
The Company actively contributes to the following goals:
The SDG3, empowering people to live healthy lives
and promoting well‑being at all ages, are realized
through the MEDIDATA and BIOVIA brands;
SDG4, to ensure equitable access to quality
education
for
all
and
to
promote
lifelong
learning opportunities, is the very essence of
Dassault Systèmes;
One of the main missions of the CATIA, SIMULIA
and SOLIDWORKS brands is SDG7, to guarantee
access for all to reliable, sustainable and modern
energy services at an affordable cost;
The CATIA, SOLIDWORKS, SIMULIA, DELMIA and
ENOVIA brands are driven by the SDG9: building
a resilient infrastructure. These brands promote
sustainable industrialization that benefits all, and
they encourage innovation;
The BIOVIA, SIMULIA and DELMIA brands are
committed to meeting the targets set by SDG12,
which is to establish sustainable consumption and
production patterns;
Finally, SDG13, to take urgent action to fight climate
change and mitigate its repercussions, is integrated
into all Dassault Systèmes solutions. Reducing
greenhouse gas emissions is directly linked to all
the sustainable actions that solutions are able to
deliver for Dassault Systèmes customers, today and
tomorrow.
In 2021, Dassault Systèmes shared with its stakeholders’
new sustainability targets on the three ESG pillars,
illustrating its commitments to climate transition, social
practices and business ethics.
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Introduction to the Sustainability Statement
2
›
Sustainability Targets:
aligned Revenue
to EU Taxonomy
2027
40%
R
E
D
U
C
E
O
UR
F
O
OT
PR
IN
T
D
E
V
E
L
O
P
O
UR
H
UM
A
N
CA
PI
TA
L
Scopes 1 & 2
CO2 Emissions
2027
-35%
Scope 3 C02
Emissions Travel(1)
2027
-20%
suppliers in emissions with
science-based targets
2025
50%
CARBON NEUTRALITY
2040
women among
People managers
2027(2)
30%
eligible Revenue
to EU Taxonomy
2027
70%
women in the
Executive team
2027(2)
40%
employees trained on
Ethics and Compliance
2025
95%
employees Pride
and Satisfaction
2025(3)
78%
Developing
an inclusive and ethics
Culture
Maximizing
Dassault Systèmes
Handprint
Committing
to environmentally
Sustainable Operations
(1) Business travel and Employees’ commute.
(2) Only applicable to the extent permissible under local and national laws.
(3) Initially set at 85%, this target is revised in 2024 to 78% by 2025.
S
U
P
P
O
R
T
O
UR
C
US
TO
M
ER
S
This chapter presents, for the year 2024, the sustainability
information published by the Company pursuant to
Article L. 233‑28‑4 of the French Commercial Code (the
“Sustainability Statement”), as well as the information
relating to the vigilance plan and its implementation
pursuant to Article L. 225‑102‑1 of the French Commercial
Code. These two sections are intended to meet separate
regulatory requirements. Consequently, each adopts its
own risk‑based approach, implemented through dedicated
methodologies and processes.
2
60
Environmental, social, societal and governance responsibility
Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
2.2
Sustainability Statement
Sustainability information has been drawn up as part
of the initial application of the legal and regulatory
requirements resulting from the transposition into French
law of the European Directive on the publication of
sustainability‑related information of companies (Corporate
Sustainability Reporting Directive, “CSRD”).
This first year of implementation of the CSRD Directive is
marked by many uncertainties. In addition to those inherent
in the state of scientific and economic knowledge, and in the
quality of the external data used, several interpretations of
the new European Sustainability Reporting Standards (ESRS)
remain ambiguous, and simplifications and clarifications are
expected from standard‑setting and regulatory bodies.
Dassault Systèmes has endeavored to comply with the
requirements of the ESRS that are in effect at the date
of preparation of this sustainability statement, based on
available information relevant to the Company’s strategy and
business model.
Sustainability reporting has also been complicated by
the lack of reliable comparative data and benchmarks,
particularly at the sector level, as well as by difficulties in
gathering market data, particularly within the Company’s
value chain.
In some cases, limited access to reliable data has led
Dassault Systèmes to resort to estimates, which may
be refined as the quality of available data improves.
Explanations of these estimates are provided in the
“Methodologies” paragraphs of the relevant sections, and
in particular in paragraphs 2.2.1.2 “BP_2” and 2.2.2.2.3.B.2
“Methodologies and Methods for calculating GHG Emissions
and other E1 Metrics”.
The main limitations and uncertainties encountered by the
Company in preparing the information presented, are as
follows:
—
Dassault Systèmes’ Transition plan for climate change
mitigation: this plan aims to provide an understanding of
the Company’s past, current and future efforts to ensure
the contribution of its strategy and business model to the
transition to a sustainable economy. However, there is as
yet no consensus on greenhouse gas emission reduction
targets or trajectories at the Company level that would
guarantee the contribution of a strategy with a scenario
that limits global warming to 1.5° C, in line with the Paris
Agreement (see paragraph 2.2.2.2.1.A “Transition Plan
for Climate Change Mitigation”);
—
transition risk assessment: this remains a complex task,
marked by a high level of uncertainty;
—
data collection and communication: it is sometimes
difficult to obtain reliable and consistent information This
is particularly true for the upstream and downstream
value chains, as well as for companies acquired during the
period and in the year following their acquisition;
—
setting targets for all key metrics: detailed projection
methodologies are not yet fully established;
—
methodological limitations of certain environmental
metrics: particularly for Scope 3 emissions, which
are, in some cases, calculated on the basis of
spend‑based emission factors. This is especially true
for Scope 3 emissions “Purchased Goods and Services”
and “Capital Goods” (see paragraph 2.2.2.2.3.B.2
“Methodologies and Methods for calculating GHG
Emissions and other E1 Metrics”).
In
order
to
take
into
account
best
practices
and
recommendations in the field, as well as a better knowledge
of new regulations and standards, where appropriate, the
Company may be required to develop certain reporting
and communication practices, as well as an internal
control system relating to the production of sustainability
information. This is part of a continuous improvement
process.
Disclaimer concerning Statements relating to
the Company’s forward‑looking Sustainability
Information
The statements contained in this chapter which are not
historical facts but which express scenarios, trajectories or
targets for the future are forward‑looking statements. This
includes statements concerning certain information relating
to objectives and/or targets in terms of sustainability and in
particular climate‑related. Such forward‑looking statements
or scenarios, including those expressed in financial terms, are
based on views and assumptions believed to be reasonable
as of the date of this document. However, they remain
subject to known and unknown risks and uncertainties.
Actual results or performance may differ materially from
those indicated in these statements as a result of a number
of factors. Investors are cautioned that forward‑looking
statements involve numerous risks and uncertainties.
Given the significant uncertainties inherent in these
forward‑looking statements, they should not be taken as
a representation or warranty, by Dassault Systèmes or any
other person, that Dassault Systèmes will achieve its goals,
objectives, aspirations, metrics, plans or targets within a
particular time frame, or at all. This includes sustainability
matters and their potential financial impacts. Accordingly,
these forward‑looking statements should be treated with
caution.
The forward‑looking statements contained in this section
speak only as of the date of publication of this Universal
registration document. Except as required by applicable law
or regulation, Dassault Systèmes undertakes no obligation
to update or revise any forward‑looking information or
statements.
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Sustainability Statement
2
Disclaimer concerning Policies relating to Social, Societal and Governance Matters
Policies on social, societal and governance matters relate
to the year 2024 and are applicable only to the extent
permissible under local and national regulations. They are
reviewed annually and can be adjusted, when necessary, in
line with developments in the legal framework around the
world, for example in the United States.
2.2.1
ESRS2 – General Information
2.2.1.1
BP_1
2.2.1.1.1
General Methodology
This sustainability statement presents, for the year 2024,
Dassault Systèmes’ material sustainability matters identified
in accordance with the following regulatory provisions:
—
the obligations arising from the new European Directive
2022/2464/EU, known as the Corporate Sustainability
Reporting Directive or CSRD, adopted by the European
Parliament on December 14, 2022 and transposed into
French law by ordinance on December 6, 2023. It replaces
and extends the requirements of Directive 2014/95/EU
on the publication of non‑financial information. It aims
to harmonize and strengthen non‑financial reporting by
companies;
—
European regulation 2020/852 of June 18, 2020 (known
as the “EU Taxonomy” regulation), which establishes a
framework to facilitate sustainable investments within
the European Union.
In this context, Dassault Systèmes has endeavored to
apply the normative requirements set by the ESRS, as
applicable on the date of preparation of the sustainability
statement, based on the information available within the
timeframe for preparation of the sustainability statement.
On a case‑by‑case basis, difficulties in accessing certain data
within the allotted deadlines have forced the Company to use
estimates for certain information, as provided for in the ESRS
standards, notably for certain environmental data (including
GHG emissions, among others).
Dassault Systèmes hopes to reduce these uncertainties as
additional guidance is issued by the standard‑setter, as the
number of registrants increases and reporting practices
in the sector consolidate, and as the Company improves
data collection and reporting processes for CSRD data in a
continuous improvement approach within the Company and
its value chain.
The Company’s non‑financial reporting methodologies are
detailed in paragraph 2.2.1.2 “BP_2” and in the paragraphs
dealing with ESRS metrics.
2.2.1.1.2
Scope of Consolidation
The scope of consolidation used for this sustainability
statement is the same as that used for the financial
statements, and includes all the Group’s consolidated
companies. No specific entity has been isolated, given the
Company’s highly homogeneous activities. The scope of
consolidation does not include non‑consolidated entities, as
the Group has no operational control over its value chain.
When, for certain metrics, the scope covered is more limited
due to collection difficulties, this is indicated in the relevant
paragraphs, along with the estimation approach used.
This may be the case, for example, for companies acquired
during the period and in the year following their acquisition.
The metrics concerned are limited in number and the scope
covered is in all cases at least 91%. They include, in particular,
the metrics for strategic matter 5 for which the reported
information covers 95.5% of the Company’s employees as
of 31 December 2024 (see paragraph 2.2.3.1.2.B “Metrics
and Targets relating to Strategic Matter 5: Attracting and
preparing the Skills for the Future in a Competitive Talent
Market”). These metrics also include certain components
of the carbon footprint, including Scope 1 GHG emissions,
which cover 91% of the Company’s employees (see
paragraph 2.2.2.2.3.B.2 “Methodologies and Methods for
calculating GHG Emissions and other E1 Metrics”).
2.2.1.1.3
Upstream and Downstream Value Chain
Upstream and downstream value chains are taken into
account by Dassault Systèmes in its double materiality
assessment (DMA), and are therefore covered by its
sustainability statement according to the material value
chain Impacts, Risks and Opportunities (IROs), as specified
in paragraph 2.2.1.4.3 “SBM_3 – Material Impacts, Risks
and Opportunities and their Interaction with Strategy and
Business Model”.
The two main upstream value chains considered as material
are the IT equipment manufacturing and the data hosting
value chain.
With regard to the environmental impacts of the downstream
value chain, since software represents a very small
proportion of the resources used by Dassault Systèmes’
customers, only the energy impact of the use of the solutions
sold has been considered as material, whatever the sector
of activity served, that are within the limits of the “3DS
Acceptable Use” policy (see paragraphs 2.4.3.3.4 “Misuse
of Dassault Systèmes Solutions” and 2.2.1.4.1 “SBM_1 –
Strategy, Business Model and Value Chain”.)
Information relating to upstream and downstream value
chains has been taken into account where available and
relevant. Among other things, Dassault Systèmes’ carbon
footprint includes Scope 3 elements relating to the purchase
and use of the solutions sold.
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2.2.1.1.4
Permitted omitted Information
The Company has exercised its option to omit certain
information relating to intellectual property, know‑how and
innovation results. It therefore does not publish quantitative
targets for the metrics relating to the opportunity and the
positive impact in the Life Sciences & Healthcare sector
mentioned in paragraph 2.2.3.3.3 “Management of Strategic
Matter 10: Improve Patient Health providing innovative and
secured Solutions for a faster and more efficient access to
Treatment and Care”.
2.2.1.2
BP_2
2.2.1.2.1
Time Horizons
In accordance with ESRS 1, Dassault Systèmes has assessed
the time horizon for the occurrence of each material IRO, in
terms of both impact materiality and financial materiality.
The horizons have been set in accordance with the
implementation guidelines published by EFRAG:
—
short‑term: one year (the period adopted by the Company
as the reference period in its financial statements);
—
medium‑term: more than one year up to five years;
—
long‑term: more than five years.
Dassault Systèmes’ uses the same definitions throughout
the statement, unless otherwise specified, notably in the
paragraphs covering physical and transition risks, as well as
those dealing with the Transition plan.
2.2.1.2.2
Sources of Uncertainty regarding
Estimates and Results
Sustainability information may be subject to uncertainty
inherent in the state of scientific economic knowledge and
in the quality of the internal and external data used (data
calculated on the basis of emission factors for the value
chain, for example). Details of the methodologies used to
estimate value chain emissions are given in topical sections
E1, E5 and S2. In addition, information such as:
—
prospective data;
—
missing data, in particular relating to the last few weeks
of the reporting period or to a missing perimeter; and
—
the quantification of certain sustainability data, in
particular environmental data;
are subject to estimates and judgments based, in particular,
on the historical experience of experts or contributors
involved in the preparation of this reporting, and based on
internationally recognized sustainability standards. These
estimates are sensitive to methodological choices and to
the assumptions used in their preparation. The nature and
scope of the estimates used, or the limitations on the scope
of data collection, applied on a case‑by‑case basis to certain
data, are explained in the “Methodologies” paragraphs of the
relevant sections.
2.2.1.2.3
Changes in Preparation or Calculation
Method
The main changes in calculation methods for the 2024
financial year concern three subjects, the first two of which
give rise to restatements of data published in 2023:
—
headcount:
the
methodology
for
calculating
the
headcount
has
been
revised
to
align
with
the
requirements of ESRS2, S1 “Own Workforce”. This
methodological change involves taking into account each
employee for one unit, regardless of working hours. The
methodology used previously was based on a “full‑time
equivalent” calculation. As a result, certain 2023 data
have been revised to apply this new calculation rule.
This change has an impact not only on S1 metrics, but
also on carbon intensity ratios calculated on the basis of
headcount;
—
use of solutions sold: in 2024, Dassault Systèmes
improved its methodology for calculating Scope 3 GHG
emissions from “Use of solutions sold”. This change in
methodology is the result of changes in assumptions
about the power consumption of customers’ hardware
when
using
the
Company’s
software
solutions.
Previously, the Company used standard ADEME energy
consumption estimates (dating from 2021) corresponding
to particularly energy‑intensive video game‑type use. In
2024, actual measurements of the energy consumption
of typical Dassault Systèmes software solutions on
equipment prescribed to its customers were carried out.
The results are much lower than the estimates previously
used, and more consistent with publications by similar
companies. This change of method has a material impact,
requiring a restatement of data for the year 2023. As a
result, adjusted Scope 3 “Use of solutions sold” GHG
emissions for 2023 now amount to 104,718 tons, a
reduction of 390,321 tons compared to published 2023
data;
—
purchased goods and services and capital goods: in 2024,
Dassault Systèmes developed the use of specific emission
factors for certain products purchased, based on a
catalog of IT equipment. The impact recorded in 2024 is
not considered material enough to justify an adjustment
to the prior period. Nevertheless, the integration of
these actual supplier‑specific data compared with
the predominantly used spend‑based emission factor
method represents a favorable reduction of 11,821 tCO2-
eq in 2024. This corresponds to 7.5% of the sum of
Scope 3 GHG emissions for “Goods and services” and
“Capital goods”, and 5.8% of the total Scope 3 considered
(excluding use of solutions sold).
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2.2.1.2.4
Other Regulations or Standards used in the Preparation of the Publication
Dassault Systèmes complies with the following regulations
and standards, which reinforce the quality of the information
provided:
—
in terms of carbon accounting, the Company’s GHG
emission metrics are calculated in accordance with the
GHG Reporting Protocol;
—
ISO type standards related to ESRS topics are presented
in each relevant section;
—
finally, the Company follows the recommendations of
the AFEP-MEDEF corporate governance code for listed
companies and is subject to the Sapin 2 law.
2.2.1.2.5
Incorporation by Reference
The table below shows all the information incorporated by reference to other sections of the management report in the
sustainability statement, in accordance with section 9.1 “Incorporation by reference” of the ESRS 1:
Sections of the
Sustainability
Statement
Incorporation by Reference
Paragraph in the Sustainability Statement
“Reference” Paragraph
in the URD
General
Information
(ESRS2)
Information on the “3DS
Acceptable Use” policy
2.2.1.1.3 Upstream and Downstream Value
Chain
2.4.3.3.4 Misuse of
Dassault Systèmes
Solutions
General
Information
(ESRS2)
General risk management and
internal control processes
2.2.1.3.1 GOV_1 – The Role of
Administrative, Management and
Supervisory Bodies
5.2 Enterprise Risk
Management and Internal
Control
General
Information
(ESRS2)
Information on members of the
three committees of the Board of
Directors
2.2.1.3.2 GOV_2 – Information provided to
and Sustainability Matters addressed by the
Company’s Administrative, Management and
Supervisory Bodies
5.1.1.2 Practices of the
Board of Directors
General
Information
(ESRS2)
Information on the Audit & Risks
department
2.2.1.3.2 GOV_2 – Information provided to
and Sustainability Matters addressed by the
Company’s Administrative, Management and
Supervisory Bodies
5.2 Enterprise Risk
Management and Internal
Control
General
Information
(ESRS2)
Information on the general
internal control process
2.2.1.3.5 GOV_5 – Risk Management
and Internal Controls over Sustainability
Statement
5.2.2 Organizational
Framework
General
Information
(ESRS2)
Information on the general risk
management process
2.2.1.3.5 GOV_5 – Risk Management
and Internal Controls over Sustainability
Statement
5.2.3 Processes
General
Information
(ESRS2)
Information on internal control
points
Information on the inclusion of
internal control of sustainability
reporting in the internal control
process
2.2.1.3.5 GOV_5 – Risk Management
and Internal Controls over Sustainability
Statement
5.2.3.2 Internal Control
Process
General
Information
(ESRS2)
Information on strategy, markets
and solutions portfolio
Information on the business
model and its value chains
2.2.1.4.1 SBM_1 – Strategy, Business Model
and Value Chain
1.4 Business Activities
General
Information
(ESRS2)
Information on the brands and
application families
2.2.1.4.1 SBM_1 – Strategy, Business Model
and Value Chain
1.4.2 Dassault Systèmes’
Offering
General
Information
(ESRS2)
Information on the characteristics
of each brand
2.2.1.4.1 SBM_1 – Strategy, Business Model
and Value Chain
1.4.2.3 Software
Applications Portfolio
2
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Sections of the
Sustainability
Statement
Incorporation by Reference
Paragraph in the Sustainability Statement
“Reference” Paragraph
in the URD
General
Information
(ESRS2)
Downstream value chain and
customer information
2.2.1.4.1 SBM_1 – Strategy, Business Model
and Value Chain
1.4.2.6 How
Dassault Systèmes
engages with customers
General
Information
(ESRS2)
Information on resilience and
other financial effects
2.2.1.4.3 SBM_3 – Material Impacts, Risks
and Opportunities and their Interaction with
Strategy and Business Model (Resilience and
other financial effects)
1.4.1.4 Growth Strategy
Social and Societal
Information
Information on the gender
breakdown of the Executive
Committee
2.2.3.1.4. B Metrics and Targets relating to
Strategic Matter 7: Promoting professional
Opportunities for all Employees nurturing
Inclusion and Creativity
5.1.2 Executives of
Dassault Systèmes
Social and Societal
Information
Allocation with regards to Long-
Term Incentive Plan
2.2.3.1.3. A Policies and key Actions relating
to Strategic Matter 6: Fostering Employees’
Engagement to improve Retention
5.1.5 Interests of
Executive Management
and Employees in
the Share Capital of
Dassault Systèmes SE
Social and Societal
Information
Independent directors
representing employees at Board
of Directors
2.2.3.1.3. A. Policies and key Actions relating
to Strategic Matter 6: Fostering Employees’
Engagement to improve Retention
5.1.1 Composition and
Practices of the Board of
Directors
Social and Societal
Information
Average number of employees
over the reporting period
2.2.3.1.3. B. Metrics and Targets relating to
Strategic Matter 6: Fostering Employees’
Engagement to improve Retention
4.1.1 Consolidated
financial statements –
Note 6: Personnel Costs
Social and Societal
Information
Compensation of the Chief
Executive Officer
2.2.3.1.4. A. Policies and key Actions relating
to Strategic Matter 7: Promoting Professional
Opportunities for all Employees nurturing
Inclusion and Creativity
5.1.3.2 Compensation
Policy Applicable to the
Chief Executive Officer
Information on
Business Conduct
Information on responsible and
transparent tax policy
2.2.4.1.3 For a Responsible and Transparent
Tax Policy
3.1 Operating and
Financial Review
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2.2.1.3
GOV – Governance
2.2.1.3.1
GOV_1 – The Role of Administrative,
Management and Supervisory Bodies
Composition of the Board of Directors
At December 31, 2024, the Board of Directors of
Dassault Systèmes was made up of 12 members, whose
term of office was 4 years renewable, including one
executive member, Mr. Pascal Daloz, Chief Executive Officer
of Dassault Systèmes.
The Board of Directors also includes two directors
representing employees, appointed, in accordance with
Article L. 225‑27‑1 of the French Commercial Code and
Article 14 of the Company’s Articles of Association. They
were appointed by each of the two trade unions having
received the highest number of votes in the first round of
elections.
The proportion of independent directors on the Board
of Directors is 50%, excluding directors representing
employees in accordance with the AFEP-MEDEF Code, and
42% including the latter. Dassault Systèmes also bases its
assessment of independence on the definition set out in the
AFEP-MEDEF Code and included in the Board’s internal rules,
according to which a director is independent when he or she
has no relationship with Dassault Systèmes SE, the Company
or its management that could compromise the exercise of his
or her freedom of judgment.
Diversity and Expertise on the Board of Directors
In its composition, the Board of Directors seeks a balance
between
experienced
and
new
directors,
between
independent and non‑independent directors, between
women and men, and a diversity of skills, profiles and
nationalities. Dassault Systèmes monitors the evolution of
the Board’s composition by making projections based on all
these criteria, which has led to an increase in the Board’s
diversity in recent years.
In particular, Dassault Systèmes is committed to ensuring a
balanced representation of men and women on the Board.
At December 31, 2024, the Board of Directors comprised
50% women, excluding directors representing employees,
and 58% including the latter. On January 9, 2025, Ms. Marie-
Hélène Habert-Dassault was replaced by Mr. Olivier Costa de
Beauregard as permanent representative of Groupe Industriel
Marcel Dassault, temporarily bringing the percentage of
women on the Board to 40% excluding directors representing
employees, and 50% including the latter.
In line with its internationalization policy, at December 31,
2024 the Board of Directors included one director of foreign
nationality (Indian), who is also a British resident, and one
Swiss resident director, representing 17% of the Board.
Dassault Systèmes’ directors have complementary expertise
and experience, in line with the Company’s strategy to best
meet the strategic matters it faces. Of the five independent
directors, three have sector‑specific expertise (manufacturing
industry, life sciences and new technologies) and two have
accounting and financial expertise. The non‑independent
directors give the Board the benefit of their extensive
knowledge of the Company, its sectors of activity and its
businesses.
Each member of the Board of Directors has developed
expertise in business conduct and ethics through the exercise
of their various mandates, particularly the members of the
Audit Committee, who regularly review ethics, compliance
and fraud issues. In addition, the members of the Board of
Directors annually review Dassault Systèmes’ compliance
program, its evolution and its key metrics.
Dassault Systèmes’ intention is to maintain the proportion
of men, women and independent directors on the Board at
50%. In this context, the Compensation and Nomination
Committee assesses each year the areas of expertise of
Board members and their suitability for the Company’s
business and specificities, particularly when appointing a
new director or renewing a term of office, before making
proposals for changes to the composition of the Board.
In recent years, sustainability matters have been the
focus of particular attention by all Board committees and
Dassault Systèmes’ Executive team, enabling the Board to
gain a good understanding of these topics:
—
every year, Dassault Systèmes directors are invited
to take part in a special information day at the 3DS
Paris Campus. In 2022, this day was entirely devoted
to sustainability. In 2023 and 2024, several sessions
addressed these topics (transformation of economic
sectors and circular economy in particular);
—
every year in September, all independent directors (e.g.
all members of the Board’s three committees) meet for
a session dedicated to sustainable development matters;
—
the Executive team has systematically responded to
requests from members of the Audit Committee and
proposed the organization of sessions dedicated to
non‑financial reporting (EU Taxonomy, CSRD);
—
sustainability,
in
terms
of
product
development
strategies to help customers become more sustainable
(Handprint), has been and remains at the heart of the
Scientific Committee’s work.
The skills of the committees have been put to good use
in working and review sessions (see paragraph 2.2.1.3.2
“GOV_2
–
Information
provided
to
the
Company’s
administrative, management and supervisory bodies, and
sustainability matters addressed by these bodies”), where
the impacts of operations on the environment and on
stakeholders, as well as risks and opportunities, have been
discussed and approved.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
2024 (7)
2023 (7)
ESRS DATAPOINTS
Number of executive directors
1
2
Number of non‑executive directors (1)
11
10
Percentage of women within the Board of Directors (2) (3)
58.0%
41.7%
Board’s gender diversity ratio (2) (3)
1.4
0.7
Percentage of independent directors (4)
50.0%
50.0%
ENTITY‑SPECIFIC DATAPOINTS
Percentage of women within the Board of Directors excluding directors representing employees (5) (6)
50.0%
50.0%
Board’s gender diversity ratio excluding directors representing employees (5) (6)
1.0
1.0
(1)
11 out of 12 directors in 2024 and 10 out of 12 directors in 2023.
(2)
Includes the two directors representing employees appointed by the trade unions (in accordance with Dassault Systèmes SE’s by‑laws) and, in 2024, the permanent
representative of the legal entity that is a director.
(3)
7 women for 5 men in 2024 and 5 women for 7 men in 2023.
(4)
Excluding two directors representing employees, not taken into account for the calculation of this percentage in application of the AFEP-MEDEF code.
(5)
Includes, in 2024, the permanent representative of the legal entity that is a director.
(6)
5 women for 5 men in 2024 and 2023.
(7)
Data at December 31 of each year.
Missions of the Board of Directors and its Lead director of
Sustainable Development
The Board of Directors takes sustainability matters into
account in defining and reviewing strategy, in accordance
with its internal regulations and French law. In accordance
with the AFEP-MEDEF Code, it sets out multi‑year strategic
plans in this area. In addition, the Board of Directors has
appointed Ms. Geneviève Berger, an independent director, as
its Lead director of Sustainable Development. Ms. Geneviève
Berger, a physicist, medical doctor and Doctor of State in
human biology, headed the CNRS from 2000 to 2003. She,
then, headed research at Unilever and Firmenich for several
years. From 2015 to 2023, she was a director and member
of Air Liquide’s Environment and Society Committee, after
having spent nine years as an independent director of
AstraZeneca, responsible for sustainability matters and a
member of the Scientific Committee. She thus benefits from
a strong expertise in ESG and more generally in the field of
science.
In her role as Lead director of Sustainable Development,
Ms. Geneviève Berger carries out an initial review of
the impacts, risks and opportunities (IROs) identified
in
the
Company’s
double
materiality
assessment
(DMA). She ensures that these IROs are consistent with
Dassault Systèmes’ policies, action plans and targets. She
prepares the working session of all independent directors
(i.e., all members of the Board’s three committees) on this
topic, before reporting to the Board.
In line with their respective missions and the Audit
Committee Charter reviewed in 2024, the three Board
committees (composed exclusively of independent directors)
include aspects of sustainability in their missions:
—
the Scientific Committee examines the development of
Dassault Systèmes’ portfolio of solutions, particularly
with regard to customers’ environmental and social
challenges,
and
analyzes
potential
technological
breakthroughs impacting its market. This committee
comprises two independent members (one man and
one woman), including the Lead director of Sustainable
Development;
—
the Audit Committee includes in its annual program a
review of new sustainability reporting requirements,
particularly in relation to Climate matters as set out
in the CSRD and ESRS. The Audit Committee reviews
the quality of the process for reporting quantitative
information and internal controls. The committee reviews
any difficulties encountered by the Company in applying
the ESRS as well as during the verification work carried
out by the Auditors of non‑financial information, whose
work it monitors. In this respect, and in accordance
with its mission under the CSRD, the Audit Committee
reports to the Board of Directors on the results of the
assurance provided by the Auditors authorized to certify
non‑financial information, the contribution of this
assurance to the integrity of sustainability information,
and the Committee’s role in this process;
The committee is made up of three independent
members (two women, one man), each with financial
expertise;
Committee
members
have
received
training
on
sustainability matters, including reporting, once a year
over the past three years;
—
the Compensation and Nomination Committee reviews
certain
governance
matters,
including
succession
plans for executive officers and Executive Committee
members, their compensation packages, and long‑term
compensation plans for the Company’s managers
and employees. In particular, the committee reviews
the performance criteria, notably those based on a
multi‑criteria ESG indicator, for the variable annual
compensation and vesting of performance shares
of the Chief Executive Officer, Executive Committee
members and senior executives eligible for these
plans (see paragraph 2.2.1.3.3 “GOV_3 – Integration
of
Sustainability‑related
Performance
in
Incentive
Schemes” below for a description of sustainability criteria
in these incentive mechanisms). It also reviews the
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consistency of Climate targets, employee engagement
and inclusion.
This committee is made up of two independent members
(one woman, one man).
When the CSRD was transposed into French law, a
governance structure was established to ensure that
members of the Audit Committee and the Lead director of
Sustainable Development jointly review the information
published in this sustainability statement in accordance
with the new European Sustainability Reporting Standards
(ESRS). A dedicated session was devoted to this review prior
to formal validation by the Audit Committee.
Executive Committee
The
Executive
Committee,
under
the
direction
and
leadership of the Chief Executive Officer, comprises
13 members, 5 of whom are women (i.e. 38.5% women),
including the Executive Vice-President, Industry, Marketing
& Sustainability. Ms. Florence Verzelen is in charge of
Dassault Systèmes’ sustainable development roadmap,
in its aspects of product and solution development
strategy facilitating the decarbonization of customer
activities (Handprint), and the trajectory of the Company’s
environmental footprint (Footprint).
Sustainability Steering Committee
The Sustainability Steering Committee is co‑chaired by the
Executive Vice-President, Industry, Marketing & Sustainability,
and the General Secretary. The Chief Sustainability Officer
acts as secretary.
The Sustainability Steering Committee meets quarterly to
monitor the Company’s policies, actions and non‑financial
performance in terms of both Handprint and Footprint. It
reports regularly to the Executive Committee, to which it
submits analyses of the impacts, risks and opportunities
associated
with
non‑financial
performance.
The
Sustainability Steering Committee also leads discussions
with the various departments responsible for implementing
this strategy, notably Human Resources, IT and Real
Estate, Research & Development and Cloud Infrastructure,
Sustainable Finance & Procurement, and Legal.
This committee plays a central role in communicating
information
between
the
various
administrative
and
departmental bodies. The Sustainability Steering Committee
keeps general management informed of progress made in
implementing the Company’s strategy. Board committees,
notably via their chairmen, may interact with the Sustainable
Development department in the course of their work.
At least once a year, the Chief Executive Officer and the
Executive Vice-President, Chief Financial Officer attend a
meeting of the Sustainability Steering Committee to validate
the year’s priorities, targets and any financial implications.
The targets associated with the IROs are proposed by
the functions in charge of managing them. They are
discussed by the Sustainability Steering Committee before
being reviewed by the Executive Committee and all the
independent directors (i.e. all the members of the three
Board committees).
The most strategic targets integrated into the salary
incentive schemes are reviewed by the Compensation and
Selection Committee before being submitted to the Board of
Directors.
Over the past two years, the Committee has reviewed the
following matters:
—
improving the methodology used to determine the rate
of alignment of revenue to the EU Taxonomy, and the
process of verification by an independent third party;
—
the results of the double materiality assessment and the
definition and relevance of the associated IROs;
—
financial analysis of risks and opportunities relating to
the climate transition, in line with the recommendations
of the Task Force on Climate‑related Financial Disclosures
(TCFD);
—
follow‑up of the CSRD implementation readiness project,
including review of the initial findings of the double
materiality assessment and identification of additional
metrics to be published;
—
validation of the extended submission of science‑based
targets (SBTi);
—
continued work on a carbon‑neutral strategy for 2040;
—
marketing, external communication and employee
awareness of environmental and eco‑design matters;
—
the strategy for responding to non‑financial questionnaires
and monitoring the ratings obtained for the year in
question.
The general risk management and internal control process
described in paragraph 5.2 “Enterprise Risk Management
and Internal Control” covers all enterprise risks, including,
with regard to sustainability, negative risks to and impacts
of the Company. This process is based in particular on the
monitoring of action and mitigation plans using metrics
close to or identical to those prescribed by the ESRS. The
Sustainable Development department and the Audit &
Risks department are working to extend this system to
include positive impacts and opportunities, as well as risks
relating to the value chain. Opportunities, for their part, are
monitored by Brand or Sector Boards, which include the
relevant members of general management.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
SUSTAINABILITY AT THE CORE
OF DASSAULT SYSTÈMES' GOVERNANCE
A LEAD DIRECTOR FOR SUSTAINABILITY
MATTERS WITHIN DASSAULT SYSTÈMES'
BOARD OF DIRECTORS
Geneviève BERGER
A MEMBER OF THE OPERATIONS EXECUTIVE COMMITTEE
THE SUSTAINABILITY
STEERING COMMITTEE
SUSTAINABILITY
DEPARTMENT
SUSTAINABLE
FINANCE AND
PROCUREMENT
HUMAN RESOURCES,
INFORMATION SYSTEMS
AND FACILITIES
LEGAL
Industry, Marketing and Sustainability
responsible for Dassault Systèmes' sustainability roadmap
Florence VERZELEN
responsible for the review of Dassault Systèmes' action
plans with regards to sustainability matters
GLOBAL NETWORKS OF EXPERTS AND ACTORS
responsible for managing impacts, risks and opportunities
THE CHIEF SUSTAINABILITY OFFICER
Philippine DE T'SERCLAES
A NETWORK OF SUSTAINABILITY LEADS drives the implementation of the sustainability strategy across each geography,
brand and industry
AN ENVIRONMENTAL REPORTING NETWORK consolidates environmental indicators on a quarterly basis and shares best practices
GREEN TEAMS initiate and coordinate local sustainability initiatives
3DEXPERIENCE UNIVERSITY delivers training to raise awareness among employees about sustainability topics
AUDIT
COMMITTEE
SCIENTIFIC
COMMITTEE
COMPENSATION
& SELECTION COMMITTEE
Two annual meetings dedicated to ESG risks
and sustainability matters
AUDIT
AND RISKS
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Sustainability Statement
2
2.2.1.3.2
GOV_2 – Information provided to and
Sustainability Matters addressed by the
Company’s Administrative, Management
and Supervisory Bodies
As mentioned above,
—
the
Executive
Committee
is
informed
via
the
Sustainability Steering Committee of progress made
in implementing the strategy. At least once a year, the
Chief Executive Officer and the Executive Vice-President,
Chief Financial Officer attend the Sustainability Steering
Committee to validate the year’s priorities, targets and
any financial challenges;
—
all independent directors (i.e. all members of the three
Board Committees) meet in two annual sessions: one
dedicated to sustainability matters, and the other to
risk prevention and management within the Company,
including ESG risks (see “Sessions of independent
directors (annual executive sessions)” in paragraph 5.1.1.2
“Practices of the Board of Directors”). As part of these
meetings, the Sustainable Development, Sustainable
Finance and Audit & Risks functions communicate
progress and key actions relating to policies, action
plans and targets, as well as on the implementation of
due diligence (see paragraph 2.2.1.3.5 “GOV_5 – Risk
Management and Internal Controls over Sustainability
Statement”);
—
the chairmen of the three committees of the Board of
Directors (Scientific Committee, Audit Committee and
Compensation and Nomination Committee) and the Lead
director of Sustainable Development have full latitude to
interact with the heads of the Sustainable Development
or Sustainable Finance departments in preparation for
the dedicated meetings;
—
to this end, the functions in charge of the topics provide
summaries of progress on the roadmap, as well as training
materials to help committee members understand the
new regulations on sustainability reporting;
—
in
2024,
the
Audit
Committee
received
three
presentations on the progress of the CSRD adoption
program, including the results of the double materiality
assessment process, its audit, the identification of
metrics linked to IROs, their production process and
the challenges of digitizing the reporting process. They
also benefited from a special training session, led by
the Sustainable Finance department, on ESRS and the
challenges of auditing sustainability statements. In
addition, the Audit & Risks function regularly informs
the Audit Committee of the results of audits carried
out on ESG topics and on changes to the internal
control framework for sustainability reporting (see
paragraph 2.2.1.3.5 “GOV-5 – Risk Management and
Internal Controls over sustainability statement”);
—
the session devoted to risk management enabled the
Company’s Risk Management Steering Committee
to share the details and conclusions of its work since
September 2023, in particular the update of the risk map
integrating existing sub‑maps for specific risks, notably
in the area of Corporate Social Responsibility (CSR);
—
the session dedicated to sustainable development
themes enabled the independent directors to review
in detail Dassault Systèmes’ strategy in this area, and
the progress made in each of its pillars: reducing the
Company’s
environmental
Footprint,
maximization
of Dassault Systèmes’ Handprint, and developing an
inclusive and ethics culture. The strategy implemented
by Dassault Systèmes in response to current regulatory
changes (EU Taxonomy) was also reviewed and discussed
on this occasion.
The Committees draw on the work and analyses provided by
the Sustainable Development department, the Sustainable
Procurement department, the Sustainable Finance department
and the Audit & Risks department.
All four departments report to a member of the Executive
Committee, who is represented on the Sustainable
Development Committee, and aim is to ensure consistency
with the Company’s strategy, as well as the proper
integration of sustainability matters into the business
models and performance management systems.
The main aim of this operational governance is to assess
and manage IROs related to the environment, particularly
climate change, as well as social and societal matters within
the upstream value chain, in line with Dassault Systèmes’
sustainable development strategy over short, medium
and long‑term time horizons. It uses the various areas of
expertise mobilized to provide the best possible information
for defining and steering the sustainability strategy.
The main missions of these departments are detailed below:
The Sustainable Development department
It orchestrates the Company’s environmental and societal
actions by carrying out the following main missions:
—
support for the development of solutions promoting
the sustainability of customers and sectors served,
with a particular focus on the reduction of greenhouse
gas emissions (mainly the assessment, monitoring and
reduction of emissions), and on the circular economy
(this includes eco‑design and optimization of the use
of natural resources right from the design phases,
improving the recyclability of products, traceability
of recycling processes and support for the reuse of
secondary materials, etc.);
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—
analysis and documentation of the criteria used to prepare
EU Taxonomy metrics, and qualification of the portfolio of
solutions to define eligibility and alignment rates;
—
support in assessing and managing the physical and
transitional impacts, risks and opportunities associated
with climate change;
—
management of environmental reporting and greenhouse
gas emissions performance;
—
defining the path for reducing greenhouse gas emissions
as part of the Company’s environmental strategy;
—
preparing for carbon neutrality and orchestrating the
voluntary carbon offsetting strategy;
—
review of the environmental policies of the Company’s
main functions;
—
monitoring and coordinating environmental and climate
adaptation plans implemented by the main functions,
in particular for optimizing water consumption, energy
consumption, and waste management;
—
management of responses to non‑financial questionnaires,
including the Carbon Disclosure Project’s (CDP) climate
change questionnaire;
—
creation of training and awareness‑raising programs on
sustainable development, according to role. In addition to
the training programs developed for its employees, the
Company runs several internal networks on a daily basis,
some of which, like the Green Teams, are dedicated to
sustainability education and the transfer of know‑how
relating to the circular economy. These Green Teams
have mobilized more than 250 members worldwide,
notably through the organization of two theme months
dedicated
to
sustainable
development
(April
and
September);
—
support for internal communication initiatives, in particular
those carried out as part of the Sustainable Development
Month and sustainable innovation;
—
interaction with all institutional partners, academic partners,
analysts and integrators on sustainable development
matters and the management of non‑financial ratings;
—
participation in external professional networks on
sustainable development and the circular economy;
—
participation in discussions organized by COP29 and
European industry federations;
—
managing a network of over 40 internal Sustainability Leads
who implement the Company’s sustainability strategy in
the GEOs, brands and industries in which it operates;
—
global regulatory watch in the area of sustainability,
aimed at analyzing the impacts for the Company’s
customers and designing appropriate solutions that
enable them to respond effectively to the various
regulatory challenges;
—
reporting to the Executive Committee and the Board of
Directors on progress towards targets and key action
plans.
The Sustainable Procurement department
It supports the Company’s efforts to decarbonize its
activities by encouraging its main suppliers to take an active
approach, in particular by setting science‑based targets, e.g.
“SBTi” targets. The Sustainable Procurement department
is constantly involved in the discussions and actions led
by the Sustainable Development department, in order to
support the operational functions in analyzing the feasibility
of their environmental policies, and in planning the actions
to be implemented in the supply chain and as part of the
Company’s Travel policy.
The Sustainable Finance department
It contributes its expertise in managing reporting and
financial evaluation processes, and supports functions in
their management of climate and social matters by carrying
out the following actions and missions:
—
regulatory watch in particular concerning the Corporate
Sustainability Reporting Directive (CSRD);
—
the gradual implementation of CSRD and ESRS to ensure
the Company’s compliance with these new sustainability
reporting standards from fiscal year 2024, including the
documentation of the Company’s double materiality
assessment;
—
review and consistency of the valuations used in the
double materiality assessment with regard to financial
materiality, and consistency of the latter with the
valuations carried out as part of the risk management
work;
—
plan to digitize the ESG metrics derived from the
double
materiality
assessment,
and
introduction
of a sustainability performance management tool
enabling the Sustainable Development department, the
Procurement department and the functions contributing
to decarbonization to track the impacts of the activities
and action plans implemented;
—
quarterly consolidation of ESG metrics, improving and
monitoring the reliability of the reporting process, in
particular by developing carbon accounting principles and
improving the level of internal control over the data and
estimates used;
—
support for operational functions in analyzing the
feasibility of their environmental policies, and in planning
actions to be implemented in the supply chain and within
the framework of the Company’s Travel policy;
—
support for the selection of climate scenarios and review
of the financial evaluation of climate hazards, whether
physical or transitional, proposed by the Corporate
Strategy and Sustainable Development departments; and
recording any consequences on the Company’s financial
statements;
—
training for Audit Committee members on CSRD
expectations.
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Sustainability Statement
2
The Audit & Risks department
It is described in Chapter 5, in paragraph 5.2 “Business Risk
Management and Internal Control”, and the internal control
and risk management system for sustainable development is
set out in paragraph 2.2.1.3.5 “GOV_5 – Risk Management
and Internal Controls over Sustainability Statement”.
2.2.1.3.3
GOV_3 – Integration of
Sustainability‑related Performance in
Incentive Schemes
In order to involve managers and employees in the Company’s
development and performance, Dassault Systèmes sets up
short- and medium‑long term incentive mechanisms:
—
annual compensation may be structured as a fixed
and a variable component, the latter being indexed to
the performance of the employee concerned or of the
Company; and
—
performance shares or Dassault Systèmes stock options
may be granted annually, with acquisition subject to a
condition of presence and performance assessed over a
3‑year period.
These incentive mechanisms systematically include financial
performance criteria, such as growth in earnings per share or
operating margin.
In line with the Company’s sustainable development
roadmap, ESG criteria were included for the first time in
2020 in the performance criteria conditioning the Chief
Executive Officer’s variable annual compensation. In 2021,
these criteria were extended to the other members of the
Executive Committee.
For People managers (i.e. 14.1% of the total population), a
criterion linked to inclusion and engagement of their teams
has been included, since 2022, in the objectives to measure
their annual performance.
(1)
Dassault Systèmes performance share and stock option plans.
Lastly, since 2023, the Company’s Long-Term Incentive
plans (1), which cover 12% of the Company’s employees
including the Chief Executive Officer and members of the
Executive Committee, have also included ESG criteria.
In 2024, the weighting of ESG criteria (in relation to all
applicable criteria) represented:
—
for the Chief Executive Officer’s variable annual
compensation: 15%;
—
for the annual variable compensation of Executive
Committee members: 5% for the common base of ESG
criteria, then each member in charge more specifically
of the pillars of the Company’s sustainable development
policy is assigned targets specific to his or her area,
bringing the weighting of ESG criteria for two Executive
Committee members to 25%;
—
for Long-Term Incentive plans: 20%;
—
for measuring the annual performance of People
managers: 15%.
With regard to the nature of the criteria, for the variable
annual compensation of the Chief Executive Officer and
Executive Committee members, it was decided to adopt a
common set of criteria known as the “ESG Indicator”.
In 2024, the ESG Indicator broke down as follows:
—
a social criterion (representing a quarter of the ESG
Indicator): employee pride and satisfaction measured by
an annual internal survey;
—
a governance criterion (representing a quarter of the
ESG Indicator): proportion of women on the Board
of Directors, the Executive team and among People
managers;
—
two climate‑related criteria (representing two quarters of the ESG Indicator):
Handprint
Footprint
Type of criterion
Share of total IFRS revenue (software
and services) considered eligible to EU
Taxonomy (see also paragraph 2.2.2.2.2.B
“Metrics and Targets relating to Strategic
Matter 1: Contributing to Industry
Decarbonization and Circularity through
Dassault Systèmes’ Sustainability
Portfolio”).
Reduction of greenhouse gas emissions in line with targets
submitted to the Science-Based Targets initiative (SBTi) (see
also paragraph 2.2.2.2.3.B.1 “Metrics and Targets relating to
Dassault Systèmes’ Carbon Footprint”):
—
emissions from Dassault Systèmes’ own operations
(Scope 1 and 2) and business travel and employees’
commute (Scope 3); and
—
percentage of suppliers (by weight of emissions) with
science‑based reduction targets.
Weighting
within
climate‑related
criteria
50%
50%
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For Long-Term Incentive plans, three ESG criteria have been
selected:
—
the same governance criterion as the one included in the
ESG Indicator (weighting of one‑third); and
—
the same two climate‑related criteria as those included in
the ESG Indicator (weighting of two‑thirds with the same
50%/50% split between the two criteria).
Climate‑related criteria thus accounted for:
—
7.5% of the criteria governing the Chief Executive
Officer’s variable annual compensation;
—
respectively 22.5% and 12.5% of the criteria governing
the variable annual compensation of the two Executive
Committee members specifically in charge of the pillars
of the Company’s sustainable development policy;
—
13.3% of criteria included in Long-Term Incentive plans
awarded in 2024.
For 2025, it has been decided, for the Handprint part, to
supplement the criterion of eligibility of total IFRS revenue
to EU Taxonomy with a criterion linked to alignment, with a
50%/50% weighting between the two criteria. This change
applies to the variable annual compensation of the Chief
Executive Officer and Executive Committee members, as well
as to Long-Term Incentive plans.
The
two
environmental
criteria
selected
measure
Dassault Systèmes’ contribution to the decarbonization of
the economy, by activating two levers whose performance
measurement is based on standardized and recognized metrics,
(1)
By the end of the century, compared with pre‑industrial levels.
namely the Science-Based Targets initiative (SBTi) and the EU
Taxonomy reference framework. The two levers are:
—
reducing the Company’s environmental footprint: the
targets set and validated by the Science-Based Targets
initiative are aligned, for Scopes 1 and 2, with the
trajectory of limiting global warming to 1.5°C (1) and, for
Scope 3, with current best environmental practices; and
—
reducing the environmental footprint of its customers:
Dassault
Systèmes
has
undertaken,
within
the
framework of the EU Taxonomy, a structured approach
to documenting its positive impact on the reduction
of greenhouse gas (GHG) emissions generated by
operations, as well as products or services designed by
its customers. The inclusion of the criterion linked to
the growth in revenue considered as aligned within the
meaning of this standard in the variable compensation
mechanisms encourages the development of the portfolio
and the growth in sales linked to these solutions.
The principles and criteria applicable to the variable
compensation of the Chief Executive Officer and Executive
Committee members are reviewed by the Compensation
and Nomination Committee and, in the case of the Chief
Executive Officer, approved by the Board of Directors before
being submitted to the General Meeting of Shareholders for
approval.
The principles and criteria applicable to Long-Term Incentive
plans are set by the Board of Directors, after review and on
the recommendation of the Compensation and Nomination
Committee.
With regard to ESG criteria, the proposal was made by the
Sustainability Steering Committee.
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Sustainability Statement
2
2.2.1.3.4
GOV_4 – Statement on Due Diligence
A reconciliation table between the topics covered by the due diligence process and the material strategic matters identified in
the double materiality assessment is provided below.
Core Elements of Dassault Systèmes’
Due Diligence Process
Paragraphs in the Sustainability Statement
Paragraph
Number
a) Embedding due diligence in
governance, strategy and
business model
GOV_2 – Information provided to and Sustainability Matters addressed
by the Company’s Administrative, Management and Supervisory Bodies
2.2.1.3.2
b) Engaging with affected
stakeholders at all key steps
of the due diligence
SBM_2 – Interests and Views of Stakeholders
2.2.1.4.2
c) Identifying and assessing
adverse impacts
SBM_3 – Material Impacts, Risks and Opportunities and their Interaction
with Strategy and Business Model
IRO_1 – Description of the Process to identify and assess material
Impacts, Risks and Opportunities
2.2.1.4.3
2.2.1.5
d) Taking actions to address
those adverse impacts
ESRS2 – General Information
E1 – Climate Change
S1 – Own Workforce
S4 – Consumers and End-Users
2.2.1
2.2.2.2
2.2.3.1
2.2.3.4
e) Tracking the effectiveness
of these efforts and
communicating
GOV_1 – The Role of Administrative, Management and Supervisory Bodies
2.2.1.3.1
2.2.1.3.5
GOV_5 – Risk Management and Internal
Controls over Sustainability Statement
The general risk management and internal control process is
described in paragraph 5.2.3 “Processes” and the associated
governance is described in paragraph 5.2.2 “Organizational
Framework”. All the Company’s risk typologies are covered,
particularly those relating to Sustainability.
Risk management relies on a dedicated team within the
Audit & Risks department and on a Risk Management
Steering Committee. Both ensure that risks are identified
and dealt with at the level of Dassault Systèmes entities
and organizations, or at the level of the Company. Under
the supervision of the General Secretary, the Steering
Committee comprises the Audit & Risks department, the
Legal department, the Sustainable Finance department
(responsible within the Finance department for orchestrating
the entire non‑financial reporting process), and the Human
Resources department. Since 2022, the Audit & Risks
department has been under the responsibility of the General
Secretary.
During its meetings in 2024, the Risk Management Steering
Committee worked in particular on the methodological
consistency between the risks, impacts and opportunities
linked to CSRD and the Company’s overall risk management
and risk evaluation.
The methodology used for the ESRS1 double materiality
assessment is presented in paragraph 2.2.1.5.1 “IRO_1 –
Description of the Process to identify and assess material
Impacts, Risks and Opportunities”. It has been drawn up
in line with Company risk management methodology, in
particular with regard to:
—
the scale for estimating the likelihood and the scale for
estimating the materiality of impacts;
—
correspondences between the risks addressed in the
Company’s risk management and the risks, impacts
or opportunities identified within the CSRD. These
correspondences did not require any significant changes
to the existing risk map;
—
assessment of materiality in the short and medium term:
this assessment is consistent with the severity of impact
assessed within the Company’s risk management.
The Audit & Risks department reviewed the double
materiality assessment regularly during its preparation.
In 2024, the Audit & Risks department oversaw the
implementation of internal controls relating to quantitative
reporting on sustainability topics, which is based on the
following pillars:
—
an operational reporting chain which, with the necessary
segregation of duties, covers the functions of collecting
basic information internally and from third parties,
estimating and calculating datapoints, checking these
data, periodically closing the accounts and reporting to
the head office;
—
a central sustainability reporting function responsible
for consolidating sustainability performance metrics and
published datapoints;
—
the documentation of ESG information accounting
and consolidation principles, covering reporting on
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quantitative datapoints in Environment, Social and
Societal, Governance; and
—
ICSR“ (Internal Control over Sustainability Reporting)
internal control points, defined and integrated into the
Company’s internal control framework and processes,
itself associated with risk mapping (see paragraph 5.2.3.2
”Internal Control Process“). ICSR internal control points
will be regularly assessed as part of the Company’s
internal control assessment program.
The Audit & Risks department carries out targeted audits
using a risk‑based approach. To this end, it has reinforced
sustainable development topics in its recent audits (for
example, in 2023: audit of the electrical/electronic waste
management policy and in 2024: audit of the anti‑corruption
system).
All teams involved in the sustainability reporting chain have
been trained in the Company’s internal control principles.
The Audit & Risks department has been trained in the specific
challenges of sustainability reporting.
The Audit & Risks department is committed to ensuring that
controls are in place over quantitative datapoints, in line with
COSO standards and in parallel with the implementation of
reporting principles, processes and systems. Some of these
controls have been integrated into new or existing reporting
systems.
The main risks were identified by analyzing the reporting
systems in place, the central functions involved and the
contributions of the various entities. In view of the highly
centralized nature of the information systems used or
established at Dassault Systèmes, priority was given to:
—
the methodological risk of collection, calculation and
estimation;
—
integrity risks (“greenwashing”).
The Audit & Risks department has identified six potential
sources of risks to the quality of quantitative sustainability
information:
—
ill‑defined
collection,
calculation
and
estimation
methodology;
—
errors in calculation or estimation parameters;
—
lack of quality control and integrity of master data from
the Company’s own or third‑party management systems;
—
deficient collection and consolidation processing;
—
the absence of final validation by the responsible
executive;
—
the main risks associated with information systems:
secure access, data security and change management.
To control these risks, four categories of internal control
points have been defined: Methodology validation, Data
validation,
Reporting
systems
control,
Management
certification:
These controls have been adapted to the environmental,
social and societal, and governance domains. They are
carried out by roles assigned to designated actors in the
organizations contributing to sustainability reporting, and
defined in such a way as to ensure segregation of duties in
order to guarantee the integrity of the reporting.
Existing internal controls on information systems have been
extended, as necessary, to sustainability information by the
Information Systems department. These controls will be
adapted as the information system evolves.
The Audit & Risks department has substantially tested
the existence of collection, calculation and estimation
methodologies
for
all
the
quantitative
datapoints
communicated for 2024.
The sustainability reporting chain was set up using DPEF
(“Déclaration de Performance Extra Financière”- Annual
non‑financial performance report) contributors, mainly from
the Sustainable Development, Legal and Human Resources
departments as well as the Sustainable Finance department,
with the addition of new participants. Concerning the
qualitative metrics:
—
the internal control points thus defined were presented
to the responsible members in the reporting chain, and in
particular to the new contributors of basic information or
estimates;
—
from 2025 onwards, these checkpoints will be carried
out on a quarterly or half‑yearly basis, to ensure the
quality of the datapoints and make action monitoring
and management more reliable.
As explained in paragraph 2.2.1.3.1 “GOV_1 – The role of
Administrative, Management and Supervisory Bodies”
on the Board of Directors’ approach to sustainability, the
conclusions of the Sustainability Steering Committee’s work
are presented to all independent directors (e.g. all members
of the three committees of the Board of Directors), at a
session devoted to risk prevention and management.
In 2024, at a special ESRS training session, the Audit &
Risks department presented the Audit Committee with an
assessment of the implementation of the internal control
over sustainability reporting. The assessment of this
internal control has been incorporated into the Company’s
standard internal control assessment program, and will be
summarized at regular Audit Committee meetings from 2025
onwards (see paragraph 5.2.3.2 “Internal Control Process”).
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2
2.2.1.4
SBM – Strategy and Business Model
2.2.1.4.1
SBM_1 – Strategy, Business Model and
Value Chain
Strategy, Markets and Solutions Portfolio
The Company’s strategy and product portfolios are described
in Chapter 1, particularly in paragraph 1.4 “Business
Activities”, some of which are summarized below.
At the start of 2024, Dassault Systèmes unveiled its horizon
for 2040: that of the generative economy, the fruit of the
convergence of the experience economy and the circular
economy. To enable more sustainable uses and lifestyles,
the Company’s ambition is to help its customers move
beyond the mechanistic logic that governed industry and
the economy in the last century. Tomorrow’s leaders will
be those who know how to draw inspiration from the living
to generate rather than consume. It’s about innovating in a
balanced approach (giving back to the planet as much as we
take from it) to improve the lives of consumers, patients and
citizens. The generative economy is a knowledge economy,
and therefore a virtual economy. As knowledge and
know‑how become Dassault Systèmes’ customers’ primary
competitive assets, virtual assets – where this intellectual
property is developed – concentrate most of the value.
Dassault Systèmes’ commitment stems from this long‑term
strategy: it must be remembered that virtual worlds were
created for sustainable development.
Indeed, the first 3D representations were designed to replace
physical prototyping, thereby saving materials, energy
and resources. Invented by Dassault Systèmes in the early
1990s, Product Lifecycle management (PLM) is part of a
balanced and circular approach to industry. The Company’s
solutions enable its customers to transform the way they
invent, learn, manufacture and sell, by enhancing the real
with the virtual. In particular, they optimize weight, material
consumption and energy use, while guaranteeing both
environmental and functional sustainability.
In 2020, Dassault Systèmes announced its ambition to create
a virtual twin of the human body. This representation, which
combines the virtual and the real, integrates modeling,
simulation and data analysis. It brings together biosciences,
material sciences and information sciences to harness the
data of an object in a virtual model that can be configured
and simulated.
Based on the 3DEXPERIENCE platform, Dassault Systèmes’
13 brands play a key role in designing more sustainable
products and experiences.
These brands are grouped into five application families (see
paragraph 1.4.2 “Dassault Systèmes’ Offering”):
—
collaborative applications: 3DEXCITE, CENTRIC PLM, ENOVIA;
—
3D modelling applications: SOLIDWORKS, CATIA, GEOVIA,
BIOVIA;
—
simulation applications: SIMULIA, DELMIA, 3DVIA;
—
information intelligence applications: NETVIBES, MEDIDATA;
—
infrastructure for business experiences: OUTSCALE.
Dassault Systèmes is also developing virtual twin experiences
as part of its Industry Solution Experience portfolio, enabling
it to push back the boundaries of innovation, learning and
production.
Dassault Systèmes operates in the ESRS information
technology sector, and its portfolio covers twelve industries,
divided into three main business sectors:
—
Manufacturing Industries: Transportation & Mobility;
Aerospace & Defense; Marine & Offshore; Industrial
Equipment; High-Tech; Home & Lifestyle; Consumer
Packaged Goods – Retail;
—
Infrastructure & Cities: Infrastructure, Energy & Materials;
Architecture, Engineering & Construction; Business
Services; Cities & Public Services;
—
Life Sciences & Healthcare.
Dassault Systèmes’ software solutions are not subject to any
prohibitions, with the exception of any restrictions resulting
from applicable export regulations and sanction programs
which the Company complies with. Nevertheless, as part of
its commitment to sustainable innovation, the Company has
defined a “3DS Acceptable Use” Policy. In accordance with
this policy, Dassault Systèmes does not engage with new
customers meeting certain criteria in four market segments,
and/or does not develop products or services in these
segments. These market segments are: coal (for energy
purposes), tobacco (including the production of electronic
cigarettes), “universally prohibited” weapons, and oil and gas
(where no public commitment to reduce carbon emissions
has been made).
The brand portfolio and industries served by the Company
did not change significantly during 2024, particularly in
the absence of any major acquisitions, and continue to be
analyzed as a single, homogeneous sector in the double
materiality assessment.
Some solutions make a greater contribution than others to
environmental matters such as energy, climate, resource
use and circularity. The specific characteristics of each brand
are described in Chapter 1, paragraph 1.4.2.3 “Software
Applications Portfolio”, then detailed in paragraph 2.2.2.1
“EU Taxonomy”.
Similarly, among the twelve industries served, Transportation
& Mobility, Aerospace & Defense, and Infrastructure & Cities
face particularly urgent sustainability challenges. However,
decarbonization remains an imperative for all industries,
including the brown sectors defined by the EU Taxonomy.
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However, the following points are worth noting:
—
that the Transportation & Mobility industry is moving
towards a more sustainable business model, with
cars designed to last, be repairable and recyclable.
Virtual twins help customers to simulate and optimize
vehicles, in particular by reducing their weight to
limit the consumption of raw materials and energy.
Dassault
Systèmes
has
made
supporting
the
electrification of transport a strategic priority;
—
secondly, that the Company is strengthening its
Circularity strategy by integrating eco‑design and
optimization of material flows. The solutions provided by
the GEOVIA, BIOVIA and SIMULIA brands, in particular,
enable the emergence of new materials and the
simulation of their reliability and behavior, while DELMIA
models and simulates the new disassembly, recycling
and logistics processes that will have to accompany the
implementation of circular practices.
To define its circular economy priorities, Dassault Systèmes
works closely with experts such as the Ellen MacArthur
Foundation and Circul’R. The targets are to create solutions
that enable all sectors served by Dassault Systèmes to
develop innovative and efficient circular economy practices.
In addition, the Company’s portfolio of solutions for the Life
Sciences & Healthcare sectors, based on its 3D modeling and
information intelligence capabilities, is making a growing
contribution to societal healthcare matters and to the
Company’s growth. By 2024, this product line will account
for 20% of the Company’s IFRS software revenue.
Company’s Business Model and Value Chains
They are structured around the following key elements, as
described in chapter 1, paragraph 1.4 “Business Activities”.
The development of all Dassault Systèmes software
solutions, whether available on premise or in the cloud,
relies on in‑house Research & Development, carried out by
the Company’s 25,000 employees, 41% of whom work in
Research & Development. The Company marginally uses
third‑party components under license, the origin of which is
scrupulously verified.
The production of software solutions relies on a powerful IT
infrastructure requiring servers and network equipment, as
well as hosting and data storage supplied by web services
or data center colocation providers who provide the space
and technical resources (mainly water, energy and complete
cooling systems) needed to run the Company’s servers.
To support its activities, the Company rents offices in the
countries where it operates, to accommodate its employees
and foster a climate of collaboration and innovation. Only
in exceptional cases does the Company own its offices. Its
“Responsible real estate” policy (see paragraph 2.2.2.2.3.A
“Policies and Key Actions relating to Strategic Matter 2:
Limiting Carbon Footprint of Dassault Systèmes’ Operations
and its Value Chain in a Growth Context”) aims to reduce the
energy footprint of its buildings and improve their energy
efficiency.
The Company also ensures that its development and
production activities have the necessary resources in terms
of quantity, quality and lead times. Equipment supply chain
management is overseen by the central departments, in
collaboration with the Procurement department, which is
responsible for selecting suppliers. Procurement is organized
by category, in line with Dassault Systèmes’ critical needs.
The “Responsible procurement” policy guarantees the
diversification of sources of supply and integrates criteria
of sustainability and medium- and long‑term resilience into
the selection of suppliers. The Company’s main suppliers
essentially relate to purchase of IT equipment, data and
software hosting networks, real estate leases and numerous
professional services.
The professional services subcontracting chain is non‑material
in the eyes of the other actors.
With
regard
to
its
downstream
value
chain,
Dassault Systèmes serves more than 370,000 customers
through a multi‑channel sales and support model (see
paragraph 1.4.2.6 “How Dassault Systèmes engages with
Customers”):
—
in‑house teams dedicated to sales and support for major
customers;
—
a sales force of more than 14,000 people within
a network of value‑added resellers promoting the
Customers Process Experiences and Customers Role
Experiences engagement modes, and a network of
integrators. These business partners, trained and
certified, guarantee customers optimal adoption of the
Company’s technologies;
—
fully online distribution, with online delivery and
deployment of solutions, including on premise solutions.
The use of Dassault Systèmes software requires a suitable IT
infrastructure and sufficient resources to guarantee optimal
performance, particularly for large companies. To reduce the
carbon and energy footprint of these infrastructures, the
Company offers cloud solutions, enabling its customers to
reduce their hardware requirements.
Dassault Systèmes has also developed an ecosystem of
partners covering several fields:
—
research, with over 200 partners from universities and
research institutes;
—
education, supporting more than ten million students
as they prepare for the careers of tomorrow through a
dedicated EDU offering;
—
accessibility to solutions and services, via a network of
partners structured around its Marketplace.
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Environmental, social, societal and governance responsibility
Sustainability Statement
2
Dassault Systèmes considers the pressure on planetary
boundaries to be a crucial issue of sustainability. This requires
economic actors to think in depth about their consumption of
resources on the one hand, and the development of solutions
on the other, to reduce resource consumption right from
the innovation process and reduce the Climate impact of
industries. Dassault Systèmes’ virtual twins make it possible
to optimize material, energy and water consumption right
from the design stage. In addition, the Company maintains
lasting relationships of trust with its customers, partners and
suppliers.
2024
2023
Variation
2024‑2023
ESRS DATAPOINTS
Headcounts (*)
25,000
24,633
367
1.5%
Revenue IFRS (in millions of euros)
6,214
5,951
262
4.4%
(*)
Headcounts on December 31, 2024. Includes employees with permanent employment contracts, and employees with fixed‑term employment contracts, including
apprenticeship contracts.
›
Sustainability Targets
The Company’s sustainability strategy is based on a set of medium- and long‑term targets summarized in the Sustainability
Compass and widely shared with stakeholders.
aligned Revenue
to EU Taxonomy
2027
40%
R
E
D
U
C
E
O
UR
F
O
OT
PR
IN
T
D
E
V
E
L
O
P
O
UR
H
UM
A
N
CA
PI
TA
L
Scopes 1 & 2
CO2 Emissions
2027
-35%
Scope 3 C02
Emissions Travel(1)
2027
-20%
suppliers in emissions with
science-based targets
2025
50%
CARBON NEUTRALITY
2040
women among
People managers
2027(2)
30%
eligible Revenue
to EU Taxonomy
2027
70%
women in the
Executive team
2027(2)
40%
employees trained on
Ethics and Compliance
2025
95%
employees Pride
and Satisfaction
2025(3)
78%
Developing
an inclusive and ethics
Culture
Maximizing
Dassault Systèmes
Handprint
Committing
to environmentally
Sustainable Operations
(1) Business travel and Employees’ commute.
(2) Only applicable to the extent permissible under local and national laws.
(3) Initially set at 85%, this target is revised in 2024 to 78% by 2025.
S
U
P
P
O
R
T
O
UR
C
US
TO
M
ER
S
2
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Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
2.2.1.4.2
SBM_2 – Interests and Views of
Stakeholders
Dassault Systèmes has identified twelve key stakeholder
categories, including public authorities and regulators,
investors, customers, suppliers, business partners, employees,
users (some of them influencers), professional unions and
networks, competitors, Academia and associations.
In 2023, Dassault Systèmes carried out an in‑depth review
of its stakeholder mapping in order to more accurately assess
their expectations and influence on the Company. To this
end, the Sustainable Development department conducted
two internal surveys. The first assessed the level of influence
of the twelve stakeholder typologies on Dassault Systèmes’
business, with regard to its sustainability challenges. The
second survey involved employees who interact with these
stakeholders on a regular basis, in order to assess both their
level of expertise on the criteria defined by the ESRS and
SASB, and their level of expectation and interest vis‑à‑vis the
Company on these same criteria.
Cross‑analysis of the results of these surveys enabled
Dassault Systèmes to draw up a stakeholder mapping
classified according to their level of influence and
expectations vis‑à‑vis the Company. This map was then
divided into priority quadrants:
KEEP SATISFIED
MONITOR
Associations
Academia
Suppliers
Influencers
Competitors
Prof. unions & networks
Business partners
Authorities
& Regulators
Investors
Customers
Employees
Users
Influence
STAKEHOLDERS MAPPING
Expectations
MANAGE CLOSELY
KEEP INFORMED
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Sustainability Statement
2
A)
Dialogue and Interaction with Stakeholders
In 2024, Dassault Systèmes maintained its dialogue with
stakeholders. This dialogue was structured around exchanges
with investors, customers, influencers, suppliers, Academia,
associations, professional networks and unions.
The Company has maintained its quarterly meetings with
investors and adapted its annual employee consultation.
It has also initiated a direct dialogue with its customers
and suppliers on CSR issues, in addition to its annual
forums. This consultation, conducted with an independent
consultant, drew on the conclusions of the double materiality
assessment to ensure that it met the expectations of these
stakeholders.
Discussions confirmed strong alignment between customers,
suppliers and Dassault Systèmes on the twelve strategic
sustainability matters, notably on the relevance of its
software offering and the ambition of its decarbonization
commitments. However, there is still room for improvement,
particularly in terms of exploring new opportunities for
cooperation.
A.1) Customers
Dassault Systèmes continues to expand its portfolio
of solutions to support its customers in all aspects of
sustainability. It interacts regularly with them to adjust
its products and innovations to their specific needs and
challenges.
A.2) Suppliers
Increased dialogue on sustainability matters, particularly
in the IT equipment and cloud services value chain, should
accelerate the decarbonization of the digital industry as a
whole. Other supplier dialogue processes are described in
paragraph 2.2.4.1.1 “Management of Strategic Matter 11:
Promoting Sustainable Procurement”. It should be noted
that through the EcoVadis Platinum rating obtained in 2024
and the responses to the CDP (Carbon Disclosure Project)
questionnaire, the Company meets a large proportion of the
ESG requirements as expressed by its business relations,
both customers and suppliers.
A.3) Employees
Employees are at the heart of the Company’s mission
and long‑term development. It is therefore essential to
understand their interests and points of view, within a
framework of open communication. Employees have a
number of direct and indirect channels of communication at
their disposal:
—
an annual satisfaction survey enables them to express
their views on five dimensions: (i) the meaning of work,
including understanding of the Company’s strategy and
its commitment to sustainable development, (ii) the
quality of management, (iii) the competitiveness of the
working environment, (iv) the quality of collective life
and (v) pride in working for Dassault Systèmes;
—
the
exchange
communities
available
on
the
3DEXPERIENCE platform enable employees to comment
on information shared by the Company, ask questions
and share ideas, which are analyzed, qualified and
potentially give rise to initiatives;
—
occasional surveys to target specific topics or particular
moments in employees’ experience;
—
dialogue
with
employees’
representatives
in
the
countries concerned, in the form of information or
consultation, providing an opportunity to express
employees’ concerns, expectations and rights.
The main orientations derived from this, and which have
inspired the 2024 action plans as well as those for the
next three years, are: skills development and professional
evolution,
contribution,
recognition
and
employees’
engagement, in particular the meaning of work, professional
equity and inclusion.
A.4) Business partners
Each
year,
Dassault
Systèmes
brings
together
representatives of its two major indirect distribution
networks at global or regional events in order to involve
them in the Company’s strategy and hear their needs. This
ensures mutually beneficial business development over the
long term. Details of the events held in 2024 can be found
in topical section S2 in paragraph 2.2.3.2.2 “Management
of Strategic Matter 8: Developing Skills of Business Partners
and Education Networks, and supporting Innovation and
Scientific Ecosystems”.
A.5) Consumers and end‑users (for some influencers)
End‑users (for some influencers) can express their needs
and difficulties at numerous professional forums and
conferences, hosted by Dassault Systèmes or other actors.
The Company pays particular attention to patients and
non‑professional users of MEDIDATA solutions in clinical
trials. To improve the user experience and ensure that
expectations are optimally taken into account, including
in terms of data protection, Dassault Systèmes has set up
Patient Advisory Boards, notably the MEDIDATA Patient
Insight Board. These boards, made up of patient partners,
encourage direct dialogue with the Company to improve
Dassault Systèmes’ solutions proposed.
A.6) Investors
As a company listed on Euronext Paris and a member of
the CAC 40 index, Dassault Systèmes maintains a regular
dialogue with the financial community to present its financial
situation, strategy and outlook. These exchanges take
place through its periodic communications, including the
publication of financial results, investor conferences, the
Annual General Meeting and Capital Markets Day, as well
as during specific meetings on ESG matters. In 2024, the
Company met with over 1,200 investors.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
A.7) Public Authorities and Regulators
Interactions with public authorities as regulators focus
mainly on industrial and digital sovereignty (national and
European), disruptive innovations serving the ecological
transition and innovation in the context of public health
policies. In terms of ESG and ecological transition, these
interactions focus on regulations, environmental innovation
and the promotion of digital technology to support the
transition.
In addition, the Company seeks to build relationships of trust
with the authorities, both national and European, based
on transparency and cooperation in mutual respect. For
example, in November 2023, Dassault Systèmes SE entered
into a Tax Partnership with the French tax authorities, based
on a principle of transparency, and aimed at establishing a
long‑term working relationship.
Finally,
Dassault
Systèmes’
commitment
to
public
authorities is based on transparency, in line with applicable
regulations and best practices, and explicitly respects the
Corporate Social Responsibility Principles enshrined in the
United Nations Global Compact, of which Dassault Systèmes
is a signatory.
A.8) Academia, Associations, Unions and Networks
Dialogue with these stakeholders takes place either within
the framework of business relations, notably with the
academic world, or through the results of rating agency
questionnaires, which enable this broad ecosystem to
evaluate and question Dassault Systèmes’ sustainability
themes.
The Company pays particular attention to academic
institutions, as developing the skills needed for a more
sustainable industry is critical for future generations. This
translates into the dissemination of innovative approaches
such as product Life Cycle Assessment (LCA), with the
ambition of spreading more sustainable design practices
within the academic world. These activities are strengthened
through various engagements with government bodies, such
as the strategic partnership established in October 2024 with
the French Ministry of Education to accelerate vocational
education in the professions of the industry of the future.
Dassault Systèmes coordinates several student competitions
aimed at rewarding sustainable projects; thus, the Aakruti
competition saw over 8,000 students from 339 schools in
11 countries in Europe and Asia compete in 2024.
For other stakeholders, the dialogue is conducted primarily
through the results of questionnaires issued by rating
agencies or associations, enabling this broad ecosystem
to assess and question Dassault Systèmes’ sustainability
themes. In 2024, the Company voluntarily responded to
several benchmark ESG questionnaires, such as MSCI,
EcoVadis, S&P Global CSA, CDP, Sustainalytics and ISS
ESG, as well as to that of FIR (Forum des investisseurs
responsables). The results, up on the previous year, confirm
the Company’s good position within its sector in all three
ESG dimensions, and testify to the high level of transparency
in its practices.
A.9) Competitors
There is no direct dialogue with competitors, apart from
discussions held within the framework of digital industry
trade associations.
B)
Other Stakeholder Information
Feedback from the various forums for dialogue with
stakeholders confirms their overall understanding of the
Company’s strategy, with no major challenges to markets
served, products or social responsibility practices. This
dialogue also makes it possible to better understand
certain expectations and to implement actions to meet the
information or operational needs of stakeholders in the value
chain, in particular own employees of Dassault Systèmes
or its suppliers, who are the subject of action plans and
new orientations (see paragraph 2.2.1.4.2.A “Dialogue and
Interaction with Stakeholders”).
In‑depth dialogue with customers also enables the
“Handprint” strategy to evolve in line with their expectations
and the challenges of industry transition. Although no new
expectations on the part of the Company’s stakeholders are
anticipated, the Company will continue to pursue a more
in‑depth dialogue with some stakeholders in the years to
come.
In 2024, the governance bodies (the Sustainability Steering
Committee, the general management and the independent
directors) were informed of the ESG ratings, which represent
the expectations of a broad spectrum of stakeholders,
notably from the associative world but also from business
relations. The governance bodies were also informed of
changes in employee and investor perceptions through
various committees, but did not receive formal feedback
on certain in‑depth dialogues held late in the year, the
conclusions of which could not be communicated.
Last but not least, the Company’s adherence to the
main principles of corporate social and environmental
responsibility, its business ethics and compliance policy, as
well as its Sustainable Charter with Suppliers demonstrate
the interest and importance it attaches to its stakeholders,
particularly in terms of Human rights vis‑à‑vis its employees
and those in its value chain, as well as vis‑à‑vis affected
communities and end‑users. The policies implemented for
each of these categories are described in the corresponding
topical sections (S1, S2, S3, S4), and particular attention
is paid to ensuring that the strategy and evolution of the
business model do not exacerbate the potential negative
impacts identified, particularly in terms of data protection,
discrimination or harassment.
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Sustainability Statement
2
2.2.1.4.3
SBM_3 – Material Impacts, Risks and Opportunities and their Interaction with Strategy and
Business Model
As part of its double materiality assessment (DMA),
the Company identified 30 material impacts, risks and
opportunities (IROs) according to a process described in
paragraph 2.2.1.5.1 “IRO_1 – Description of the Process
to identify and assess material Impacts, Risks and
Opportunities”). These 30 IROs have been grouped into
12 strategic matters to better articulate the Company’s
sustainability strategy and supporting policies. The graph
below gives a simplified representation of the results of this
DMA.
IMPACT MATERIALITY
DOUBLE MATERIALITY
Assessing the potential impact
of climate transition
Ensuring ethical and transparent
business conduct
Limiting carbon footprint
of Dassault Systèmes' operations
and its value chain in a growth context
Limiting Dassault Systèmes' value chain
pressure on Earth’s Resources
Promoting sustainable procurement
FINANCIAL MATERIALITY
TWELVE MATERIAL STRATEGIC MATTERS
E1
E5
E3
E1
Contributing to Industry decarbonization
and circularity through Dassault Systèmes'
sustainability portfolio
Attracting and preparing the skills for the future
in a competitive talent market
Fostering employees’ engagement to improve retention
Promoting professional opportunities for all employees
nurturing inclusion and creativity
Guaranteeing personal data protection
and securing Dassault Systèmes' customer's data
Improve patient health providing innovative
and secured solutions for a faster
and more efficient access to treatment and care
Developping skills of business partners
and education networks, and supporting innovation
and scientific ecosystems
E5
E1
S1
S1
S1
S4
S3
S3
S4
S2
G1
G1
Number of ESRS Topic
Environment
E
Number of ESRS Topic
Social
S
Number of ESRS Topic
Societal
S
Number of ESRS Topic
Business Conduct
G
The description of material IROs grouped by strategic matter is detailed below by topic: environment, social and societal, and
business conduct.
2
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Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
›
Environment Topic – Material IROs, Strategic Matters and related Policies
Material IROs associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
STRATEGIC MATTER 1: CONTRIBUTING TO INDUSTRY DECARBONIZATION AND CIRCULARITY THROUGH
DASSAULT SYSTÈMES‘ SUSTAINABILITY PORTFOLIO
C5 – Positive impact of
reduced GHG emissions
by industrial customers
using Dassault Systèmes’
solutions
(Topic E1, paragraph 2.2.2.2)
Dassault Systèmes offers its customers a wide range of software
solutions to help them limit the impact of their products, services and
experiences on the climate. The brand portfolio integrates Climate
sustainability levers as defined by current certification standards,
enabling customers in the three sectors of Manufacturing Industries,
Infrastructure & Cities and Life Sciences & Healthcare to accelerate
their mitigation actions.
Within strategic matter 1, this IRO addresses the design of
Dassault Systèmes’ solutions portfolio for Industry decarbonization.
—
Positive Impact
—
Downstream
value chain
—
Short, medium to
long term
C6 –Market
opportunity related
to Dassault Systèmes’
solutions enabling
customers to achieve their
climate objectives
(Topic E1, paragraph 2.2.2.2)
The positive impact of the Company’s software solutions on reducing
its customers’ GHG emissions creates a material financial opportunity
in its downstream value chain, stemming from related prospective
sales opportunities.
In 2024, 68.0% of Dassault Systèmes’ revenue is eligible to the EU
Taxonomy Climate objective, and 34.6% meets the alignment criteria,
illustrating the materiality of this current and potential opportunity
for Dassault Systèmes in a context of accelerated industry
transformation.
Within strategic matter 1, this IRO addresses the design of
Dassault Systèmes’ solutions portfolio for Industry decarbonization.
—
Opportunity
—
Operations
—
Short to Medium
Term
C7 – Positive impact
due to decreasing
Dassault Systèmes’
customers’ carbon
footprint thanks to the
optimized OUTSCALE cloud
Infrastructure
(Topic E1, paragraph 2.2.2.2)
Through its OUTSCALE brand, the Company offers its customers
an optimized cloud infrastructure, enabling them to significantly
reduce their IT infrastructure requirements and also their energy
consumption. This positive impact results from the pooling of
customers’ needs, as well as OUTSCALE’s implementation of an
optimized operating system for its cloud infrastructures. Industry
studies show that moving software solutions to the cloud saves
customers at least 30% in infrastructure energy consumption. In
2024, Dassault Systèmes’ cloud‑based revenue represented 24% of
non-IFRS software revenue and grew by +7% at constant currencies,
demonstrating the materiality of the impact.
Within strategic matter 1, this IRO addresses the design of
Dassault Systèmes’ solutions portfolio for Industry decarbonization.
—
Positive Impact
—
Downstream
Value Chain
—
Short to Medium
Term
R3 – Positive impact on
resource pressure thanks
to Dassault Systèmes’
solutions enabling
eco‑designed product
development
(Topic E5, paragraph 2.2.2.4)
Dassault Systèmes offers its customers a range of software solutions
to enable them to engage in an eco‑design approach for their
products. The brand portfolio integrates Circularity levers enabling
customers in the Manufacturing Industries and Infrastructure & Cities
sectors in particular to accelerate their mitigation actions.
This IRO addresses, within strategic matter 1, the design of a
solutions portfolio for circularity.
—
Positive Impact
—
Downstream
Value Chain
—
Short, Medium to
Long Term
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Sustainability Statement
2
Material IROs associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
R4 – Financial opportunity
linked to Dassault Systèmes’
solutions enabling its
customers to achieve their
circular economy objectives
(Topic E5, paragraph 2.2.2.4)
The positive impact on the preservation of natural resources linked
to the use of the Company’s eco‑design software solutions by
its customers described in the IRO R3 creates a material financial
opportunity by revealing more prospective customers and sales
opportunities.
In 2024, 65.2% of Dassault Systèmes’ revenue is eligible to the
EU Taxonomy’s Circularity objective, and 20.6% of its revenue
meets both the Climate and Circularity alignment criteria,
illustrating the materiality of this current and potential opportunity
for Dassault Systèmes in a context of accelerated industry
transformation.
This IRO addresses, within strategic matter 1, the design of a
solutions portfolio for circularity.
—
Opportunity
—
Operations
—
Short to Medium
Term
STRATEGIC MATTER 2: LIMITING CARBON FOOTPRINT OF DASSAULT SYSTÈMES’ OPERATIONS AND ITS VALUE CHAIN IN A
GROWTH CONTEXT
C1 – Negative impact on
carbon footprint related to
growing intensive digital
activity
(Topic E1, paragraph 2.2.2.2)
According to several sector studies, the digital sector accounts for a
non‑marginal and growing share of global GHG emissions: 3.5% of
global GHG emissions in 2019, with an increase rate of around +8%
per year according to independent studies. This increase is driven by
the growing energy requirements in the production processes of IT
equipment, software, networks, data centers and their use, as well
as the storage and operation of a growing volume of data notably
driven by the development of Artificial Intelligence (AI). Given its
sector of activity and its growth, Dassault Systèmes contributes to
this negative impact on Climate, and is committed to strong action to
reduce its carbon footprint. This impact results from the Company’s
own operations, its upstream value chain and the use of its solutions
by its customers.
—
Negative Impact
—
Operations
and Up- and
Downstream
Value Chain
—
All time horizons
C2 – Negative impact of
increasing carbon footprint
related to growing needs of
offices, Business Travel &
Employees’ Commute
(Topic E1, paragraph 2.2.2.2)
Dassault Systèmes’ carbon footprint includes GHG sources linked
to office use, business travel, employees’ commute, and the use of
various professional services. These GHGs are closely linked to the
Company’s growing headcount, and weigh heavily on its carbon
footprint. This impact is considered essentially on the Company’s own
operations, and is likely to persist.
—
Negative Impact
—
Operations
—
All time horizons
STRATEGIC MATTER 3: LIMITING DASSAULT SYSTÈMES’ VALUE CHAIN PRESSURE ON EARTH’S RESOURCES
W1 – Negative impact due
to degradation and overuse
of fresh water resources
resulting from potentially
non‑sustainable water use
by Dassault Systèmes’ IT
equipments and Hosting
services supply chain
(Topic E3, paragraph 2.2.2.3)
The digital industry consumes water throughout the entire IT
equipment production process, in particular for the manufacture of
microprocessors and the plastic chain. According to industry studies,
the production of a laptop could consume several thousand liters per
unit. The Company operates several data centers, which consume
water in their cooling systems. Given its growth strategy, and in
particular its cloud offering, it is increasing its indirect impact on
freshwater consumption, even though its own operations have no
material impact on water.
This IRO addresses, within strategic matter 3, the limitation of the
pressure exerted by the Dassault Systèmes value chain on water and
marine resources.
—
Negative Impact
—
Upstream Value
Chain
—
Short to Medium
Term
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Material IROs associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
R1 – Negative impact from
pressure on resources due
to digital industry products
lifecycle management
across the value chain,
from resources to waste
management
(Topic E5, paragraph 2.2.2.4)
The manufacture of IT equipment necessary for the Company’s
business and the use of the software solutions it develops involves
the use of natural resources.
Moreover, the limited lifespan of IT equipment creates a problem for
the management of electronic waste, the recycling of which is still
limited.
In this context, the Company considers that its potential negative
impact on natural resources is a material matter, largely localized in its
value chain, with a long‑term effect due to the low recycling rate of
this waste.
This IRO addresses, within strategic matter 3, the limitation of the
pressure exerted by the Dassault Systèmes value chain on Earth’s
resources, in connection with the circular economy.
—
Negative Impact
—
Operations
and Up- and
Downstream
Value Chain
—
All time horizons
STRATEGIC MATTER 4: ASSESSING THE POTENTIAL IMPACT OF CLIMATE TRANSITION
C3 – Financial risk related
to climate change scenarios,
including carbon tax
(Topic E1, paragraph 2.2.2.2)
In view of the latest publications by the Intergovernmental Panel
on Climate Change (IPCC) concerning the most likely climate change
scenarios and their potential physical, political, legal, technological
and socio‑economic impacts, the climate transition represents a
financial risk for the Company. This risk is from the GHGs emitted by
its own activities as well as its upstream value chain, and the potential
impact of this transition on its customers and their markets.
In the medium to long term, some of Dassault Systèmes’ customers
could find it difficult to meet the demands of the energy and
sustainable transition, which could have an indirect negative impact
on the Company’s revenue and operating income. The implementation
of poorly anticipated regulatory restrictions impacting customers,
such as the introduction of a carbon tax at Europe’s borders as early
as 2026, or the banning of new cars with internal combustion engines
from 2035 within the European Union, could have a significant impact
on the markets concerned.
—
Risk
—
Operations
—
All time horizons
C4 – Potential financial
and reputation risks
related to not achieving
Dassault Systèmes’
environmental targets
(including potential
excessive use of carbon
credits)
(Topic E1, paragraph 2.2.2.2)
The transition risk described above in IRO C3, such as climate
inaction or failure to meet Climate objectives, could damage
Dassault Systèmes’ reputation and fail to meet the expectations of its
stakeholders (see paragraph 2.2.1.4.2 “SBM_2 – Interests and Views
of Stakeholders”) especially considering the Company’s promise to
develop solutions promoting a rapid transition to a decarbonized and
circular economy.
Failure to meet sustainability targets, in particular objectives relating
to the Company’s solutions for reducing its customers’ environmental
footprint (in line with the EU Taxonomy), as well as targets relating
to the decarbonization of its own activities, could result in a loss of
confidence in the Company, adversely affecting its revenue, operating
income, its employer brand and the interest of SRI investors.
—
Risk
—
Operations
—
Short to Medium
Term
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›
Social and Societal Topic – Material IROs, Strategic Matters and related Policies
Material IROS associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
STRATEGIC MATTER 5: ATTRACTING AND PREPARING THE SKILLS FOR THE FUTURE IN A COMPETITIVE TALENT MARKET
OW3 – Negative impact
of skills & knowledge
obsolescence on workforce
employability
(Topic S1, paragraph 2.2.3.1)
Technological innovations lead to the continuous evolution and
emergence of new skills, which are increasingly in demand on the
job market. In this context, the Company must facilitate employees’
ability to evolve and adapt, by implementing skills management,
learning, knowledge sharing and acquisition programs. Otherwise,
on the employees’ career evolution and employability could be
negatively impacted.
—
Negative Impact
for the employees
—
Operations
—
Short, medium
and long term
OW5 – Financial risk related
to inability to attract
workforce with high level of
expertise
(Topic S1, paragraph 2.2.3.1)
Dassault Systèmes’ growth relies, in particular, on its ability to attract
talents with high levels of expertise and skills that are increasingly
in demand on the job market. If, therefore, Dassault Systèmes
was unable to recruit such talents, this would represent a risk on
the knowledge and know‑how acquisition and consolidation, on
the performance of the teams needed for innovation, and on the
marketing of its solutions.
This could impact its revenue and its operating profit.
—
Risk
—
Operations
—
Short, medium
and long term
OW6 – Financial &
reputation risk related
to skills & knowledge
obsolescence
(Topic S1, paragraph 2.2.3.1)
Skills, knowledge and know‑how are one of the Company’s assets
for its long‑term development. Dassault Systèmes must secure their
adaptation to the evolution of the Company and the environment in
which it operates. Inadequacy or obsolescence of these skills could
lead to a risk for its competitiveness and reputation, resulting in
financial loss.
—
Risk
—
Operations
—
Short, medium
and long term
STRATEGIC MATTER 6: FOSTERING EMPLOYEES’ ENGAGEMENT TO IMPROVE RETENTION
OW1 – Negative impact due
to lack of employees’ reward
and recognition
(Topic S1, paragraph 2.2.3.1)
Recognition of employees’ performance and achievements has a
direct impact on their motivation and engagement at work. The
absence of rewarding programs affects their pride and satisfaction
in working for the Company, leading to a loss of meaning at work, as
well as an increase in employees’ turnover.
—
Negative Impact
—
Operations
—
Short, medium
and long term
OW4 – Financial risk due to
high employees’ turnover
rate
(Topic S1, paragraph 2.2.3.1)
Dassault Systèmes’ operational performance depends in particular
on its ability to secure the required human resources. An increase in
employees’ attrition, especially among key talents, would affect the
Company’s business operations and lead to a risk on its revenue and
operating income.
—
Risk
—
Operations
—
Short, medium
and long term
OW8 – Positive impact of
responsible employment
practices on employment
security
(Topic S1, paragraph 2.2.3.1)
Dassault Systèmes strives to be recognized as a responsible employer
that favors the long‑term employment of locally recruited employees,
thus contributing to sustainable employability within each country in
which it operates. This approach aims to provide employees long‑term
employment prospects and financial resources.
—
Positive Impact
—
Operations
—
Medium and Long
Term
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Material IROS associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
STRATEGIC MATTER 7: PROMOTING PROFESSIONAL OPPORTUNITIES FOR ALL EMPLOYEES NURTURING INCLUSION AND CREATIVITY
OW2 – Negative impact of
inequalities leading to pay
and career development
gaps
(Topic S1, paragraph 2.2.3.1)
Multiple factors, including stereotypes, prejudices and cognitive
biases, influence the reasoning process and distort decision‑making.
Within the Company, these factors could contribute to potential
professional inequalities, resulting in gaps in career development and
compensation.
—
Negative Impact
—
Operations
—
Short, medium
and long term
OW7 – Market or brand
image risk due to a limited
workforce diversity, leading
to lack of consideration of
needs and perspectives in
innovation process
(Topic S1, paragraph 2.2.3.1)
Various studies tend to demonstrate a link between diversity levels of
employees’ profiles and value creation, innovation, and operational
and financial performance of companies. Limited diversity in teams
would be detrimental to innovation by failing to foster the mutual
enrichment of knowledge and creativity through the synergy of
diverse ideas, cultures, experiences and points of view. This could
create a market or brand image risk.
—
Risk
—
Operations
—
Short, medium
and long term
STRATEGIC MATTER 8: DEVELOPING SKILLS OF BUSINESS PARTNERS AND EDUCATION NETWORKS, AND SUPPORTING
INNOVATION AND SCIENTIFIC ECOSYSTEMS
V2 – Positive impact
of Dassault Systèmes’
solutions certification &
training programs on the
employability of resellers
and integrators’ employees
(Topic S2, paragraph 2.2.3.2)
In a context of rapidly evolving technologies, it is essential to actively
adapt one’s skills or acquire new ones throughout one’s working life in
order to maintain employability.
Dassault Systèmes believes that the recognized quality of the
certifications it offers and the experience acquired on the solutions
of one of the market leaders give employees in its value chain a
materially positive advantage in terms of their employability.
This IRO addresses, within strategic matter 8, the development of
business partner network skills.
—
Positive Impact
—
Downstream
Value Chain
—
Short Term
V1 – Potential financial risk
linked to unskilled workforce
of resellers and integrators,
as well as to their talent
retention issues
(Topic S2, paragraph 2.2.3.2)
In addition to its own sales forces, Dassault Systèmes relies on
worldwide networks of value‑added distributors and resellers, as
well as integrators of its software solutions. Dassault Systèmes’
business depends on the performance of these indirect sales forces,
which accounts for a third of its revenue in 2024. If resellers and
integrators of the Company’s software solutions were to lose their
ability to recruit, retain and train their technical sales engineers,
particularly through their level of training in the Company’s solutions,
Dassault Systèmes’ revenue and operating profit could be adversely
affected.
This IRO addresses, within strategic matter 8, the development of
business partner network skills.
—
Risk
—
Downstream
Value Chain
—
Short to Medium
Term
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Material IROS associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
EU2 – Positive impact
on engineers’ lifelong
learning thanks to
Dassault Systèmes’
education offers, and
support to innovation
ecosystems
(Topic S4, paragraph 2.2.3.4)
As with IRO V2, the Company believes that its impact on the
employability of engineers can be materially positive, given the
recognized quality of the academic offerings it provides.
In addition, the Company believes it has a positive impact on its
innovation ecosystems through its collaborations with research and
education partners, the ecosystem of startups it supports, and its
philanthropic actions to support research and the dissemination of
scientific culture.
Within strategic matter 8, this IRO addresses the development of skills
in education networks, as well as support for innovation and scientific
ecosystems.
—
Positive Impact
—
Operations and
Downstream
Value Chain
—
Short Term
STRATEGIC MATTER 9: GUARANTEEING PERSONAL DATA PROTECTION AND SECURING DASSAULT SYSTÈMES’ CUSTOMER’S DATA
AC1 – Potential negative
impact on privacy due to
data leaks, notably health
and financial personal data
(Topic S3, paragraph 2.2.3.3)
Personal data leaks are likely to entail high risks for the rights,
freedoms, reputation, health or financial situation of the people
concerned. The Company considers the protection of personal data
collected, used, disclosed and transferred via its software solutions as
a major issue; as such, the impact it could have on employees, users
including patients and other business relations is considered material.
This IRO addresses, within strategic matter 9, the guarantee of
personal data protection in general and those of the Company’s
customers in particular.
—
Negative Impact
—
Operations
and Up- and
Downstream
Value Chain
—
Short to Medium
Term
AC2 – Potential reputation
and market risks linked to
personal data leaks (citizens
& patients)
(Topic S3, paragraph 2.2.3.3)
The negative impact of any leaks of personal data, particularly of
a financial or health nature, creates a significant reputational and
market risk. Indeed, the disclosure of citizen or patient data, hosted
by Dassault Systèmes or some of its service providers as part of
its cloud offerings, may engage its liability. It increases the risk of
investigations and legal proceedings, which can be long and costly,
disrupt the Company’s operations, damage its reputation and
employer brand, and have a negative impact on its sales and results.
This IRO addresses, within strategic matter 9, the guarantee of
personal data protection in general and those of the Company’s
customers in particular.
—
Risk
—
Operations
and Up- and
Downstream
Value Chain
—
Short to Medium
Term
EU1 – Potential reputation
and financial risks
linked to penetration of
Dassault Systèmes’ systems
or its value chains’
(Topic S4, paragraph 2.2.3.4)
Against a backdrop of increasing cyberattack attempts and the
emergence of cyberterrorism, Dassault Systèmes or its value chain
could be subject to hackings that could interfere with the correct
performance of its systems and cause delays or major damage to its
business or that of its customers. The growing use of remote access to
Dassault Systèmes’ environments and the exchange of necessary data
between Dassault Systèmes and its entire ecosystem tend to increase
the risks of unauthorized access. Such attacks can significantly reduce
Dassault Systèmes’ ability to properly run its business and damage its
reputation.
Within strategic matter 9, this IRO specifically addresses data and
system security.
—
Risk
—
Operations and
Downstream
Value Chain
—
Short to Medium
Term
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Material IROS associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
STRATEGIC MATTER 10: IMPROVE PATIENT HEALTH PROVIDING INNOVATIVE AND SECURED SOLUTIONS FOR A FASTER AND
MORE EFFICIENT ACCESS TO TREATMENT AND CARE
AC4 – Positive impact
on patients through
acceleration of introduction
of new drugs, vaccines,
treatments and
improvement of medical
devices and medical
practices
(Topic S3, paragraph 2.2.3.3)
The Company’s Life Sciences & Healthcare software solutions and strategy
aim to improve the experience of patients and practitioners, enable better
access to healthcare for everyone, everywhere in the world, and accelerate
medical research through technology. In this respect, the Company
estimates that it has a potential positive impact on patients, with around
70% of molecules approved by the Food and Drug Administration (FDA) in
2024 clinically tested on the MEDIDATA platform
The positive impact is reinforced when it comes to treating or
preventing potentially serious pathologies such as COVID-19, 60%
of whose vaccines have been the subject of clinical trials managed
on the MEDIDATA platform. The aim is to boost immunity and treat
pathologies more rapidly, while improving diagnosis and medical
practice for greater safety and efficiency.
—
Positive Impact
—
Operations and
Downstream
Value Chain
—
Short, Medium
and Long Term
AC3 – Financial opportunity
linked to Dassault Systèmes’
solutions enabling
accelerated introduction
of drugs, vaccines and
medical treatments and
improvement of medical
devices and medical
practices, meeting Life
Sciences & Healthcare
industry challenges
(Topic S3, paragraph 2.2.3.3)
The positive health impacts linked to the acceleration of new drugs,
vaccines and treatments on the market, and to the improvement in
medical devices and practices for patients previously explained (see
IRO AC4) create a material financial opportunity stemming from the
sales prospects they open up. The Life Sciences product line accounts
for 20% of IFRS software revenue.
The impact on Dassault Systèmes’ revenue and operating income
could be material.
—
Opportunity
—
Operations
—
Short to Medium
and Long Term
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›
Business Conduct Topic – Material IROs, Strategic Matters and related Policies
Material IROs associated to
Strategic Matters
(ESRS Topic, Paragraph of the
Statement)
Description of the IROs
Nature of IRO,
Scope,
Horizon
STRATEGIC MATTER 11: PROMOTING SUSTAINABLE PROCUREMENT
G1 – Potential negative
impact on treasury capacity
of suppliers if not respecting
suppliers’ contractual
payment terms
(Topic G1, paragraph 2.2.4.1)
Payment terms play a crucial role in the financial health of companies.
Failure to meet contractual payment terms with suppliers could have a
negative impact on their cash flow.
—
Negative Impact
—
Upstream Value
Chain
—
Short Term
STRATEGIC MATTER 12: ENSURING ETHICAL AND TRANSPARENT BUSINESS CONDUCT
G2 – Reputation risk linked
to business conduct and
company culture breach
(Topic G1, paragraph 2.2.4.1)
Although Dassault Systèmes has implemented a program to
ensure that its employees and partners comply with all applicable
regulations, including the highest ethical standards, export control
regulations, sanctions programs or competition law, violation
of local or international regulations could generate a risk for
Dassault Systèmes’ business or reputation. Actual or suspected
non‑compliance with these regulations could have a negative impact
on Dassault Systèmes’ reputation.
—
Risk
—
Operations
—
Short and Medium
Term
G3 – Reputation and
financial risks linked
to potential fraud and
corruption cases
(Topic G1, paragraph 2.2.4.1)
Although Dassault Systèmes has implemented a program to ensure
that its employees and partners comply with the highest ethical
standards, violation of these rules, as evidenced by cases of fraud
or corruption, could generate a risk for the Company’s business or
reputation. Actual or suspected cases of fraud or corruption could lead
to inspections or investigations by the relevant authorities, or even
to fines or sanctions, as well as an increase in the risk of litigation
and thus a negative impact on Dassault Systèmes’ business, revenue,
employer brand or reputation. However, this risk would only have
a temporary impact due to the Company’s mitigation policies and
measures.
—
Risk
—
Operations
—
Short and Medium
Term
Resilience and other Financial Effects
Resilience of the Company’s Strategy and Business Model
The main matters relating to resilience identified in the
double materiality assessment carried out in accordance with
the CSRD methodology are as follows:
—
adaptation
to
climate
change:
the
risk
that
Dassault Systèmes fails to prepare for the adverse effects
of climate change and transition scenarios. This risk is
covered in strategic matter 4 – Assessing the potential
impact of climate transition;
—
recruiting
and
retaining
talent:
the
risk
that
Dassault Systèmes may fail to attract or retain talent
with the necessary skills could adversely affect the
Company’s ability to implement its strategy and achieve
its targets. These risks are covered in strategic matter 5
– Attracting and preparing the skills for the future in a
competitive talent market and 6 – Fostering employees’
engagement to improve retention;
—
cybersecurity and personal data protection: the risk that
Dassault Systèmes may be subject to cyberattacks or
intrusions that could interfere with the proper operation
of its systems and cause delays or damage to its business,
or even data disclosure or theft. These risks are covered
in strategic matter 9 – Guaranteeing personal data
protection and securing Dassault Systèmes’ customer’s
data;
These ESG risks are monitored by the Company’s Risk
Management Steering Committee, and are addressed through
the policies and actions described in the Environmental, Social
and Societal sections of this sustainability statement.
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Furthermore, the resilience of the Company’s business model
in the context of the main risks set out above is underpinned
by policies and strategies that have been in place for many
years, and are the subject of action plans that demonstrate:
—
its ability to design a portfolio of solutions serving the
decarbonization of industry and the circular economy
(strategic matter 1) and to develop innovative, secure
solutions for faster, more efficient access to treatment
and care for patients (strategic matter 10);
—
its ability to attract and retain the best talent (strategic
matters 5 and 6);
—
and its expertise in cybersecurity and personal data
protection (strategic matter 9).
Financial Impact of the Company’s negative Impacts and Risks
Dassault Systèmes’ risk management framework already
covers the material risks identified in the DMA. These
identified material risks are gross risks, in application of the
methodologies developed by the European Commission; they
therefore do not take into account any mitigation measures
in place to reduce the potential net financial effects.
Consequently, no significant risks of material adjustment to
the carrying amounts of assets and liabilities to be reported
in the financial statements in the next annual reporting
period have been identified.
Finally, Dassault Systèmes, thanks to its scientific dimension,
its historic leadership position, its long‑term vision, its
solid financial model and its highly diversified products,
markets, geographies and customers, has strong assets to
continue to grow and invest in the service of industry (see
paragraph 1.4.1.4 “Growth Strategy”).
Other
The material IROs are all covered by disclosure requirements
of the standard, with the exception of the following IROs
covered by Company‑specific topics:
—
OW5 – Financial risk related to inability to attract
workforce with high level of expertise: attached to a
Company‑specific sub‑topic “Recruitment”;
—
OW1 – Negative impact due to lack of employees’
reward and recognition: attached to a Company‑specific
sub‑topic “Recognition”;
—
OW4 – Financial risk due to high employees’ turnover
rate: attached to a Company‑specific sub‑topic for the
Company “Employee retention”;
—
EU1 – Potential reputation and financial risks linked
to penetration of Dassault Systèmes’ systems or its
value chains’: attached to a Company‑specific sub‑topic
“Cybersecurity”.
2.2.1.5
IRO – Impacts, Risks and Opportunities
2.2.1.5.1
IRO_1 – Description of the Process to
identify and assess material Impacts,
Risks and Opportunities
The implementation of the CSRD has been prepared as
part of a Company program launched in early 2023 and
comprising six stages, the first of which is the double
materiality assessment and the sixth, the preparation of the
sustainability statement.
A)
Process for determining IROs
Dassault Systèmes launched its DMA process in May 2023,
which concluded in September 2024 with a review of the
findings by all independent directors (i.e. all members of
the three committees of the Board of Directors). The Lead
director of Sustainable Development brought these findings
to the attention of the Board of Directors in December 2024.
In accordance with French regulations, an information-
consultation process with Dassault Systèmes SE’s employee
bodies began on March 6, 2025 and will be completed in the
second half of 2025.
This process, implemented to determine the information
to be published in accordance with the CSRD standards
(i.e. double materiality assessment), involved three main
stages: identification of material matters by ESRS topic,
consolidation and consistency of the various IROs, dialogue
with stakeholders and reviews by the Company’s governance
bodies as described in paragraph 2.2.1.3.1 “GOV_1 – The Role
of Administrative, Management and Supervisory Bodies”.
A.1) Workshops to identify Matters by ESRS Topic
The standard and the concept of double materiality were
presented to the participants: typology of impacts, risks and
opportunities, topics to be covered, evaluation grids, scope
to be considered, clarification of the notion of value chain
and identification within the value chain of the occurrence of
impacts (own operations, upstream or downstream business
relationships);
The workshops were organized by topic and sub‑topic,
as proposed by the standard. These workshops brought
together ESG experts and managers from the functions
responsible for these topics. Thus, 30 workshops were held,
bringing together some fifty participants between May and
September 2023 and led by the Sustainable Finance and
Sustainable Development teams.
Specific support was provided for each workshop, including
questions to ask, horizons to consider and evaluation
matrices to use. The entire process was digitized.
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A.2) Consolidation, Consistency and Adjustments
The Sustainable Finance function consolidated the results of
the workshops and completed the rating of each IRO with the
dimensions required by the standard that could not be fully
completed during the workshops. An initial consolidation file
of material and non‑material IROs listed all exchanges and
evaluation criteria, including:
—
a review of material IROs was carried out with the
main workshop and function managers to validate the
relevance and level of materiality, as well as within the
framework of the operational sustainability committees
held at the end of 2023 on the following topics:
– environmental matters,
– social matters,
– societal matters,
– governance matters;
—
given the Company’s homogeneous global business
model and organization, no geographic or business
specificities have been taken into account;
—
with regard to business conduct, particular attention
has been paid to partner relations, public‑sector
customers, authorities and suppliers, in order to correctly
determine the scope of materiality. Results concerning
the identification of impacts linked to operations and
the value chain were reviewed by the Sustainability
Steering Committee, as well as by the Risks Committee,
to ensure the overall consistency of both the Enterprise
Risk Management (ERM) and DMA processes. These
reviews covered, in particular, the scales of assessment
and likelihood, as well as the identification of material
impacts mapped in the ERM process from the perspective
of financial risks linked to reputational impact or
dependency issues;
—
financial risks and opportunities have been determined
according to the ERM methodology, which takes three
dimensions into account market exposure, reputational
exposure and financial exposure. “Financial materiality”
is the average of these three dimensions. It is based on
the following analyses:
– assessing the Company’s level of dependence on
certain negative impacts, which could entail a financial
risk if the impact were to worsen,
– for positive environmental impacts, the financial
materiality of the corresponding opportunity has been
assessed according to the level of alignment with the
climate mitigation and circularity objectives of the EU
Taxonomy, and the levels of financial materiality,
– for other topics, the financial materiality of risks and
opportunities has been determined according to the
valuation thresholds described below;
—
the selection process for material opportunities took
into account their alignement with the Company’s
solutions and markets portfolio strategy, as defined
and implemented by the Board of Directors and the
Company’s general management;
—
this consolidation process was interrupted during the
preparation of the Universal registration document
2023, and resumed at the beginning of 2024 to complete
the Dassault Systèmes materiality assessment model
on approximately 200 topics inventoried during the
workshops, in particular the irremediability of the impact
taken into consideration to determine materiality. The
inclusion of new positive impacts and opportunities
not identified during the workshops helped to finalize
the analysis. Particular attention was paid to ensuring
consistency between material negative impacts and the
assessment of associated financial risks;
—
these
results
were
also
submitted
to
the
Risk
Management
Steering
Committee
for
review,
to
ensure overall consistency between the ERM and DMA
processes, particularly in terms of assessment scale,
likelihood and identification of material impacts and risks.
A correspondence table has been established between
the Company’s financial, reputational and strategic risks
and the negative impacts and risks identified during the
DMA exercise. Despite the higher level of granularity of
the IROs, the consistency of the results was established;
—
the DMA process will be updated annually, based on
a review of emerging risks and impacts carried out in
conjunction with the Audit & Risks department, as well
as on changes in stakeholder expectations within the
framework of joint governance;
—
additional analysis of the value chain, based on sector
studies, was also carried out at this stage to assess
the materiality of impacts linked to suppliers further
down the value chain, particularly those involved in the
manufacture of IT equipment. Only impacts related to
energy, water and equipment resources were considered.
Potential indirect impacts linked to biodiversity and
pollution have been determined as non‑material;
—
overall consistency with regard to stakeholders has also
been achieved, based on the consultation or identification
process described in paragraph 2.2.1.4.2.A “Dialogue
and Interaction with Stakeholders”. To take into account
the value chain dimension, Dassault Systèmes carried
out a specific consultation process involving interviews
and questionnaires with thirty suppliers and twenty
customers. None of these consultations brought to light
any material subject that had not already been identified
by the DMA process described above.
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A.3) Dialogue and Interaction with Stakeholders
As regards the review process by the governance bodies,
once the final methodological adjustments had been
taken into account to finalize the DMA, the final result
was presented in July 2024 to general management and in
September 2024 to all independent directors of the Board of
Directors (i.e. all members of the three Board Committees)
as presented in paragraph 2.2.1.3.1 “GOV_1 – The Role of
Administrative, Management and Supervisory Bodies”. The
final result has then been presented to the representative
bodies of the employees, the Dassault Systèmes SE Social
and Economic Committee “CSE” during a first information
phase on March 6, 2025, then the European Works Council
on March 12, 2025. The consultation phase of the “CSE” of
Dassault Systèmes SE will take place by October 30, 2025
in accordance with the Company’s information‑consultation
cycle.
B)
Materiality Assessment (scoring)
As required by the ESRS standards, the level of materiality
has been assessed according to the following dimensions,
covering impacts, risks and opportunities. The scales used
are identical to those in the ERM reference framework, with
the exception of the severity scales for impacts, which have
been specified for each ESRS Topic on the basis of thresholds
similar to those used in the ERM methodology:
—
level of severity: the notion of severity covers:
– magnitude, assessed according to the following
scale: 1- low, 2- moderate, 3- significant, 4- critical:
applicable to all Impacts, Risks and Opportunities. The
scale for risks and opportunities is based on operating
income percentages, aligned with those of the ERM
methodology,
– extent or perimeter, measured on the following scale:
1- none or limited, 2- concentrated to moderately
extensive, 3- extensive, 4- total, (applicable only to
impacts),
– irremediable: remediable or irremediable (applicable
only to negative impacts).
These three criteria are combined to determine the final
severity level;
—
level of likelihood: the level of likelihood, as retained in
the ERM methodology, is measured according to the
following scale:
– 1- unlikely: less than 10% likelihood,
– 2- possible: happens from time to time, between 10%
and 40% likelihood,
– 3- likely: between 40% and 70% likelihood,
– 4- very likely: with more than 70% likelihood;
—
determination of final materiality.
The final materiality of the IROs results from the combination
of the level of severity and the level of likelihood. It should
be noted that the materiality threshold for positive impacts
and opportunities is more stringent than for negative
impacts and risks. This is to avoid, as a precaution, any
over‑evaluation that could be interpreted as an attempt at
greenwashing. The materiality zones for negative impacts
and risks, as well as for positive impacts and opportunities,
are illustrated in the following graphs.
Critical
Unlikely
Possible
Likely
Very likely
Significant
Moderate
Low
Negative impacts/Risks
Likelihood
Unlikely
Possible
Likely
Very likely
Likelihood
Severity
Critical
Significant
Moderate
Low
Severity
Positive impacts/Opportunities
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C)
Specific Environmental Information
The double materiality assessment reveals material IROs
only in the areas of climate, water and resources. No IROs
were identified for pollution or biodiversity matters.
The process of identifying the Company’s negative impacts
related to climate change was based on the measurement
of its GHG emissions and the analysis of their main sources.
These negative impacts are addressed by Dassault Systèmes
as
described
in
paragraph
2.2.2.2.3
“Management
of Strategic Matter 2: Limiting Carbon Footprint of
Dassault Systèmes’ Operations and its Value Chain in a
Growth Context”.
The process of identifying positive impacts is based on
an analysis of revenue aligned to the EU Taxonomy’s
climate change mitigation objective, as described in
paragraph 2.2.2.1 “EU Taxonomy”. The strategies, policies
and main actions related to these positive impacts are
described in paragraph 2.2.2.2.2 “Management of Strategic
Matter 1: Contributing to Industry Decarbonization and
Circularity
through
Dassault
Systèmes’
Sustainability
Portfolio”.
C.1) ESRS E1 – Risks related to Climate Change
The process of identifying risks linked to climate change
has been based on the analysis of prospective transition
and climate change scenarios, as described below, and the
consequences for the physical assets and operations of the
Company and part of its value chain, as well as for its end
markets.
C.1.a) Physical Risks related to Climate Change
Process for identifying and assessing Physical Risks linked to
Climate Change
An ongoing detailed climate change risk assessment was
launched in 2021, in order to gain a better understanding of
the physical risks to the Company and its value chain. This
analysis is carried out in line with TCFD recommendations.
In 2024, all Dassault Systèmes sites and data centers were
evaluated in detail with regard to climate hazards on the basis
of several prospective climate change scenarios, in order
to obtain a rating of the level of risk per site and per nature
of physical risk, in the short, medium and long term. This
analysis was carried out using the climate hazard assessment
databases of the MunichRé reinsurance company, the
Aqueduct Water Risk Atlas and the Intergovernmental Panel
on Climate Change (IPCC).
A similar analysis was carried out on the Company’s value
chain: nine regions of the globe, representing areas of
exchange with the Dassault Systèmes value chain, were
analyzed by nature of physical risk, in the short, medium
and long term, using the Group I Interactive Atlas of the
Intergovernmental Panel on Climate Change (IPCC) and
IPCC databases. The result is a level of climate hazard
by geographic zone and type of risk, over different time
horizons, covering 100% of expenses and sales.
The time horizons considered are:
—
2024 to 2030 for the short term;
—
2031 to 2050 for the medium term;
—
2051 to 2100 for the long term.
This analysis was based on several prospective scenarios
for transition and climate change as proposed by the IPCC.
The following scenarios use assumptions whose degree of
reliability remains uncertain:
—
the SSP 1 – 2.6 climate scenario: this scenario is the
combination of the SSP 1 and RCP 2.6 trajectories. It
depicts a world moving towards sustainable practices
thanks to strong international cooperation, limiting the
global temperature rise to 1.8°C by 2050. In this scenario,
GHG concentrations peak in 2020, then decline steadily.
It is aligned with the Sustainable Development Scenario
drawn up by the International Energy Agency;
—
the SSP 5 – 8.5 climate scenario: this scenario is a
combination of the SSP 5 and RCP 8.5 trajectories,
known as the “status quo”, based on a fossil fuel‑based
economy, with no change in policies and increasing
greenhouse gas emissions. This scenario leads to an
increase of 4.4°C by 2100. GHG concentrations would
rise until 2100. This pessimistic scenario is commonly
used to assess resilience in the face of a “worst‑case
scenario”, where multiple, strong physical impacts would
occur.
It covers the following climatic hazards:
—
for the Company’s operations: chronic risks, that are
related to temperature change and variability, heat
stress and drought, changes in precipitation patterns
and types, water stress, sea level rise, changes in wind
regimes. There are also acute risks related to heat waves
or cold snaps, wildfires, cyclones and hurricanes, floods,
probability of hail and thunderstorms;
—
for its value chain: chronic risks of rising temperatures,
heavy rainfall, drought, changes in wind patterns and
rising sea levels.
Risk ratings for Dassault Systèmes sites have been shared
with the team in charge of health and safety for the
Company’s sites and employees. The goal is to put in place
additional risk prevention and reduction measures for the
Company’s operations.
Results of the Assessment of Physical Risks linked to Climate
Change
The analysis reveals a relatively low level of overall risk for
Dassault Systèmes across all scenarios, risk types and time
horizons. The main physical risks to which the Company’s
operations are exposed are drought, high temperatures and
heavy rainfall. India, China, Korea, Japan and North America
are the main regions that may be impacted by these risks.
However, they remain moderate outside the long‑term
horizon of the “worst case” scenario, and in certain regions
of China and India. Once the risk prevention and mitigation
criteria have been taken into account, the residual risk levels
(for operations) and the Company’s exposure level (for the
value chain) are low or very low.
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In 2022, the potential financial impact of physical risks linked
to climate change (before risk prevention and mitigation
measures) has been estimated at less than 20 million euros
per year for all scenarios and time horizons. The exception
is the “worst case” scenario (“status quo”) over the long
term (2100), for which the impact is estimated at less
than 40 million euros. Once risk prevention and mitigation
measures have been taken into account, the potential
financial impact of physical risks linked to climate change
is estimated at less than 5 million euros per year for all
scenarios and time horizons. Again, the exception is the
“worst case” scenario over the long term (2100), for which
the impact is estimated at less than 6 million euros.
As no significant events or new implementations have
altered the outcome of this assessment, it was not reviewed
in 2024.
C.1.b) Transition Opportunities and Risks
i)
Process for identifying and assessing Transition
Opportunities Risks
The assessment of transition risks and opportunities is based
on the following methodology, developed by the Company’s
Strategy department:
—
risks linked to policies and legal, technological, market,
and reputational levers have been specifically assessed in
the main markets potentially impacted;
—
opportunities related to energy efficiency, new energy
sources, products and services, new market trends, and
the ability of the Company and its customers to respond
to them have been similarly assessed;
The methodology is based on the IEA World Energy Outlook’s
Sustainable Development Scenario (SDS). It incorporates the
following assumptions for short-, medium- and long‑term
horizons, set at 2030, 2040 and 2050 respectively, and
takes into account the Company’s resilience to transition
events:
—
Risks:
– policy and legal risks, including changes in regulations
that could affect business models and their relevance,
generate compliance costs or additional litigation,
– technological risks, mainly through technological
breakthroughs
affecting
companies’
strategic
processes, products and services, or the positioning of
certain actors in the value chain,
– market risks, through unfavorable changes in consumer
behavior and expectations, and profound changes
in market structure, dynamics and the competitive
environment;
—
Opportunities:
– energy efficiency, through savings linked to the
optimized use of raw materials,
– energy sources, through the use of decarbonized
alternative sources,
– of products and services: opportunities generated
by the emergence of new business models based
on products and services adapted to new economic
conditions,
– market opportunities, through the dynamics of
diversification and adaptation of business models to
consumer expectations and behaviors.
The methodology also takes into account the Company’s
level of preparedness and ability to adapt in the short,
medium and long term, in order to measure the level of
resilience of the business model. The methodology also
considers the potential reputational risks arising from an
inability to adapt to the expectations of customers, investors
and stakeholders in the broadest sense.
Dassault Systèmes has focused its efforts on assessing
downstream market risks and opportunities, as well as a
transition risk impacting its operations and upstream value
chain.
ii)
Process for identifying and assessing Transition
Opportunities and Risks – End Markets
The following approach has been applied to 17 segments
covering 7 of the 12 industries in which the Company
operates, and for which the probability of transition risk has
been assessed as high. These 7 industries are Transportation
& Mobility; Aerospace & Defense; High-Tech; Industrial
Equipment; Infrastructure, Energy & Materials; Architecture,
Engineering & Construction; and Life Sciences & Healthcare.
The segments selected for analysis cover around 73% of the
Company’s 2023 software Revenue.
The work consisted of:
—
providing a qualitative description of the transformation
taking place in the industrial segment concerned, in the
context of climate change and the ecological transition.
For example, the transition from internal combustion
engine vehicles (fossil fuels) to battery‑powered vehicles
(electrification);
—
translating this transformation into a metric associated
with the segment’s overall market and sub‑metrics
associated with the transforming sub‑markets making
up this segment. The metrics used are, for example,
demand for a product, market size (in volume or value), or
projected energy consumption. An example of a metric is
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market size (projected number of units sold) of vehicles,
the metric being equal to the sum of its sub‑metrics. In
this case, an example of a sub‑metric is the number of
electric vehicles in relation to the number of ICE (internal
combustion engine) vehicles sold);
—
describing the quantitative evolution of sub‑metrics:
growth, stagnation or decline in the market concerned,
depending on the transition assumptions for the market
in question;
—
analyzing metric trends over three time horizons: short
term (between 2022 and 2030), medium term (between
2022 and 2040) and long term (between 2022 and
2050);
—
performing an initial quantitative analysis of transition
risks and opportunities:
– identification of a transition risk when the evolution
of a sub‑metric over intervals is negative (market
shrinkage). The impact of the risk is calculated
over three periods (2030, 2040 and 2050) by
multiplying, for a chosen period, the shrinkage rate by
Dassault Systèmes’ Revenue (base 2022),
– identification of a transition opportunity when the
evolution of a sub‑metric over intervals is positive
(market expansion). The impact of the opportunity is
calculated over three periods (2030, 2040 and 2050)
by multiplying, for a chosen period, the growth rate by
Dassault Systèmes’ Revenue (base 2022);
—
once the variation linked to transition risks and
opportunities has been estimated, a second level of
quantitative analysis is carried out. This analysis is
based on the assumption that a proportion of companies
positioned in a declining market will be able to reposition
themselves in a transitional, expanding market, and
therefore be less vulnerable. An “actor turnover ratio”
is thus determined, corresponding to the market share
that traditional participants to the market will occupy
in the new, expanding market (linked to the transition
opportunity). This ratio makes it possible to weight the
risks and opportunities by reducing the transition risk,
and reducing the opportunity by the same amount. The
net opportunity is equal to the sum of the net transition
risk, the net transition opportunity, and the business
opportunity in a transition market.
iii)
Process for identifying and assessing Transition
Opportunities and Risks – Operations and its
Upstream Value Chain:
As the nature of the risks is quite varied, the Company
has adopted a simplified methodology by assigning to its
residual carbon footprint projections an implicit carbon price
that varies over time. This corresponds either to the risk of
a carbon tax being introduced, or to the potential cost of a
carbon compensation strategy progressively applied to the
Company’s various Scopes.
iv)
Results of the Transition Opportunities and Risks
Assessment
In its End Markets
On the basis of an in‑depth analysis carried out in 2023,
Dassault Systèmes evaluates the opportunities related
to the transition as greater than the risks from this same
transition. This is, in particular, the result of the analyses
initiated for the industries mentioned above (see the
above paragraph “Process for identifying and assessing
transition opportunities and risks” above), which are
already engaged in transforming their business models.
With its virtual twin solutions on the 3DEXPERIENCE
platform, Dassault Systèmes supports its major customers
as well as new customers in integrating the challenges of
Climate transition and Circularity efforts into the design
of their products and services. This is most notable in the
Transportation & Mobility, Aerospace & Defense, High-
Tech, Industrial Equipment, and Architecture, Engineering &
Construction industries.
The potential financial impact of the net risks and
opportunities associated with the Company’s end‑market
transition risk is estimated at an additional net opportunity
of approximately:
Horizon
2022
2030
2040
2050
Opportunities (net of risks) (in millions of euros)
Reference year
+600
+1,200
+2,000
It should be noted that this assessment, carried out in
2023, was based on reference sales for 2022, and does not
take into account the market share that Dassault Systèmes
could gain by positioning its virtual twin solutions to solve
its customers’ environmental problems. This assessment
is to be put into perspective with the percentage of eligible
and aligned revenue with the EU Taxonomy, also aimed at
estimating the potential climate opportunities to which
Dassault Systèmes’ solutions could respond as described
in paragraphs 2.2.2.1 “EU Taxonomy” and 2.2.2.2.2
“Management of Strategic Matter 1: Contributing to Industry
Decarbonization and Circularity through Dassault Systèmes’
Sustainability Portfolio”.
As no significant events changed the outcome of this
assessment, it was not reviewed in 2024.
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On its Operations and Upstream Value Chain
As transition costs or the amount of a carbon tax applied to
the software sector are very difficult to estimate, both in
terms of the level of such a tax and its base, the following
assessments are provided for information only and have no
forecasting value. The carbon cost or tax transition scenario
used was proposed by the International Energy Agency
(IEA) at the end of 2023 in the STEPS scenario for European
Union countries. This corresponds to the policies undertaken
or planned by the main governments, i.e. a carbon price of
120 U.S. dollars/tCO2-eq in 2030, 129 U.S. dollars in 2040
and 135 U.S. dollars in 2050, converted hereafter at the rate
of 1 euro equivalent to 1.1 U.S. dollar:
—
less than 1 million euros per year by 2030, using a carbon
price of 109 euros tCO2-eq applied to Scope 1 and 2;
—
12 million euros per year by 2040, using a carbon price
of 117 euros/tCO2-eq applied to Scope 1 and 2 and to
business travel and employees’ commute;
—
117 million euros per year by 2050, using a carbon price
of 123 euros/tCO2-eq applied to Scopes 1, 2 and 3 in
their entirety, and also considering business projections
consistent with the Company’s latest medium‑term
growth plan as well as with the decarbonization efforts
begun as part of its SBTi commitment projected over the
more distant horizons of 2040 and 2050.
Horizons
2030
2040
2050
Progressive scope of eligibility for the carbon tax
Scopes 1 and 2
Scopes 1, 2 and 3
(business travel &
employees’ commute)
Scopes
1, 2 and 3
Carbon Price (in U.S. dollars/tCO2-eq) (STEPS-IEA scenario)
120
129
135
Carbon Price (in euros/tCO2-eq)
109
117
123
Risk assessment (in millions of euros) over 100% of the eligibility scope
(0.8)
(12)
(117)
Risk assessment (in millions of euros) on 50% of Scope 3
(purchased goods & services and capital goods)
(0.8)
(12)
(67)
It should be noted that the carbon offsetting of residual
emissions planned as part of the Company’s 2040 carbon
neutrality strategy has not been taken into account, in order
for the transition risk simulation exercise to remain relevant.
All these assumptions retain a high level of uncertainty.
Lastly, these transition risks for operations should be
contrasted against the net transition opportunities identified
for end markets, as discussed in the paragraphs above.
Given the results of the assessment of short-, medium- and
long‑term physical and transitional risks, no impacts have
been taken into account in the financial statements on these
subjects, particularly in terms of the value of intangible
assets.
C.2) ESRS E2 – IROs related to Pollution
The Company has not carried out a detailed analysis to
identify possible sources of pollution on its sites, given its
non‑industrial software production process. The Company
uses only manufactured products and processes its
electronic waste through authorized channels.
The Company has not specifically consulted affected
communities on the pollution topic, as the software industry
is not classified as a polluting sector. None of the Company’s
stakeholders raised any concerns or expectations in this area,
particularly in the interviews conducted with customers and
suppliers in 2024.
The double materiality assessment concluded that the
pollution matters should be excluded solely on the basis
of the SASB and GRI impact frameworks. In fact, although
certain sector studies on the digital industry as a whole
mention pollution matters in the distant upstream value
chain, notably linked to metal extraction, Dassault Systèmes
considered that the software sector has a second‑order
impact in terms of materiality compared with the network
and telecoms infrastructure sector.
C.3) ESRS E3 – IROs related to Water and Marine
Resources
In 2024, the Company carried out an analysis of its sites’
exposure to climate hazards, notably by assessing water
stress on all its sites and on the sites of its data hosting
suppliers (colocation data centers).
On the other hand, the Company has not specifically
consulted affected communities on the topic of water
and marine resources. None of the stakeholders raised
any concerns or expectations regarding water and marine
resources, particularly in the interviews conducted with
customers and suppliers in 2024.
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2
However, since ESG rating agencies require all companies to
report their clean water consumption, whatever their sector
of activity, Dassault Systèmes publishes its clean water
consumption despite is not linked to any material IRO.
For this reason, the double materiality assessment focused
only on the impacts on water of its upstream value chain
linked to the manufacture of IT equipment and the hosting
of data in the data centers used, based on the SASB and GRI
impact frameworks.
C.4) ESRS E4 – IROs related to Biodiversity
The Company has not carried out a detailed analysis of
possible impacts on biodiversity at its sites, given that its
software production process does not use raw materials
derived from biodiversity. In fact, Dassault Systèmes’
operations do not involve any dependence or direct
material
interaction
with
biodiversity.
Nevertheless,
Dassault Systèmes takes biodiversity targets into account
when choosing new office and catering facilities, notably by
using existing buildings wherever possible.
The Company has not specifically consulted affected
communities on the topic of biodiversity, as the software
sector is not classified among the business sectors commonly
considered to have an impact on this topic. None of the
Company’s stakeholders raised concerns or expectations,
particularly during the interviews conducted with customers
and suppliers in 2024.
The
double
materiality
assessment
concluded
that
biodiversity topics should be excluded solely on the basis
of the SASB and GRI impact frameworks. In fact, although
certain sector studies, on the digital industry as a whole, do
mention biodiversity topics in the distant upstream value
chain, notably linked to metal extraction, Dassault Systèmes
considered that the software sector has a second‑order
impact in terms of materiality compared with the network
and telecommunications infrastructure sector. It therefore
considers that it does not materially disrupt ecosystem
services, and is not dependent on these services.
As a result, it has not carried out an assessment of
transitional, physical or systemic risks and opportunities
relating to biodiversity and ecosystems.
To the best of the Company’s knowledge, none of its sites
are located in biodiversity protection zones. Consequently,
it has not implemented any specific measures to protect
biodiversity.
C.5) ESRS E5 – IROs related to Resource Use and the
Circular Economy
The double materiality assessment for resource use and
circular economy was based in part on the work carried
out as part of the EU Taxonomy objective of transition to
a circular economy, which identified positive impacts and
matters related to this ESRS, as well as based on the SASB
and GRI impact frameworks.
It also revealed that none of the Company’s assets are
materially at risk in relation to this ESRS.
Nevertheless, the analysis identified as material an impact
linked to its own operations and value chain, given its needs
and those of its customers in terms of IT equipment, which
involve the extraction and exploitation of natural resources.
The Company has not specifically consulted any of its
stakeholders on the topic of Circularity. None of them
questioned the conclusions of the Company’s double
materiality assessment on this topic, particularly during the
interviews conducted with customers and suppliers in 2024.
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2.2.1.5.2
IRO_2 – ESRS Disclosure Requirements covered by Dassault Systèmes’ Sustainability Statement
A)
ESRS2 Appendix B – List of Datapoints in Cross-Cutting and Topical Standards that derive from other EU
Legislations
Disclosure Requirement
Name and related Datapoints
Paragraph
ESRS2
ESRS2 – GOV1 (05 & 06)
Board’s gender diversity (§ 21(d))
2.2.1.3.1
ESRS2 – GOV1 (07)
% of board members who are independent (§ 21(e))
2.2.1.3.1
ESRS2 – GOV4 (01)
Statement on due diligence (§ 30)
2.2.1.3.4
ESRS2 – SBM1 (09 to 14)
Involvement in activities related to fossil fuel activities (§ 40 (d) i)
Not important
ESRS2 – SBM1 (15 &16)
Involvement in activities related to chemical production (§ 40 (d) ii)
Not important
ESRS2 – SBM1 (17 & 18)
Involvement in activities related to controversial weapons (§ 40 (d) iii)
Not important
ESRS2 – SBM1 (19 & 20)
Involvement in activities related to cultivation and production of tobacco (§ 40 (d) iv)
Not important
E1
E1_1 (01)
Transition plan to reach climate neutrality by 2050 (§14)
2.2.2.2.1. A
E1_1 (12)
Undertakings excluded from Paris‑aligned Benchmarks (§16(g))
2.2.2.2.1. A.2
E1_4 (02 to 24)
GHG emission reduction targets (§34)
(02, 04, 07, 10, 13, 18, 20, 21, 22, 23, 24)
(03, 05, 06, 08, 09, 11, 12, 14, 15, 16, 17, 19)
2.2.2.2.1/3/4
Not important
E1_5 (10 to 14)
Energy consumption from fossil sources disaggregated by sources (only high
climate impact sectors) (§38)
2.2.2.2.3. B.1
E1_5 (01 to 08)
Energy consumption and mix (§37)
2.2.2.2.3. B
E1_5 (18 to 23)
Total energy consumption from activities in high climate impact sectors
(§ 40 to 43)
Not important
E1_6 (01 & 07 to 15)
Gross Scope 1, 2, 3 and Total GHG emissions (§44)
(01, 07‑13, 15)
(14)
2.2.2.2.3. B
Not important
E1_6 (30 & 31 & 32)
Gross GHG emissions intensity (§ 53 to 55)
2.2.2.2.3. B
E1_7 (01 & 02)
GHG removals and carbon credits (§56)
2.2.2.2.3. B.3
E1_9 (07 to 13)
Exposure of the benchmark portfolio to climate‑related physical risks k (§66)
Not important
E1_9 (05)
Location of significant assets at material physical risk (§66(c))
Not important
E1_9 (01 to 04 & 06)
Disaggregation of monetary amounts by acute and chronic physical risks
(§66(a))
Not important
E1_9 (17)
Breakdown of the carrying value of its real estate assets by energy‑efficiency
classes (§67(c))
Not important
E1_9 (41 to 44)
Degree of exposure of the portfolio to climate- related opportunities (§69)
Not important
99
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Environmental, social, societal and governance responsibility
Sustainability Statement
2
Disclosure Requirement
Name and related Datapoints
Paragraph
E2
E2_4 (01 to 07)
Amount of each pollutant listed in Annex II of the E-PRTR Regulation
(European Pollutant Release and Transfer Register) emitted to air, water and
soil (§28)
Not important
E3
E3_1 (13)
Water and marine resources (§9)
Not important
E3_1 (07 & 08)
Dedicated policy (§ 13)
(07)
(08)
2.2.2.3.2. A
Not important
E3_1 (09 to 12)
Sustainable oceans and seas (§14)
Not important
E3_4 (03)
Total water recycled and reused (§28(c))
Not important
E3_4 (08)
Total water consumption in m3 per net revenue on own operations (§29)
Not important
E4
ESRS 2 – SBM3 – E4
§16 (a) i
Not important
ESRS 2 – SBM3 – E4
§ 16 (b)
Not important
ESRS 2 – SBM3 – E4
§ 16 (c)
Not important
E4_2 (18)
Sustainable land/agricultural practices or policies (§ 24(b))
Not important
E4_2 (19)
Sustainable oceans/seas practices or policies (§24 (c))
Not important
E4_2 (20)
Policies to address deforestation (§24 (d))
Not important
E5
E5_5 (10 & 11)
Non‑recycled waste (§37 (d))
2.2.2.4.3
E5_5 (15 & 16)
Hazardous waste and radioactive waste (§39)
Not important
S1
S1_SBM_3 (07 & 08)
Risk of incidents of forced labor (§ 14 (f))
2.2.3.1.3. A
S1_SBM_3 (09 & 10)
Risk of incidents of child labor (§ 14 (g))
2.2.3.1.3
S1_1 (03 to 06)
Human rights policy commitments (§ 20)
(03, 04, 06)
(05)
2.2.3.1.2/3/4
2.2.4.1
S1_1 (07)
Due diligence policies on issues addressed by the fundamental International
Labor Organization Conventions 1 to 8 (§ 21)
2.2.3.1.3. A
S1_1 (08)
Processes and measures for preventing trafficking in human beings (§ 22)
2.2.3.1.4
S1_1 (09)
Workplace accident prevention policy or management system (§ 23)
2.2.3.1.3. A
S1_3 (05)
Grievance/complaints handling mechanisms (§ 32 (c))
2.2.3.1.2/3/4
S1_14 (02 to 05)
Number of fatalities and number and rate of work‑related accidents (§ 88 (b)
and (c))
Not important
S1_14 (07)
Number of days lost to injuries, accidents, fatalities or illness (§ 88 (e))
Not important
S1_16 (01)
Unadjusted gender pay gap (§ 97 (a))
2.2.3.1.4
S1_16 (02)
CEO pay ratio (§ 97, point b)
2.2.3.1.4
2
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Environmental, social, societal and governance responsibility
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Disclosure Requirement
Name and related Datapoints
Paragraph
S1_17 (01 & 02 & 14)
Incidents of discrimination (§103 (a))
(14)
(01, 02)
Not important
2.2.3.1.3. B
S1_17 (08 to 10)
Non‑respect of UNGPs on Business and Human Rights and OECD (§ 104 (a))
2.2.3.1.3
S2
S2_SBM_3 (04)
Significant risk of child labor or forced labor in the value chain (§ 11 (b))
2.2.3.2.3
S2_1 (01 to 04)
Human rights policy commitments (§ 17)
2.2.3.2.3
S2_1 (05 to 07)
Policies related to value chain workers (§ 18)
(05, 06)
(07)
2.2.3.2.3
Not important
S2_1 (08)
Non‑respect of UNGPs on Business and Human Rights principles and OECD
Guidelines (§ 19)
2.2.3.2.3
S2_1 (09)
Due diligence policies on issues addressed by the fundamental International
Labor Organization Conventions 1 to 8 (§ 19)
2.2.3.2.3
S2_4 (11)
Human rights issues and incidents connected to its upstream and downstream
value chain (§ 36)
2.2.3.2.3
S3
S3_1 (02 to 05)
Human rights policy commitments (§ 16)
(02, 04, 05)
(03)
2.2.3.3.4
Not important
S3_1 (06 & 07)
Non‑respect of UNGPs on Business and Human Rights, International Labor
Organization principles or and OECD Guidelines (§ 17)
2.2.3.3.4
S3_4 (11)
Human rights issues and incidents (§ 36)
2.2.3.3.4
S4
S4_1 (02 to 05)
Policies related to consumers and end‑users (§ 16)
2.2.3.4.
S4_1 (06 & 07)
Non‑respect of UNGPs on Business and Human Rights and OECD Guidelines
(§h 17)
2.2.3.4.4
S4_4 (11)
Human rights issues and incidents (§ 35)
2.2.3.4.4
G1
G1_1 (03 & 04)
United Nations Convention against Corruption (§ 10 (b))
Not important
G1_1 (06 & 07)
Protection of whistleblowers (§ 10 (d))
Not important
G1_4 (01 & 02)
Fines for violation of anti‑corruption and anti‑bribery laws (§ 24 (a))
2.2.4.1.2. B
G1_4 (03)
Standards of anti‑corruption and anti- bribery (§ 24 (b))
2.2.4.1.2. A.3.a
101
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Environmental, social, societal and governance responsibility
Sustainability Statement
2
B)
List of ESRS Disclosure Requirements
Disclosure
Requirement
Number
Disclosure Requirement Name
Paragraph
ESRS2
BP_1
General Basis for preparing Sustainability Statement
2.2.1.1
BP_2
Publication of Information on special Circumstances
2.2.1.2
GOV_1
The Role of the Administrative, Management and Supervisory Bodies
2.2.1.3.1
GOV_2
Information provided to and Sustainability Matters addressed by the Company’s
Administrative, Management and Supervisory Bodies
2.2.1.3.2
GOV_3
Integration of Sustainability‑related Performance in Incentive Schemes
2.2.1.3.3
GOV_4
Statement on Due Diligence
2.2.1.3.4
GOV_5
Risk Management and Internal Controls over Sustainability Statement
2.2.1.3.5
SBM_1
Strategy, Business Model and Value Chain
2.2.1.4.1
SBM_2
Interests and Views of Stakeholders
2.2.1.4.2
SBM_3
Material Impacts, Risks and Opportunities and their Interaction with Strategy and
Business Model
2.2.1.4.3
IRO_1
Description of the Processes to identify and assess material Impacts, Risks and
Opportunities
2.2.1.5.1
IRO_2
Disclosure Requirements in ESRS covered by Dassault Systèmes’ Sustainability Statement
2.2.1.5.2
E1
E1_GOV_3
Disclosure Requirement related to ESRS2 GOV_3: Integration of Sustainability‑related
Performance in Incentive Schemes
2.2.1.3.3
E1_1
Transition Plan for Climate Change Mitigation
2.2.2.2.1. A
E1_SBM_3
Disclosure Requirement related to ESRS2 SBM_3: Material Impacts, Risks and
Opportunities and their Interaction with Strategy and Business Model
2.2.2.2.1. B
E1_IRO_1
Disclosure Requirement related to ESRS2: Description of the Processes to identify and
assess material Climate‑related Impacts, Risks and Opportunities
2.2.1.5.1
E1_2
Policies related to Climate Change Mitigation and Adaptation
2.2.2.2.2. A &
2.2.2.2.3.A &
2.2.2.2.4.A
E1_3
Actions and Resources in relation to Climate Change Policies Metrics and Targets
2.2.2.2.2. A &
2.2.2.2.3.A &
2.2.2.2.4.A &
2.2.2.2.4.B
E1_4
Targets related to Climate Change Mitigation and Adaptation
2.2.2.2.1. A.2
& 2.2.2.2.3.A &
2.2.2.2.3.B.1 &
2.2.2.2.4.C
E1_5
Energy Consumption and Mix
2.2.2.2.3. B.2
E1_6
Gross Scopes 1, 2, 3 and Total GHG Emissions
2.2.2.2.3. B
E1_7
GHG Removals and GHG Mitigation Projects financed through Carbon Credits
2.2.2.2.3. B.3
E1_8
Internal Carbon Pricing
2.2.2.2.3. B.4
E1_9
Anticipated financial Effects from material Physical and Transition Risks and potential
Climate‑related Opportunities
2.2.2.2.3. B.5
2
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Disclosure
Requirement
Number
Disclosure Requirement Name
Paragraph
E2
E2_IRO_1
Disclosure Requirement related to ESRS2 IRO_1: Description of the Processes to identify
and assess material Pollution‑related Impacts, Risks and Opportunities
2.2.1.5.1
E3
E3_IRO_1
Disclosure Requirement related to ESRS2 IRO_1: Description of the Processes to identify
and assess material Water and Marine Resources‑related Impacts, Risks and Opportunities
2.2.1.5.1
E3_1
Policies related to Water and Marine Resources
2.2.2.3 &
2.2.2.3. A
E3_2
Actions and Resources related to Water and Marine Resources
2.2.2.3.2. B
E3_3
Targets related to Water and Marine Resources
2.2.2.3.2. C
E3_4
Water Consumption
2.2.2.2.5.1 &
2.2.2.2.5.2
E4
E4_IRO_1
Disclosure Requirement related to ESRS2 IRO_1: Description of the Processes to identify
and assess material Biodiversity and Ecosystem‑related Impacts, Risks and Opportunities
2.2.1.5.1
E5
E5_IRO_1
Disclosure Requirement related to ESRS2 IRO_1: Description of the processes to identify
and assess material resource use and circular economy‑related impacts, risks and
opportunities
2.2.1.5.1
E5_1
Policies related to Resource Use and Circular Economy
2.2.2.4.2. A &
2.2.2.4.3.A
E5_3
Targets related to Resource Use and Circular Economy
2.2.2.4.2. C &
2.2.2.4.3.D
E5_4
Resource Inflows
2.2.2.4.3. C &
2.2.2.5.2
E5_5
Resource Outflows
2.2.2.4.3. A &
2.2.2.4.3.C &
2.2.2.4.3.D &
2.2.2.5.2
S1
S1_SBM_2
Disclosure Requirement related to ESRS2 SBM_2: Interests and Views of Stakeholders
2.2.1.4.2
S1_SBM_3
Disclosure Requirement related to ESRS2 SBM_3: Material Impacts, Risks and
Opportunities and their Interaction with Strategy and Business Model
2.2.3.1.1 &
2.2.3.1.2 &
2.2.3.1.3 &
2.2.3.1.3.A &
2.2.3.1.4
S1_1
Policies related to Own Workforce
2.2.3.1.1 &
2.2.3.1.2.A &
2.2.3.1.2.B &
2.2.3.1.3.A &
2.2.3.1.3.B &
2.2.3.1.4.A &
2.2.3.1.4.B &
2.2.3.3.2.E
103
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Environmental, social, societal and governance responsibility
Sustainability Statement
2
Disclosure
Requirement
Number
Disclosure Requirement Name
Paragraph
S1_2
Processes for engaging with Own Workers and Workers’ Representatives about Impacts
2.2.3.1.1 &
2.2.3.1.2.A &
2.2.3.1.3.A &
2.2.3.1.4.A
S1_3
Processes to remediate negative Impacts and Channels for Own Workers to raise Concerns
2.2.3.1.2. A &
2.2.3.1.3.A &
2.2.3.1.4.A
S1_4
Taking Action on material Impacts on Own Workforce, and Approaches to mitigating
material Risks and pursuing material Opportunities related to Own Workforce, and
Effectiveness of those Actions
2.2.3.1.1 &
2.2.3.1.2.A &
2.2.3.1.1.B &
2.2.3.1.3.A &
2.2.3.1.3.B &
2.2.3.1.4.A
S1_5
Targets related to managing material negative Impacts, advancing positive Impacts, and
managing material Risks and Opportunities
2.2.3.1.1
S1_6
Characteristics of the Undertaking’s Employees
2.2.3.1.1 &
2.2.3.1.2.B &
2.2.3.1.3.B &
2.2.3.1.B
S1_8
Collective Bargaining coverage and Social Dialogue
2.2.3.1.2. B &
2.2.3.1.3.B &
2.2.3.1.4.B
S1_9
Diversity Metrics
2.2.3.1.2. B &
2.2.3.1.3.B &
2.2.3.1.4.B
S1_13
Training and Skills Development Metrics
2.2.3.1. B &
2.2.3.3.2. E &
2.2.3.4.2. C &
2.2.4.1.2. B
S1_14
Health and Safety Metrics
2.2.3.5.2
S1_16
Compensation Metrics (Pay Gap and total Compensation)
2.2.3.1.4. B
S1_17
Incidents, Complaints and severe Human rights Impacts
2.2.3.1.3. B
S2
S2_SBM_2
Disclosure Requirement related to ESRS2 SBM_2: Interests and Views of Stakeholders
2.2.1.4.2
S2_SBM_3
Disclosure Requirement related to ESRS2 SBM_3: Material Impacts, Risks and
Opportunities and their Interaction with Strategy and Business Model
2.2.1.4.3. B &
2.2.1.5.2.A &
2.2.3.1.1 &
2.2.3.2.1 &
2.2.3.2.2 &
2.2.3.2.3
S2_1
Policies related to Value Chain Workers
2.2.3.2.3
S2_2
Processes for engaging with Value Chain Workers about Impacts
2.2.3.2.2. C &
2.2.3.2.3
S2_4
Taking Action on material Impacts on Value Chain Workers, and Approaches to managing
material Risks and pursuing material Opportunities related to Value Chain Workers, and
Effectiveness of those Action
2.2.3.2.2. B &
2.2.3.2.2.D &
2.2.3.2.3
2
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Environmental, social, societal and governance responsibility
Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Disclosure
Requirement
Number
Disclosure Requirement Name
Paragraph
S2_5
Targets related to managing material negative Impacts, advancing positive Impacts, and
managing material Risks and Opportunities
2.2.3.2.2. D
S3
S3_SBM_2
Disclosure Requirement related to ESRS2 SBM_2: Interests and Views of Stakeholders
2.2.1.4.2
S3_SBM_3
Disclosure Requirement related to ESRS2 SBM_3: Material Impacts, Risks and
Opportunities and their Interaction with Strategy and Business Model
2.2.3.3.1 &
2.2.3.3.2
S3_1
Policies related to Affected Communities
2.2.3.3.2. A &
2.2.3.3.3.A &
2.2.3.3.4.A &
2.2.3.3.4.B
S3_2
Processes for engaging with Affected Communities about Impacts
2.2.3.3.2. B to
2.2.3.3.2.D &
2.2.3.3.3.A &
2.2.3.3.3.C
S3_3
Processes to remediate negative Impacts and Channels for Affected Communities to raise
Concerns
2.2.3.3.2. D
S3_4
Taking Action on material Impacts on Affected Communities, and Approaches to
managing material Risks and pursuing material Opportunities related to Affected
Communities, and Effectiveness of those Actions
2.2.3.3.2. B &
2.2.3.3.2.E &
2.2.3.3.3.B &
2.2.3.3.4.A &
2.2.3.3.4.B
S3_5
Targets related to managing material negative Impacts, advancing positive Impacts, and
managing material Risks and Opportunities
2.2.3.3.2. E &
2.2.3.3.3.D
S4
S4_SBM_2
Disclosure Requirement related to ESRS2 SMB_2: Interests and Views of Stakeholders
2.2.1.4.2
S4_SBM_3
Disclosure Requirement related to ESRS2 SBM_3: Material Impacts, Risks and
Opportunities and their Interaction with Strategy and Business Model
2.2.1.4.3 &
2.2.3.1.1 &
2.2.3.4.1
S4_1
Policies related to Consumers and End-Users
2.2.3.4.2. A &
2.2.3.4.3.A &
2.2.3.4.3.C &
2.2.3.4.4.A &
2.2.3.4.4.B
S4_2
Processes for engaging with Consumers and End-Users about impacts
2.2.3.4.3. C
S4_4
Taking Action on material Impacts on Consumers and End-Users, and Approaches to
managing material Risks and pursuing material Opportunities related to Consumers and
End-Users, and Effectiveness of those Actions
2.2.3.4.2. B &
2.2.3.4.2.C &
2.2.3.4.3.B &
2.2.3.4.2.D &
2.2.3.4.4.A &
2.2.3.4.4.B
S4_5
Targets related to managing material negative Impacts, advancing positive Impacts, and
managing material Risks and Opportunities
2.2.3.4.2. C &
2.2.3.4.3.D
105
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Environmental, social, societal and governance responsibility
Sustainability Statement
2
Disclosure
Requirement
Number
Disclosure Requirement Name
Paragraph
G1
G1_GOV_1
Disclosure Requirement related to ESRS2 GOV_1: The Role of the Administrative,
Supervisory and Management Bodies
2.2.1.3.1
G1_IRO_1
Disclosure Requirement related to ESRS2 IRO_1: Description of the Processes to identify
and assess material Impacts, Risks and Opportunities
2.2.1.5.1
G1_1
Business Conduct Policies and Corporate Culture
2.2.4.1.2. A.1 &
2.2.4.1.2.A.1.b &
2.2.4.1.2.A.1.c &
2.2.4.1.2.A.3.a
& 2.2.4.1.3
G1_2
Management of Relationships with Suppliers
2.2.4.1.1. A &
2.2.4.1.1.B &
2.2.4.1.2.B
G1_3
Prevention and Detection of Corruption and Bribery
2.2.4.1.2.
A.3.a to
2.2.4.1.2.A.3.c
G1_4
Confirmed Incidents of Corruption or Bribery
2.2.4.1.2. A.3.b
& 2.2.4.1.2.B
G1_5
Political Influence and Lobbying Activities
2.2.4.1.2. A.2 &
2.2.4.1.2.B &
2.2.4.2
G1_6
Payment Practices
2.2.4.1.1. B &
2.2.4.1.1.C
C)
Explanation of how material Information for IROs has been defined
Information relating to the double materiality assessment and the determination of topics considered as material is detailed in
paragraph 2.2.1.5.1.B “Materiality Assessment (scoring)”.
2
106
Environmental, social, societal and governance responsibility
Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
2.2.2
Environmental Information
2.2.2.1
EU Taxonomy
2.2.2.1.1
General Context and Scope for 2024
Adopted in 2020, Regulation (EU) 2020/852, known as
the EU Taxonomy, establishes a classification system for
sustainable economic activities. This regulation applies to
Dassault Systèmes, as a company subject to CSRD, registered
in the European Union and exceeding the thresholds set by
the standard.
The EU Taxonomy is based on six environmental objectives:
—
climate change mitigation;
—
climate change adaptation;
—
the sustainable use and protection of aquatic and marine
resources;
—
pollution prevention and control;
—
the transition to a circular economy;
—
the protection and restoration of biodiversity and
ecosystems.
During the first two years of application (2021 and 2022),
only activities contributing to climate change were subject
to the publication financial metrics. From 2023 onwards, the
four other objectives not directly related to climate change
are also included in the publication obligations, in accordance
with the Delegated Act of June 27, 2023.
Application Principles and Calculation Methodology
Since 2021, Delegated Acts have defined the criteria for
an economic activity’s substantial contribution to an
environmental objective and the conditions for avoiding any
prejudice to other objectives. They also specify calculation
methods and information related to eligible and aligned
activities, including the share of revenue, capital expenditure
(CapEx) and operating expenditure (OpEx).
In 2021, only eligible activities had to be declared. In
2022, alignment was introduced with no requirement
for comparison. In 2023, climate objectives required
comparative data with 2022, while the new environmental
objectives remained limited to eligibility.
An economic activity is eligible when it is explicitly described
in the list included at this stage in Delegated Regulation (EU)
2023/2486 or the Delegated Regulation (UE) 2021/2139
supplementing Regulation (EU) 2020/852 of the European
Parliament, and is likely to make a substantial contribution
to each environmental objective. Activities are considered
aligned to the EU Taxonomy when they meet the technical
review criteria and verification conditions, which are specific
conditions and performance thresholds for demonstrating
the
substantial
contribution
to
the
environmental
objectives, and otherwise, when they do not harm the other
environmental objectives and meet the Minimum Safeguards
specified in the regulations as well as in the FAQs on the EU
Taxonomy published at this stage.
Expansion to Circular Transition and Aligned Reporting from
2024 onwards
Starting in fiscal year 2024, Dassault Systèmes will publish
eligible and aligned revenue not only for the objective of
climate change, but also for the objective related to the
transition to a circular economy. This marks an important
step in regulatory compliance and transparency, taking into
account the integration of new requirements introduced by
the Delegated Act of June 2023.
For fiscal year 2024, the metrics will be reported as follows:
—
climate‑related objectives: comparative data on eligibility
and alignment with 2023, covering revenue, operating
expenditure and capital expenditure;
—
circularity objectives: introduction of alignment data
on the share of revenue and associated expenditure,
enabling an assessment of activities contributing to the
circular economy, such as:
– eco‑design of products,
– integration of recycled materials,
– product lifespan extension,
– recycling and waste management.
Strategic Commitments and Impacts
The Company is committed to the continued evolution of its
software solutions, particularly with regard to their ability to
accelerate and enable the sustainability levers implemented
and sought by its customers for the decarbonization and
circularity of their activities.
EU Taxonomy Metrics
The chart below shows the metrics required by the
EU Taxonomy: eligible and aligned revenue, operating
expenditure and capital expenditure. These metrics are
explained in paragraphs 2.2.2.1.3 “Eligible and Aligned
Revenue (Software and Services) as of December 31, 2024”,
2.2.2.1.4 “Eligible and Aligned Operating Expenditure as
of December 31, 2024” and 2.2.2.1.5 “Eligible and Aligned
Capital Expenditure as of December 31, 2024”.
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310 M€
73.7%
0.1%
Absolute values
Percentages of eligibility and alignement to EU Taxonomy
REVENUE
OPERATING EXPENDITURE
CAPITAL EXPENDITURE
6,214 M€
69.8%
35.0%
52.6%*
24.2%
1,380 M€
334 M€
2,176 M€
0.3 M€
* The percentage of eligible operating expenditure excludes from the numerator and denominator
the types of expenditure considered by the EU Taxonomy regulation to be outside of scope.
Aligned Revenue, Aligned Operating expenditure,
Aligned Capital expenditure
Total Revenue, Total Operating expenditure
in the scope of EU Taxonomy, Total Capital expenditure
Eligibility
Alignment
2.2.2.1.2
Sustainability Levers
Sustainability levers represent areas of improvement for
customers, enabled by Dassault Systèmes software, to
reduce their greenhouse gas emissions and implement
Circularity strategies. The development of these levers takes
into account the recommendations and structure of the EU
Taxonomy, and has been the subject of collaboration between
Dassault Systèmes industry experts and independent third
parties. These levers enabled the Company to quantify the
contribution of solutions to the objectives of climate change
mitigation and transition to a circular economy, and to
identify the associated aligned revenue. The collection and
analysis of use cases representative of Dassault Systèmes’
activities has demonstrated the relevance of these levers and
enabled them to be applied to each sector of the Company’s
customers (see paragraph 2.2.2.1.9 “EU Taxonomy Reporting
Methodology”). In all, some twenty levers have been
identified to justify the contribution of Dassault Systèmes’
solutions to the climate change mitigation objectives, for the
three Dassault Systèmes sectors. Some of these levers are
relevant to both Climate and Circularity matters.
Sustainability Levers – Manufacturing Industries Sector
Climate Change
Mitigation
Transition
to a Circular
Economy
Improve operations during product design and engineering phases
Select less carbon‑intensive alternative materials in smaller quantities
Purchase less carbon‑intensive materials or compounds from alternative suppliers
Reduce the energy required during the production phase
Reduce material waste during the production phase
Improve transport and distribution of semi‑finished and finished products
Reduce a product’s energy consumption during its use phase
Extend a product’s lifespan
Change the nature of the energy used by the product during its use phase (e.g. electrification).
Apply the Reduce, Reuse, Renovate, Recycle (RRRR) principle at the end of the product life cycle
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Sustainability Levers – Infrastructure & Cities Sector
Climate Change
Mitigation
Transition
to a Circular
Economy
Improve the efficiency of infrastructure design, engineering and construction activities
Enable the development of low‑carbon materials and processes
Identify alternative suppliers for low‑carbon materials
Reduce the amount of materials and natural resources consumed
Optimize the energy consumption of operating infrastructures
Facilitate changes in the type of energy used by infrastructures during the operations phase
(e.g. electrification, H², ENR, etc.).
Optimize transport and logistics
Extend the lifespan of infrastructures
Optimize dismantling
Preserve the local environment
Sustainability Levers – Life Sciences & Healthcare Sector
Climate Change
Mitigation
Transition
to a Circular
Economy
Reduce the carbon footprint of clinical trials
This analysis is gradually being integrated into all Dassault Systèmes operations. From the offer creation process to portfolio
optimization and value proposition, sustainability levers are used to qualify and highlight the environmental benefits provided
by the Company’s solutions.
2.2.2.1.3
Eligible and Aligned Revenue (Software and Services) as of December 31, 2024
Eligible revenue reached 69.8% in 2024, an increase of
+2.5 points on 2023. Aligned revenue reached 35% in
2024, corresponding to an increase of + 1.6 points. The
method used to calculate these metrics is presented in
paragraph 2.2.2.1.9 “EU Taxonomy Reporting Methodology”.
This method is comparable to the one used in 2023, and
has been supplemented and clarified in 2024, in particular
with regard to the assessment of the objectives related
to the transition to the circular economy. In addition, new
representative case studies have been produced in 2024 for
both the climate change mitigation and circularity objectives.
Economic activities (1)
Revenue (2)
(in millions of euros)
% of Revenue
A1. ELIGIBLE ACTIVITIES ALIGNED WITH EU TAXONOMY
2,176
35.0%
CCM (8.2) Data‑driven solutions for GHG emissions reductions
2,151
34.6%
CE (4.1) Provision of IT/OT data‑driven solutions
24
0.4%
A2. ELIGIBLE ACTIVITIES NOT ALIGNED WITH EU TAXONOMY
2,164
34.8%
CCM (8.2) Data‑driven solutions for GHG emissions reductions
2,076
33.4%
CE (4.1) Provision of IT/OT data‑driven solutions
88
1.4%
A. TOTAL FOR ELIGIBLE ACTIVITIES (A1 + A2)
4,340
69.8%
B. NON‑ELIGIBLE ACTIVITIES
1,873
30.2%
Revenue of EU Taxonomy‑non‑eligible activities
1,873
30.2%
TOTAL (A + B)
6,214
100.0%
(1)
CCM stands for “Climate Change Mitigation”, CE stands for “Circular Economy”.
(2)
The revenue breakdown is detailed in paragraph 4.1.1 “Consolidated Financial Statements”.
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Proportion of Revenue/Total Revenue (2)
EU Taxonomy‑aligned
per objective
EU Taxonomy‑eligible
per objective
CCM (1)
34.6%
68.0%
CE (1)
20.6%
65.2%
(1)
CCM stands for “Climate Change Mitigation”, CE stands for “Circular Economy”.
(2)
The revenue breakdown is detailed in paragraph 4.1.1 “Consolidated financial statements”.
2.2.2.1.4
Eligible and Aligned Operating
Expenditure as of December 31, 2024
The operating expenditure published relates to both, the
objectives Climate Change Mitigation (“CCM”) and transition
to a Circular Economy (“CE”). The table below shows, for
2024, the proportions of operating expenditure considered
eligible and aligned, as contributing to the climate change
mitigation and transition to a circular economy objectives.
They are calculated on the basis of the methodology
detailed in paragraph 2.2.2.1.9 “EU Taxonomy Reporting
Methodology”. They correspond, on the one hand, to
operating expenditure linked to assets or processes
associated with the Company’s economic activities that are
eligible and aligned to the EU Taxonomy, specifically for
data‑driven solutions aimed at reducing greenhouse gas
emissions (activity CCM 8.2 Data‑driven solutions for GHG
emissions reductions) and moving to a circular economy
(activity CE 4.1 Provision of IT/OT data‑driven solutions). On
the other hand, they correspond to operating expenditure
related to production purchases of eligible and aligned
economic activities, specifically activity CCM 8.1 Data
processing, hosting and related activities.
Economic activities
Operating
Expenditure
(in millions of euros)
% of Operating
Expenditure
A1. ELIGIBLE ACTIVITIES ALIGNED WITH EU TAXONOMY
334
24.2%
CCM (8.1) Data processing, hosting and related activities
0
0.0%
CCM (8.2) Data‑driven solutions for GHG emissions reductions
327
23.7%
CE (4.1) Provision of IT/OT data‑driven solutions
6
0.5%
A2. ELIGIBLE ACTIVITIES NOT ALIGNED WITH EU TAXONOMY
392
28.4%
CCM (8.1) Data processing, hosting and related activities
34
2.5%
CCM (8.2) Data‑driven solutions for GHG emissions reductions
331
24.0%
CE (4.1) Provision of IT/OT data‑driven solutions
27
1.9%
A. TOTAL FOR ELIGIBLE ACTIVITIES (A1 + A2)
726
52.6%
B. NON‑ELIGIBLE ACTIVITIES
654
47.4%
Operating Expenditure of EU Taxonomy‑non‑eligible activities
654
47.4%
TOTAL (A + B)
1,380
100.0%
The Dassault Systèmes operating expenditure considered
eligible and not aligned relate, among other things, to
operating expenditure for data processing activities hosted in
colocation data centers and by cloud service providers. None
of these activities is considered aligned, given the particularly
stringent requirements of the Regulation’s substantial
contribution criteria, in particular the implementation of
the “expected practices” of the European Code of Conduct
for data centers and their regular audit by an independent
third party, as well as the global warming potential of the
refrigerants used.
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2.2.2.1.5
Eligible and Aligned Capital Expenditure
as of December 31, 2024
The published capital expenditure relates to the objective
climate change mitigation (“CCM”). The table below shows,
for 2024, the percentage of capital expenditure considered
eligible and aligned, as contributing to the climate change
mitigation objective. They are calculated on the basis of the
methodology detailed in paragraph 2.2.2.1.9 “EU Taxonomy
Reporting Methodology”. In 2024, the Company’s capital
expenditure eligible to EU Taxonomy mainly corresponds to
investments analyzed independently of Dassault Systèmes’
activities, that are related to building acquisition and
ownership activities (activity CCM 7.7), and data processing,
hosting and related activities (activity CCM 8.1).
Economic activities
Capital Expenditure
(in millions of euros)
% of Capital
Expenditure
A1. ELIGIBLE ACTIVITIES ALIGNED WITH EU TAXONOMY
0.3
0.1%
CCM (7.4) Installation, maintenance and repair of charging stations for electric vehicles in
buildings (and parking spaces attached to buildings)
0.3
0.1%
A2. ELIGIBLE ACTIVITIES NOT ALIGNED WITH EU TAXONOMY
228
73.6%
CCM (6.5) Transport by motorbikes, passenger cars and light commercial vehicles
9
2.9%
CCM (7.1) Construction of new buildings
24
7.8%
CCM (7.2) Renovation of existing buildings
30
9.7%
CCM (7.3) Installation, maintenance and repair of energy efficiency equipment
0
0.0%
CCM (7.4) Installation, maintenance and repair of charging stations for electric vehicles in
buildings (and parking spaces attached to buildings)
0
0.0%
CCM (7.7) Acquisition and ownership of buildings
80
25.8%
CCM (8.1) Data processing, hosting and related activities
85
27.4%
A. ELIGIBLE ACTIVITIES (A1 + A2)
228
73.7%
B. NON‑ELIGIBLE ACTIVITIES
82
26.3%
Capital Expenditure of EU Taxonomy‑non‑eligible activities
82
26.3%
TOTAL (A + B)
310
100.0%
In 2024, Dassault Systèmes does not publish any aligned real
estate investments with activity CCM 7.7 Acquisition and
ownership of buildings.
In addition, no aligned real estate investments are reported
under activities 7.2 and 7.3, which can be explained
by the Company’s recourse to leasing. As a result,
Dassault Systèmes generally only carries out interior fit‑out
work with no specific focus on energy performance. Energy
performance is at the heart of the criteria for making a
substantial contribution to the EU Taxonomy.
A large proportion of Dassault Systèmes’ capital expenditure
is focused on IT equipment and associated software. Nearly
half of these investments support the data processing
business, notably in colocation data centers (CCM business
8.1). As explained in the previous paragraph, no data center
is considered aligned in view of the particularly stringent
requirements of the Regulation’s substantial contribution
criteria. These include the implementation of the “expected
practices” of the European Code of Conduct for data centers
and their regular audit by an independent third party, as well
as the global warming potential of the refrigerants used.
As a result, only 0.1% of the Company’s capital expenditure
is considered as eligible and aligned.
2.2.2.1.6
Demonstrate how Dassault Systèmes
Solutions contribute to Climate Change
Mitigation through EU Taxonomy Use Cases
In 2024 Dassault Systèmes certified 8 new use cases to
demonstrate the contribution of the Company’s solutions
to climate change mitigation. These new cases, in addition
to the 16 certified in 2023 by an independent third party,
were carried out using the methodology described in
paragraph 2.2.2.1.9 “EU Taxonomy Reporting Methodology”.
The documentation of these cases helps to determine the
Company’s percentage of alignment to the EU Taxonomy (as
described in paragraph 2.2.2.1.9 “EU Taxonomy Reporting
Methodology”). Above all, these cases are a tool for
demonstrating and assessing the Company’s solutions with
regard to environmental objectives.
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A)
Manufacturing Industries Sector
Every year, for the launch of new vehicle models, automakers
carry out marketing campaigns requiring the new vehicles to
be transported to filming locations. Working with a Korean
car company, Dassault Systèmes enabled its customer to
digitize its marketing campaigns using computer‑generated
imagery. By using 3DEXCITE, the customer did not need
to organize a physical photoshoot, and impacts related to
vehicle shipping were avoided.
With packaging accounting for over 40% of the world’s
plastic use, it is crucial to rethink packaging design to
reduce plastic consumption. Dassault Systèmes helped an
American consumer goods company optimize the design of
its packaging to reduce the amount of plastic used. Thanks
to SIMULIA, the Company was able to reduce the thickness
of a bottle’s packaging, while guaranteeing the product’s
robustness and compliance with health standards.
To mitigate the environmental impacts of the global food
system, optimizing transportation, and particularly delivery,
is key, as the sector emits 19% of total emissions. By
deploying a distribution planning management solution,
Dassault Systèmes helped an American food delivery
company reduce its fuel consumption. DELMIA was used
to optimize routes and reduce the number of kilometers
traveled.
By 2023, the world’s wind farms will have increased
their electricity production by almost 13%. To meet
the growing demand for this renewable energy, wind
turbine
manufacturers
are
stepping
up
production.
Dassault
Systèmes
has
helped
a
Chinese
company
specializing in renewable energies to optimize the design
of its wind turbine spindles in order to reduce the amount
of material used. Using SIMULIA, the company was able to
reduce the amount of material needed to manufacture one
spindle, while meeting the technical requirements associated
with wind turbine operation.
B)
Infrastructure & Cities Sector
Fiberglass, an essential material in the construction of wind
turbine components, is partly made of plastic. To reduce the
consumption of this raw material, Dassault Systèmes helped
an American company specializing in renewable energies to
optimize the production of its wind turbine blades in order to
reduce fiberglass waste. Using CATIA, the company was able
to model exact cut‑outs during production, thus reducing its
scrap rate.
The Company helped a Chinese architecture and construction
company to reduce its steel consumption during the
construction of a building. By using CATIA to model the
building, design errors were minimized significantly reducing
avoiding steel waste.
Thanks to DELMIA, Dassault Systèmes also helped a port
terminal operator optimize terminal planning of container
terminal, and reduced waiting times within the port, and also
reducing fuel consumption.
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C)
Life Sciences & Healthcare Sector
Dassault Systèmes has enabled an American medical research Company to digitize the transmission of its clinical trial results.
The use of MEDIDATA has made it possible to avoid the transport associated with physically shipping each patient’s results.
›
Summary of Use Cases 2024 and 2023 – Climate Change Mitigation Objective
Use case s2024 – Climate Change Mitigation
1 – Reducing fiberglass scrap in wind turbine production
2 – Digitalizing physical marketing photoshoots
3 – Reducing packaging weight to cut plastic consumption
4 – Digitizing the transmission of clinical trial results
5 – Reducing steel scrap during building construction
6 – Optimize port scheduling to reduce waiting times
7 – Optimizing food delivery schedules and routes
8 – Designing lighter wind turbine spindles
Use cases 2023 – Climate Change Mitigation
9 – Accelerating the deployment of electric car programs
10 – Designing lighter car models
11 – Improving car aerodynamics
12 – Designing lighter SUV models
13 – Reducing aerodynamic drag on trucks
14 – Reducing aircraft composites material scrap
15 – Improving aircraft aerodynamics
16 – Facilitating the integration of recycled materials in packaging and reducing packaging thickness
17 – Producing less carbon‑intensive steel rolling mills by substituting materials
18 – Reducing steel scrap by combining orders
19 – Optimizing logistics and delivery schedules
20 – Facilitating the reuse of components and spare parts
21 – Accelerating certification of nuclear equipment
22 – Decentralizing and digitizing clinical trials
23 – Avoiding producing physical train prototypes
24 – Reducing raw material waste and optimizing the energy consumed in train production
2.2.2.1.7
Demonstrate how Dassault Systèmes’
Solutions contribute to the Transition
towards a Circular Economy using the EU
Taxonomy Use Cases
In 2024, for the first time, Dassault Systèmes produced use
cases to demonstrate the contribution of the Company’s
solutions to the transition to a circular economy. A specific
methodology has been developed to assess all Circularity
matters. Described in paragraph 2.2.2.1.9 “EU Taxonomy
Reporting Methodology”, the method was built in line with
that used for the Climate use cases. Only circularity‑enabling
use cases that could be documented both qualitatively and
quantitatively enabled Dassault Systèmes to determine
the percentage of its revenue aligned to EU Taxonomy
with regards to the Circular economy objective. It is also a
strategic tool for accelerating the development of circular
offers and projects.
A)
Manufacturing Industries Sector
Among the 14 Circularity use cases, 3 describe how
Dassault Systèmes solutions facilitate the eco‑design of
packaging. Indeed, the Company has enabled three major
retailers to optimize the design of their packaging in order
to reduce the amount of plastic used and increase the
proportion of recycled materials. This was made possible
by the use of SIMULIA during the design phase. The
three companies succeeded in reducing the thickness of
their packaging, integrating more recycled materials and
increasing the recyclability of their products at end‑of‑life,
while guaranteeing the necessary robustness and compliance
with health standards. For a bottle of shampoo, for example,
the weight of the packaging was reduced by 17% and the
proportion of recycled material has increased by 66%.
Circularity is also a key matter for the automotive industry.
Three case studies focus on the eco‑design of electric
vehicles. In each case, CATIA was used to minimize waste
during the product production phase, optimize product
design to facilitate disassembly and reparability, and
reduce the number of physical prototypes. The ability of
Dassault Systèmes’ solutions to facilitate the collaborative
and transparent creation and sharing of information during
the design and engineering processes played a significant
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role in achieving these results. Another use case from a
company in the automotive industry demonstrates how
the optimization of the reuse of unused components can
reduce waste. By using NETVIBES to inventory its stocks, the
automotive supplier avoided almost 2.7 tons of waste.
B)
Infrastructure & Cities Sector
Among the 14 Circularity use cases, 2 involve heavy industry
actors, steel and aluminum respectively. One of the main
Circularity levers for these industries is the reduction of
scrap. Dassault Systèmes has enabled these two industries
to optimize their production process and reduce their
material waste. Using DELMIA, the steel producer was able
to combine orders of the same dimensions during cutting,
reducing scrap by almost 39%. For the aluminum producer,
the use of DELMIA has had a significant impact on the
circularity of its production processes, since its share of
reused materials has increased by almost 10%.
In the construction industry, modularity is a significant
lever for Circularity. Dassault Systèmes has enabled two
architectural companies to improve the circularity of two of
their infrastructure projects. The use of CATIA facilitated and
increased precision in the design of construction modules, as
well as in the final assembly of the infrastructure, enabling a
reduction in resource consumption.
Use case 2024 – Transition to a Circular Economy
1 – Eco‑design of shampoo bottles
2 – Reusing unused component inventory
3 – Developing more recyclable packaging
4 – Eco‑design of plastic bottles
5 – Optimizing steel cutting processes to minimize scrap
6 – Building with minimum waste
7 – Optimizing aluminum manufacturing processes to reduce scrap
8 – More modular buildings
9 – Optimizing wind turbine design to reduce resource consumption
10 – Improving traceability of materials during production*
11 – Eco‑design of electric cars*
12 – Optimizing prototyping to reduce waste*
13 – Eco‑design of electric commercial vehicles*
14 – Eco‑design of electric scooters*
*
Use cases documented qualitatively only, these were not taken into account in determining the percentage of income aligned for the transition to a circular economy
objectives.
2.2.2.1.8
EU Taxonomy Appendices
In line with its obligations, Dassault Systèmes presents the EU Taxonomy indicators, two of which have been integrated into
the sustainability objectives set as part of its sustainability strategy: by 2027, 70% and 40% of revenue must be respectively
eligible and aligned with this regulation.
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A)
Revenue
Financial year 2024
2024
Substantial Contribution Criteria
DNSH criteria (Does Not Significantly Harm)
Minimum safeguards
Proportion of Taxonomy‑aligned (A.1)
or –eligible (A.2) turnover, year 2023
Category enabling activity
Category transitional activity
Economic
activities
Code(s)
Turnover
Proportion of Turnover, year 2024
Climate change mitigation
Climate change adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
€M
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy‑aligned)
Data‑driven
solutions for
GHG emissions
reductions
CCM
8.2 2,151.3
34.6%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y 33.4%
E
Provision of IT/
OT data‑driven
solutions
CE 4.1
24.4
0.4%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
-
E
Turnover of
environmentally
sustainable activities
(Taxonomy‑aligned) (A.1) 2,175.7 35.0% 34.6%
-
-
-
0.4%
-
Y
Y
Y
Y
Y
Y
Y 33.4%
Of which enabling
2,175.7 35.0% 34.6%
-
-
-
0.4%
-
Y
Y
Y
Y
Y
Y
Y 33.4%
E
Of which transitional
-
-
A.2 Taxonomy‑eligible but not environmentally sustainable activities (not Taxonomy‑aligned)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Data‑driven
solutions for
GHG emissions
reductions
CCM
8.2 2,076.5 33.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
33.9%
Provision of IT/
OT data‑driven
solutions
CE 4.1
88.0
1.4%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
-
Turnover of
Taxonomy‑eligible but
not environmentally
sustainable activities
(not Taxonomy‑aligned
activities) (A.2)
2,164.5
34.8%
33.4%
-
-
-
1.4%
-
33.9%
A. Turnover of
Taxonomy‑eligible
activities (A.1+A.2)
4,340.2
69.8%
68.0%
-
-
-
1.8%
67.3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of
Taxonomy‑non‑eligible
activities
1,873.4
30.2%
TOTAL
6,213.6 100.0%
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Proportion of Turnover/Total Turnover
EU Taxonomy‑aligned
per objective
EU Taxonomy‑eligible
per objective
CCM
34.6%
68.0%
CCA
-
-
WTR
-
-
CE
20.6%
65.2%
PPC
-
-
BIO
-
-
CCM: Climate Change Mitigation.
CCA: Climate Change Adaptation.
WTR: Water and Marine Resources.
CE: Circular Economy.
PPC: Pollution Prevention and Control.
BIO: Biodiversity and ecosystems
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B)
Operating Expenditure
Financial year 2024
2024
Substantial Contribution Criteria
DNSH criteria (Does Not Significantly Harm)
Minimum safeguards
Proportion of Taxonomy- aligned
(A.1.) or eligible (A.2.) OpEx, year 2023
Category enabling activity
Category transitional activity
Economic
activities
Code(s)
Operating Expenditure (OpEx)
Proportion of OpEx, year 2024
Climate change mitigation
Climate change adaptation
Water and marine resources
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Pollution
Circular economy
Biodiversity and ecosystems
€M
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy‑aligned)
Data processing,
hosting and
related activities
CCM
8.1
-
0.0%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
N
-
-
-
-
-
Y
-
E
Data‑driven
solutions for
GHG emissions
reductions
CCM
8.2
327.5 23.7%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y 22.1%
E
Provision of IT/
OT data‑driven
solutions
CE 4.1
6.3
0.5%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
-
E
OpEx of
environmentally
sustainable activities
(Taxonomy‑aligned)
(A.1)
333.7 24.2% 23.7%
-
-
-
0.5%
-
Y
Y
Y
Y
Y
Y
Y 22.1%
E
Of which enabling
333.7 24.2% 23.7%
-
-
-
0.5%
-
Y
Y
Y
Y
Y
Y
Y
-
E
Of which transitional
-
-
A.2. Taxonomy‑eligible but not environmentally sustainable activities (not Taxonomy‑aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Data processing,
hosting and
related activities
CCM
8.1
34.0
2.5%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
2.2%
Data‑driven
solutions for
GHG emissions
reductions
CCM
8.2
331.3 24.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
24.4%
Provision of IT/
OT data‑driven
solutions
CE 4.1
26.8
1.9%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
-
OpEx of
Taxonomy‑eligible but
not environmentally
sustainable activities
(not Taxonomy‑aligned
activities) (A.2)
392.1 28.4% 26.5%
-
-
-
1.9%
-
26.6%
A. OpEx of
Taxonomy‑eligible
activities (A.1+A.2)
725.9 52.6% 50.2%
-
-
-
2.4%
-
48.8%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-
non-eligible activities
654.3 47.4%
TOTAL
1,380.2 100.0%
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Environmental, social, societal and governance responsibility
Sustainability Statement
2
Proportion of Operating Expenditure/Total Operating
Expenditure
EU Taxonomy‑aligned
per objective
EU Taxonomy‑eligible
per objective
CCM
23.7%
50.2%
CCA
-
-
WTR
-
-
CE
14.1%
46.2%
PPC
-
-
BIO
-
-
CCM: Climate Change Mitigation.
CCA: Climate Change Adaptation.
WTR: Water and Marine Resources.
CE: Circular Economy.
PPC: Pollution Prevention and Control.
BIO: Biodiversity and ecosystems.
2
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Environmental, social, societal and governance responsibility
Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
C)
Capital Expenditure
Financial year 2024
2024
Substantial Contribution Criteria
DNSH criteria (Does Not Significantly Harm)
Minimum safeguards
Proportion of Taxonomy- aligned (A.1.)
or eligible (A.2.) CapEx, year 2023
Category enabling activity
Category transitional activity
Economic activities
Code(s)
Capital Expenditure (CapEx)
Proportion of CapEx, year 2024
Climate change mitigation
Climate change adaptation
Water and marine resources
Pollution
Circular economy
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Pollution
Circular economy
Biodiversity and ecosystems
€M
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 ENVIRONMENTALLY SUSTAINABLE ACTIVITIES (TAXONOMY‑ALIGNED)
Installation,
maintenance and
repair of charging
stations for
electric vehicles
in buildings (and
parking spaces
attached to
buildings)
CCM
7.4
0.3
0.1%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
-
E
Acquisition and
ownership of
buildings (*)
CCM
7.7
0.0
0.0%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
-
-
-
-
-
-
- 21.8%
E
CapEx of
environmentally
sustainable activities
(Taxonomy‑aligned)
(A.1)
0.3
0.1%
0.1%
-
-
-
-
-
-
-
-
-
-
-
- 21.8%
Of which enabling
0.3
0.1%
0.1%
-
-
-
-
-
-
-
-
-
-
-
- 21.8%
Of which transitional
-
-
A.2 Taxonomy‑eligible but not environmentally sustainable activities (not Taxonomy‑aligned)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Transport by
motorbikes,
passenger
cars, and light
commercial
vehicles
CCM
6.5
8.9
2.9%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.6%
Construction of
new buildings
CCM
7.1
24.1
7.8%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.3%
Renovation of
existing buildings
CCM
7.2
30.1
9.7%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
9.1%
Installation,
maintenance and
repair of equip
ment related to
energy efficiency
CCM
7.3
0
0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0%
Acquisition and
ownership of
buildings
CCM
7.7
79.8 25.8%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
26.5%
Data processing,
hosting, and re
lated activities
CCM
8.1
84.8 27.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
13.9%
CapEx of Taxonomy-
eligible but not
environmentally
sustainable activities
(not Taxonomy‑aligned
activities) (A.2)
227.8 73.6%
-
-
-
-
-
54.4%
A. CapEx of
Taxonomy‑eligible
activities (A.1+A.2)
228.1
73.7%
-
-
-
-
-
76.2%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of
Taxonomy‑non‑eligible
activities
81.5
26.3%
TOTAL
309.6 100.0%
(*)
Activity presented for 2023 comparability purpose.
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Sustainability Statement
2
Proportion of Capital Expenditure/Total Capital Expenditure
EU Taxonomy‑aligned
per objective
EU Taxonomy‑eligible
per objective
CCM
0.1%
73.7%
CCA
-
-
WTR
-
-
CE
-
-
PPC
-
-
BIO
-
-
CCM: Climate Change Mitigation.
CCA: Climate Change Adaptation.
WTR: Water and Marine Resources.
CE: Circular Economy.
PPC: Pollution Prevention and Control.
BIO: Biodiversity and ecosystems.
D)
Nuclear Power and Fossil Gas Activities
Nuclear Energy related Activities
1) The Company carries out, funds or has exposure to research, development, demonstration and deployment
of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste
from the fuel cycle.
NO
2) The Company carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3) The Company carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes such
as hydrogen production from nuclear energy, as well as their safety upgrades.
NO
Fossil Gas related Activities
4) The Company carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
NO
5) The Company carries out, funds or has exposures to construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous fuels.
NO
6) The Company carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
NO
2.2.2.1.9
EU Taxonomy Reporting Methodology
A)
Revenue
A.1) Main Methodological Steps in identifying Eligible
Revenue
Eligibility for CCM Objective – Climate Change Mitigation
The description of activities in Section 8 “Information and
Communication” of Appendix 1 of the European Delegated
Act defines the objectives specific to digital solutions
that are developed mainly for reducing emissions. After
a comprehensive review of all the activities described in
section 8, Dassault Systèmes has identified that its activities
fit the description of section 8.2 “Data‑driven solutions to
reduce GHG emissions” and can be considered “enabling
activities” as they have the potential to enable its customers
to improve their own sustainability. A detailed assessment of
the Dassault Systèmes portfolio was carried out to identify
offerings marketed with a view to reducing greenhouse gas
emissions.
The calculation of the eligibility of Dassault Systèmes’
business activities is based on their capacity to reduce
greenhouse gas emissions, while excluding revenue from oil,
gas and mining activities (e.g. revenue from solutions sold to
companies with oil gas and mining activities).
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Environmental, social, societal and governance responsibility
Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Eligibility for CE Objective – Transition to a Circular Economy
The analysis of eligibility for the Circularity objective is
carried out on all the Company’s brands. Only brands
meeting the technical selection criteria set out in the
description of section 4.1 “IT/OT data solutions” were
selected. To reinforce this analysis, experts from each brand
were surveyed. Each technical criterion in section 4.1 “IT/
OT data solution provision” was presented to brand experts,
who confirmed that the selected brands met these criteria.
The method for calculating the proportion of revenue eligible
for the Circularity objective remains the same as that used
for the assessment described in section 8.2.
Summary of eligibility Metrics for CCM Objective – Climate
Change Mitigation and CE – Transition to a Circular Economy
Eligible revenue is calculated by identifying the proportion
of revenue eligible for only one of the two environmental
objectives, and the proportion of revenue eligible for both
objectives.
A.2) Main Methodological Steps in identifying Aligned
Revenue
Alignment with CCM Objective – Climate Change Mitigation
In order to demonstrate the alignment of Dassault Systèmes’
revenue to the EU Taxonomy’s climate change mitigation
objective, the Company has developed a methodology based
on the use of representative use cases meeting the technical
criteria of the activity described in section 8.2 “Data‑driven
solutions to reduce GHG emissions”.
In 2023, work to identify the most representative projects
led to the documentation of a selection of use cases. These
cases had been carried out in collaboration with external
firms with expertise in Climate strategy. The calculations
of greenhouse gas emissions reduced or avoided by the
application of the Company’s solutions had been verified by
an independent third party. In 2024, as these projects have
not been impacted by significant changes, they have thus
not been re‑audited by an independent third party.
In 2024, new representative projects were selected and
documented in collaboration with the same external
experts in Climate strategy. The calculations of greenhouse
gas emissions reduced or avoided by the application of the
Company’s solutions were verified by the same independent
third party.
As in 2023, in the absence of a generally accepted and
commonly used reference framework for estimating reduced
or avoided greenhouse gas emissions, the Company has
developed, under its own responsibility, a methodology for
calculating emissions. This methodology was developed in
line with the recommendations of the EU Taxonomy and in
collaboration with external firms with expertise in Climate
strategy. The standards used to guide the calculations
include ISO 14067:2018 and ISO 14064‑2:2019, as well
as the WBCSD (World Business Council for Sustainable
Development) Guide to Avoided Emissions.
Each case study analyzes the potential of Dassault Systèmes’
solutions to contribute to the reduction of greenhouse gas
emissions for its customers. Given the heterogeneity of its
solutions, and in order to select projects that are representative
of its activities, the use cases selected relate to the design of
more virtuous products and the optimization of operations.
Estimating reductions requires considerable judgment, and
is based on key assumptions and parameters used by the
Company to calculate reduced or avoided greenhouse gas
emissions, including, in particular, the choice of:
—
functional units consistent with the products and services
of customer companies using Dassault Systèmes’
solutions;
—
reference scenarios that do not include the use of
Dassault Systèmes’ solution by corporate customers;
—
scenarios for the application of Dassault Systèmes’ solution
by the Company’s customer companies, based on the life
cycle stages linked to the use of the solution, as well as
other key assumptions specific to each case study.
The choice of these key assumptions and parameters may
have an impact on the identification of aligned revenue,
given the inherent degree of uncertainty.
In order to harmonize the calculation of use cases and
enable
extrapolation
to
Dassault
Systèmes’
global
revenue, sustainability levers have been established (see
paragraph 2.2.2.1.2 “Sustainability Levers”). These levers
are key to categorizing use cases. They describe how
Dassault Systèmes’ solutions contribute to reducing GHG
emissions, and propose a method for calculating avoided
emissions in line with the recommendations of the technical
criteria in activity 8.2. These cases were investigated
collectively, and involved a total of over 150 experts within
the Company. To organize the calculation of the alignment,
a dedicated collaborative interface was implemented on
the Dassault Systèmes internal platform to facilitate the
governance, traceability and auditability of the calculations.
The main methodological steps in calculating aligned
revenue are as follows:
—
mapping the contribution of each Dassault Systèmes
brand to GHG emission reduction levers;
—
identification of representative customer case studies
to demonstrate how Dassault Systèmes solutions
contribute to the reduction of GHG emissions;
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Sustainability Statement
2
—
calculation of avoided GHG emissions for each case
study using the ISO 14067:2018 and ISO 14064‑2:2019
standards recommended by the regulations;
—
extrapolation of calculations from the levers and
estimation of the percentage of aligned revenue.
Extrapolation is based on the use of a case study as a sample
to represent a more generic scope of use cases. A case study
is an in‑depth analysis of a particular business scenario
of a Dassault Systèmes customer. It explores in detail the
processes involved and the customer’s targets. When a case
study is used as a sample, this means that it is considered
sufficiently representative to reflect the characteristics or
trends of a broader typology of customers using the same
processes and seeking to achieve similar targets. These
customer typologies, whether private or public companies,
are classified into business segments which serve as a basis
for extrapolating the alignment.
Alignment with CE Objective – Transition to a Circular Economy
For the first time, Dassault Systèmes has published an
alignment metric for the Circularity. To demonstrate the
alignment of the Company’s revenue with this objective, the
Company has developed a methodology based on the use
of representative use cases, consistent with that described
above and employed for the CCM objective.
Work to identify the most representative projects led to the
documentation of a selection of use cases. These cases and
the associated methodology were developed in collaboration
with an external firm with expertise in Circularity. In the
absence of a generally accepted and commonly used
reference
framework
for
measuring
Circularity,
the
Company has developed, under its own responsibility, an
assessment methodology. Among the standards used to
guide the assessments are ISO 59004 and publications by
experts in the circular economy such as the Ellen MacArthur
Foundation, the National Institution for the Circular Economy
(INEC), Circle Economy, the Platform for Accelerating the
Circular Economy (PACE), WBCSD, etc.).
Each case study analyzes the potential of Dassault Systèmes’
solutions to improve the circularity of its customers’
operations. Given the heterogeneity of its solutions, and
in order to select projects that are representative of its
activities, the selected use cases focus on the design of
more virtuous products and the optimization of operations.
To be consistent with the work carried out for the Climate
objective and to describe the circular benefits provided by
the solutions, a list of specific levers has been drawn up.
Each circular economy transition lever meets one or more
of the technical criteria in section 4.1 “Providing IT/OT data
solutions”, and includes metrics from CSRD-ESRS E5 and
ISO 59020:2024. The association of a use case with a lever
reveals the Circularity benefits provided by the Company’s
solutions.
The Company’s key assumptions and parameters for the
contribution of use cases to the circular economy include:
—
the choice of a functional unit consistent with the
products and services of customer companies using
Dassault Systèmes’ solutions;
—
development of a reference scenario that does not
include the use of Dassault Systèmes’ solution by
customer companies;
—
the development of a scenario for the application of
Dassault Systèmes’ solution by the Company’s corporate
customers, based on the life cycle stages linked to the
use of the solution, as well as other key assumptions
specific to each case study;
—
comparing the two scenarios and calculating or qualifying
improvements in terms of the circular economy.
The choice of these key assumptions and parameters may
have an impact on the identification of aligned revenue, given
the inherent degree of uncertainty. Sustainability levers have
also been established in order to harmonize the evaluation of
use cases and to enable extrapolation to Dassault Systèmes’
global revenue.
These cases were investigated collectively, and involved a
total of over 150 experts within the Company. To organize
the alignment calculations, a dedicated collaborative
interface was implemented on the Dassault Systèmes
internal platform to facilitate the governance, traceability
and auditability of the calculations. The same interface was
used for the Climate and Circularity cases.
The main methodological steps in calculating CE-aligned
revenue are as follows:
—
mapping the contribution of each Dassault Systèmes
brand to Circularity levers;
—
identification of representative customer case studies
to demonstrate how Dassault Systèmes’ solutions
contribute to the transition towards a circular economy;
—
assessment
of
the
contribution
to
the
circular
economy for each case study, using, in particular, the
ISO 59020:2024 standard;
—
extrapolation of calculations from the levers and
estimation of the percentage of revenue aligned.
Summary of alignment Metrics with regards to the Objectives
CCM – Climate Change Mitigation and CE – Transition to a
Circular Economy
Aligned revenue is calculated by identifying the share of
revenue aligned only with one of the two environmental
objectives, and the share of revenue aligned with both
objectives.
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Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
DNSH Compliance Assessment
The assessment of Dassault Systèmes’ compliance with the
DNSH criteria (“Do No Significant Harm”) as required by the
EU Taxonomy, was carried out at the Dassault Systèmes level
rather than at the brand or use case level, in order to align
with the level of information required by the regulations
(business process, risks procedure, policies, etc.). To carry out
this assessment, a detailed questionnaire was drawn up and
sent to the department in charge of CSRD alignment. This
questionnaire listed the key DNSH considerations taken from
the appendices and regulatory documents accompanying the
EU Taxonomy, ensuring that Dassault Systèmes’ activities
complied with the standards described in these texts.
Furthermore, Dassault Systèmes interprets the DNSH
pollution criterion in the light of the conclusion concerning
software suppliers formulated by the Commission in FAQ
108 of December 2024. As such, the Company is not required
to comply with this criterion.
The Company has reached the same conclusion for the DNSH
Water criterion in activity 4.1. The Company’s compliance
with the DNSH criterion on climate change mitigation can
be found in section 2.2.1.5.1 “IRO_1 – Description of the
Process to identify and assess material Impacts, Risks and
Opportunities”, in paragraph C.1 “ESRS E1 – Risks related to
Climate Change”.
Assessment of Dassault Systèmes’ compliance with Minimum
Social Safeguards
In this assessment, Dassault Systèmes examined the
compliance of its activities with the minimum social
safeguards of the EU Taxonomy. In order to gather the
information required for the compliance assessment, the
following documentation was analyzed:
—
Universal registration document 2023;
—
Corporate Social Responsibility Principles;
—
Code of Business Conduct;
—
Sustainable Charter with Suppliers.
B)
Operating Expenditure
B.1) Main Methodological Steps in identifying Eligible
Operating Expenditure
Nature and Type of Eligible Operating Expenditure
Delegated Act C (2021) 4987 specifies the nature of the
operating expenditure to be considered in the eligibility
analysis, and makes explicit reference to the following types
of direct costs not capitalized to assets:
—
research and development;
—
building renovation;
—
short‑term leases (less than one year in accordance with
IFRS 16);
—
maintenance and repair;
—
other direct expenses related to the ongoing maintenance
of tangible assets by the Company, or by the third party
to whom these activities are outsourced, which are
necessary to keep these assets in good working order;
—
training and other human resource adaptation needs.
Other indirect costs, such as overheads, sales, marketing or
administrative expenses, personnel costs and depreciation,
are excluded from eligible operating expenditure.
Clarification from the standard‑setter is still awaited on the
precise scope of operating expenditure to be considered in
the notion of routine maintenance of assets to ensure their
proper functioning, which could lead Dassault Systèmes to
change its methodology.
According to the Delegated Act, three types of operating
expenditure are potentially eligible:
—
operating expenditure related to assets or processes
associated with economic activities aligned with the EU
Taxonomy;
—
operating expenditure forming part of a capital
expenditure plan aimed at expanding economic activities
aligned with the EU Taxonomy, or at enabling economic
activities eligible to the EU Taxonomy to be aligned with
it within a predefined timeframe;
—
operating expenditure related to the purchase of
production of economic activities aligned to the EU
Taxonomy.
Eligible Software and Services Operating Expenditure related
To identify operating expenditure linked to assets or
processes associated with economic activities eligible to the
EU Taxonomy, the Company has analyzed in detail the types
of direct non‑capitalized costs linked to the development of
the software portfolio, based on the Company’s performance
analysis tools.
The Company’s performance analysis model, which controls
financial data according to the different solutions marketed,
makes it possible to identify precisely those operating
expenditure which, by their nature or by their connection
to a use (notably research and development), fall within the
scope of costs covered by the EU Taxonomy and associated
with a particular solution.
This analysis showed that all types of research and
development costs are eligible when linked to an eligible
brand, mainly direct personnel costs, subcontracting costs
and royalties. The operating expenditure concerned are then
eligible up to the level of eligible revenue on the brand in
question.
All other maintenance and repair costs, as well as leasing
costs allocated as part of IT and facilities expenditure, are
also considered eligible when associated with research and
development.
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Sustainability Statement
2
Purchase of EU Taxonomy‑eligible Activities in Operating
Expenditure
Dassault Systèmes has identified a category of relevant and
eligible operating expenditure within the 13 sectors listed in
Annex I (Climate Change Mitigation) of Delegated Regulation
(EU) 2021/2139 in the EU Taxonomy:
—
section 8: all costs included in the scope of the EU
Taxonomy relating to data processing, hosting and
related activities, i.e. all costs included in the scope
of the EU Taxonomy that can be directly attributed to
data centers (see also paragraph 2.2.2.1.9.B.2 “Main
Methodological Steps in identifying Aligned Operating
Expenditure”).
B.2) Main Methodological Steps in identifying Aligned
Operating Expenditure
Aligned Software and Services Operating Expenditure
The methodology for assessing the aligned nature of
operating expenditure related to assets or processes
associated
with
economic
activities
eligible
for
the
EU
Taxonomy
is
linked
to
that
described
in
paragraph 2.2.2.1.9.A.2 “Main Methodological Steps in
identifying Aligned Revenue”.
To identify operating expenditure related to assets or
processes associated with business activities aligned with
the EU Taxonomy, the Company has analyzed in detail
the types of direct non‑capitalized costs associated with
the development of the software portfolio, based on the
Company’s performance analysis tools.
The Company’s performance analysis model, which controls
financial data according to the different solutions marketed,
makes it possible to identify precisely those operating
expenditure which, by their nature or by their connection
to a use (notably research and development), fall within the
scope of costs covered by the EU Taxonomy and associated
with a particular solution.
This analysis has shown that all types of research and
development costs are aligned when they are linked to an
aligned brand and market segment, mainly direct personnel
costs, subcontracting costs and royalties. The operating
expenditure concerned are then aligned to the extent of the
alignment of revenue with the brand in question.
All other maintenance and repair costs, as well as leasing
costs allocated as part of IT and facilities expenditure, are
also considered eligible when associated with research and
development.
Purchase of EU Taxonomy‑aligned Activities in Operating
Expenditure
Assessment of the alignment of CCM 8.1 “Data processing,
hosting and related activities” was carried out using detailed
questionnaires sent to Dassault Systèmes’ main colocation
data center suppliers. These questionnaires included:
—
compliance with the European Code of Conduct for data
centers;
—
periodic audits of their implementation;
—
the existence of a physical risks assessment related
to climate change, which could generate a potentially
significant impact;
—
implementation of a water resource management and
conservation plan;
—
the nature and global warming potential of the
refrigerants used.
The replies to the questionnaires and the associated
supporting
documents
have
been
checked
by
the
Procurement and Information & Technology departments.
The “Responsible procurement” policy, which includes
Dassault Systèmes’ IT equipment, is essential for confirming
that the “Transition to a circular economy” objective has not
been prejudiced, by implementing qualification procedures
that integrate the main matters addressed by European
Directive 2009/125/EC of October 21, 2009 on eco‑design.
Compliance with the directive on hazardous substances
contained in equipment, and with the Company’s e‑waste
management policy, is systematically required in public
tenders, providing a framework for equipment processing
and recycling.
The Company is able to determine the operating expenditure
for the Information & Technology and Research &
Development departments that are specifically associated
with each colocation data center. Provided the above criteria
are met, this breakdown makes it possible to determine the
proportion of eligible and aligned operating expenditure to
the EU Taxonomy.
C)
Capital Expenditure
C.1) Main Methodological Steps in identifying Eligible
Capital Expenditure
Nature and Type of Eligible Capital Expenditure
Delegated Act C (2021) 4987 specifies the nature of eligible
capital expenditure, i.e. additions to tangible and intangible
fixed assets during the financial year in question, before
depreciation, amortization and any revaluation recognized
in accordance with the applicable IAS and IFRS standards. It
also includes the acquisition of tangible and intangible assets
resulting from business combinations.
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According to the Delegated Act, three types of capital
expenditure are potentially eligible:
—
capital expenditure linked to assets or processes
associated with economic activities aligned to the EU
Taxonomy;
—
capital expenditure forming part of a plan to expand
economic activities aligned to the EU Taxonomy, or to
enable economic activities eligible to the EU Taxonomy to
align with it within a predefined timeframe;
—
capital expenditure linked to the purchase of production
from economic activities eligible to the EU Taxonomy,
and to individual measures enabling target activities to
decarbonize or reduce their greenhouse gas emissions,
provided that these measures are implemented and
operational within 18 months.
Capital expenditure linked to assets or processes associated
with business activities aligned to the EU Taxonomy
has not been the subject of a specific analysis. Indeed, a
brand‑by‑brand approach is not relevant given the nature
of Dassault Systèmes’ investments, with the exception of
intangible assets linked to business combinations, which
are carried by the various solutions in the Company’s brand
portfolio (see below).
Eligible Software and Services Capital Expenditure
Dassault Systèmes expands its portfolio of solutions for
sustainability through regular technological investments.
These investments take the form of acquisitions of companies
with strong development potential, and the acceleration of
in‑house developments by Dassault Systèmes.
The capital expenditure concerned is aimed at developing the
contribution of the Company’s solutions through technology,
in particular with a view to decarbonizing or reducing the
greenhouse gas emissions of customers implementing
these solutions, and is intrinsically linked to the main
Dassault Systèmes brands.
The eligibility of technologies acquired during the year is
therefore determined according to the solution with which
they are associated and the eligibility criteria detailed in
the EU Taxonomy report and the Commission’s delegated
regulation (2021/2139 and 2022/1288).
Purchase of EU Taxonomy‑aligned Activities in Capital
Expenditure
As part of the climate change mitigation objective,
Dassault Systèmes has identified three relevant and eligible
categories of capital expenditure within the thirteen sectors
listed in the EU Taxonomy:
—
section CCM 6: all capital expenditure relating to the
purchase or lease of Company cars;
—
section CCM 7: all capital expenditure related to
(i) construction and real estate activities aimed at the
construction of new buildings or the renovation of
existing buildings; or to (ii) the installation, maintenance
and repair of energy‑efficient equipment, electric
vehicles charging stations, instruments and devices
for measuring, regulating and controlling the energy
performance of buildings, and renewable energy
technologies;
—
section CCM 8: all capital expenditure linked to data
processing, hosting and related activities, i.e. all capital
expenditure directly attributable to data centers.
C.2) Main Methodological Steps in identifying Aligned
Capital Expenditure
Aligned Software and Services Capital Expenditure
The methodology for assessing the aligned nature of capital
expenditure on software and services is determined by the
solution with which it is associated and the alignment criteria
detailed in the EU Taxonomy report and the Commission’s
delegated regulation (2021/2139 and 2022/1288).
Purchase of EU Taxonomy‑aligned Activities in Capital
Expenditure
The assessment of the alignment of existing building
construction and renovation activities was carried out using
an evaluation of the main documents attached to all real
estate projects carried out in the 2024 financial year. The
projects were first analyzed against the CCM 7 substantial
contribution criteria for the 13 main business sectors
included in the EU Taxonomy for climate change mitigation.
Subsequently, the main projects presenting a potentially
significant energy improvement were reviewed in detail with
all involved local site managers. Specifications, purchase
orders and technical specifications for the main materials
used were examined.
Local controls were checked centrally by the Procurement
and Real Estate departments, together with the associated
supporting documents.
The methodology for assessing the aligned nature of
capital expenditure relating to data processing, hosting
and related activities is identical to that described in
paragraph 2.2.2.1.9.B.2 “Main Methodological Steps in
identifying Aligned Operating Expenditure”.
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Sustainability Statement
2
2.2.2.2
E1 – Climate Change
2.2.2.2.1
Climate Strategy
A)
Transition Plan for Climate Change Mitigation
SBTi validates the first
emission reduction targets
SBTi validates the post-acquisition
of MEDIDATA year of reference
and the new emission reduction targets
2019
2025
2027
2021
2023
SBTi year of reference
CARBON
NEUTRALITY*
* Target non SBTi
DASSAULT SYSTÈMES’ DECARBONIZATION PATHWAY
2040
50%
of suppliers
in emissions having set
science-based targets
-20%
CO2-eq emissions
from business travel
and employees' commute
(Scope 3)
Dassault Systèmes has defined its decarbonization pathway in line
with the sector’s best practices and the Science-Based Targets
initiative (SBTi), committing to go beyond the initial targets
until 2040.
-35%
CO2-eq emissions
from operations
(Scopes 1 & 2)
2
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Dassault Systèmes’ Transition plan focuses on two
complementary strategic axes:
—
develop and deploy solutions to accelerate the sustainable
transformation of Dassault Systèmes’ customers;
—
be exemplary in the Company’s own decarbonization
trajectory by aligning with SBTi targets to achieve carbon
neutrality by 2040. This commitment covers Scopes 1, 2
and 3, excluding emissions from solutions sold.
By
combining
these
two
axes,
Dassault
Systèmes
strengthens both its resilience in the face of climate
challenges and its role as a driving force in the transformation
of the markets it serves towards a low‑carbon economy.
This strategy has been proposed by the Sustainability
Steering Committee, and validated by general management
in 2021. Each year, it is discussed by the Board of Directors
and reviewed in detail by the independent directors, who
share their conclusions with the Board.
A.1) Sustainability Strategy – “Handprint”
Since 2012, Dassault Systèmes has focused its strategy on
developing innovative solutions to accelerate its customers’
transition to a low‑carbon economy. Thanks to virtual twins,
the Company anticipates the sustainability challenges faced
by its customers, and continuously adapts its offering to the
transformations induced by climate change.
A.1.a) Development of Activities in line with Climate
Change Mitigation Targets
The proportion of Dassault Systèmes’ revenue that is eligible
and aligned to the EU Taxonomy’s climate change mitigation
objective is 68.0% and 34.6% respectively in 2024. The
proportion of aligned revenue increased by +1.2 points from
33.4% in 2023 to 34.6% in 2024.
In 2024, Dassault Systèmes has set itself a target of aligning
40% of its revenue with the EU Taxonomy’s Climate Change
Mitigation and Circular Economy objectives by 2027. This
target complements its commitment to achieve a 70%
eligibility rate by the same deadline.
Each year, Dassault Systèmes also publishes the percentage
of eligibility and alignment of its capital expenditure (CapEx)
and operating expenditure (OpEx). These metrics reflect the
Company’s efforts to direct its investments and activities
towards sustainability targets, in line with the criteria
defined by the EU Taxonomy.
In 2024, the percentages of eligibility and alignment with
the objective of climate change were respectively 73.7%
and 0.1% for capital expenditure, and 50.2% and 23.7% for
operating expenditure.
This strategic positioning contributes directly to the success
of Dassault Systèmes’ Transition plan. It contributes to
the resilience of its business model, aligning its activities
with global climate challenges and European regulatory
requirements.
A.1.b) Sustainability Levers for Industries served by
Dassault Systèmes
Dassault Systèmes has identified some twenty sustainability
levers to help its customers reduce their GHG emissions and
accelerate their transition to a circular economy. Defined
in line with the technical criteria of the EU Taxonomy,
these levers make it possible to measure and quantify the
contribution of the Company’s solutions to both the Climate
and Circularity matters.
Adapted to the specificities of the three main industrial
sectors – Manufacturing Industries, Infrastructure & Cities,
and Life Sciences & Healthcare – the levers integrate both
Climate and Circularity matters. Details are given in the EU
Taxonomy in paragraph 2.2.2.1.2 “Sustainability Levers”.
A.2) Carbon Footprint Reduction Plan
Dassault Systèmes is included in indexes aligned with the
Paris Agreement, by meeting the following criteria:
—
less than 1% of its revenue is coal‑related;
—
less than 10% of its revenue is oil‑related;
—
less than 50% of its revenue is linked to natural gas;
—
the Company is not involved in the production of electricity
with a carbon intensity exceeding 100 gCO2/kWh.
Since 2021, Dassault Systèmes has been committed to
an ambitious plan to reduce its GHG emissions by 2027,
validated by the Science-Based Targets initiative (SBTi).
This is in line with a trajectory aimed at limiting global
warming to 1.5°C for Scopes 1 and 2, and is also aligned
with best practices for Scope 3. It is based on three major
levers: (i) deploying renewable energy; (ii) improving energy
efficiency; and (iii) mitigating climate risks.
In 2023, Dassault Systèmes has updated its targets to
include the carbon footprint of MEDIDATA, acquired at the
end of 2019. CENTRIC PLM, on the other hand, could not be
included due to the lack of 2019 reference data, although its
emissions are included in the company’s carbon footprint.
These new targets, which are close to the original targets in
terms of percentage reduction, have been re‑validated by the
SBTi organization, confirming their alignment with a 1.5°C
trajectory.
Dassault Systèmes has also set specific targets for its direct
and indirect emissions:
—
Scopes 1 & 2: 35% reduction in GHG emissions by 2027
(baseline 2019);
—
Scope 3 (business travel and employees’ commute): 20%
reduction in GHG emissions by 2027 (baseline 2019);
—
Scope 3 (purchased goods and services and capital
goods): 50% of suppliers (measured in volume of GHG
emissions) who have defined science‑based emission
reduction targets by 2025.
In addition, the Company is committed to achieving carbon
neutrality by 2040, by offsetting its residual emissions
excluding emissions from the use of solutions sold. This
commitment marks a strong ambition to reduce and offset
its climate impact over the long term.
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Sustainability Statement
2
To implement its strategy and ensure the operational success
of its adaptation and Transition plan, Dassault Systèmes’
relies on several decarbonization levers, structured around
five key policies:
—
“Responsible digital” policy;
—
“Responsible data centers” policy;
—
“Responsible real estate” policy;
—
“Responsible mobility” policy;
—
“Responsible procurement” policy.
Each of these policies incorporates decarbonization levers
designed to reduce the Company’s carbon footprint and
help it achieve its SBTi targets. A detailed description
of these policies and associated actions is given in
paragraph 2.2.2.2.3.A “ Policies and Key Actions relating
to Strategic Matter 2: Limiting Carbon Footprint of
Dassault Systèmes’ Operations and its Value Chain in a
Growth Context”.
A.3) Financial Resources
To develop its portfolio of innovative solutions designed
to accelerate its customers’ transition, Dassault Systèmes
commits significant resources to research and development,
identified within operating expenditure aligned with the
EU Taxonomy. In 2024, these expenses amounted to
334 million euros, compared with 291 million euros in 2023.
Investments aligned with the EU Taxonomy, due to very
demanding technical criteria for IT equipment, are limited
to projects to install charging points for electric vehicles.
These investments amounted to 0.3 million euros in 2024,
compared with 70 million euros in 2023. They vary according
to the real estate projects of Dassault Systèmes.
Due to their diversity and distribution across several entities,
the financial resources allocated to carbon footprint reduction
action plans are not tracked on a dedicated basis, because
of a lack of an appropriate information system. These
actions are nevertheless coordinated by the Sustainable
Development teams, in collaboration with a network of key
employees from the Company’s main departments, such as
Procurement, Real Estate, Human Resources, information &
Technology, and Research & Development.
A.4) Locked‑in GHG Emissions
Locked‑in emissions refer to future GHG emissions that
are already “engaged”, as a result of past infrastructures,
investments or decisions. They are difficult to reduce in the
short term without significant structural changes or costly
divestments, and generally concern long‑lived assets such as
buildings or fossil fuel energy systems.
Thanks to the efforts made in recent years to achieve a
high rate of renewable energy use for its own offices and IT
infrastructures, as well as the continuous improvement of
their energy efficiency, Dassault Systèmes considers that its
locked‑in Scopes 1 and 2 emissions are not significant.
With regard to Scope 3, in particular purchases of IT
equipment and hosting services with horizons of around
3 to 5 years, the Company is pursuing its efforts to limit
its carbon footprint through its requirement to supply data
centers hosted by colocation providers with renewable
energy and its other decarbonization levers as described in
paragraph 2.2.2.2.3 “Management of Strategic Matter 2:
Limiting Carbon Footprint of Dassault Systèmes’ Operations
and its Value Chain in a Growth Context”.
Dassault Systèmes’ Transition plan targets are not affected
by GHG emissions that could be considered “locked‑in”.
A.5) Transition Plan Implementation – Performance
Handprint
Revenue eligible and aligned to the EU Taxonomy’s Climate
Change Mitigation and Circular Economy objectives since its
implementation has evolved as follows, demonstrating the
growing relevance of the Dassault Systèmes portfolio to the
challenges of sustainable industry transformation. Aligned
revenue represents 2,176 million euros (IFRS).
2022
2023
2024
Target 2027
% Revenue eligible to EU Taxonomy
65.8%
67.3%
69.8%
70%
% Revenue aligned to EU Taxonomy
-
33.4%
35.0%
40%
2
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Footprint
Carbon footprint management in a context of growth is
also evolving in line with the medium‑term targets of the
SBTi trajectory, and shows a solid performance in absolute
terms and in carbon intensity per employee. Scopes 1, 2 and
3 carbon footprint, excluding GHG emissions linked to the
use of solutions sold at the end of 2024, is down by (9%) in
volume terms compared with the reference year of the 2019
Transition plan. Over the same period, carbon intensity per
employee fell from 13.5 tCO2-eq in 2019 to 8.5 tCO2-eq in
2024, a reduction of (37%).
2019
Reference year
2022
2023
2024
Market‑based carbon footprint excluding use of solutions sold
231,142
176,510
186,894
210,733
Change compared with 2019
(24%)
(19%)
(9%)
Carbon intensity per employee (*)
13.5
8.2
7.8
8.5
Change compared with 2019
(39%)
(42%)
(37%)
(*)
The calculation methodology was changed in 2024, and the 2023 intensity shown above was recalculated according to this new methodology. The intensities for 2019
and 2022 have not been recalculated. The intensity is calculated on the basis of an average headcount over the year and takes into account “Market‑based” emissions
excluding “Use of solutions sold”.
Thanks
to
the
environmental
policies
it
has
been
implementing for several years, Dassault Systèmes remains
ahead of its trajectory as validated by the Science-Based
Targets initiative (SBTi), despite the growth in its business
recorded over the same period. By the end of 2024:
—
GHG emissions linked to Scopes 1 and 2 have been
reduced by (78%) compared to 2019, with a target of
(35%) by 2027;
—
Scope 3 GHG emissions related to business travel and
employees’ commute have been reduced by (45%)
compared to 2019, with a target of (20%) by 2027;
—
the percentage of suppliers (in terms of emissions)
having defined science‑based targets for reducing their
emissions rose to 47.9% in 2024, compared with 37.2%
in 2023 and 23% in 2021. The target is 50% by 2025.
B)
List of material Impacts, Risks and Opportunities
and Strategic Matters related to Climate Change
Resilience Analysis
As part of its approach to assessing impacts, risks and
opportunities (see section 2.2.1.5 “IROs – Impacts, risks
and opportunities”), Dassault Systèmes has carried out an
in‑depth analysis of its upstream and downstream value
chain with regard to climate change.
The analysis of physical risks linked to climate change
focused on assessing the impacts of climate hazards
on the Company’s sites and to the largest suppliers’
sites in its upstream value chain, as described in
paragraph 2.2.1.5.1.C.1.a “Physical Risks related to Climate
Change” in IRO_1.
An analysis of transition risks was carried out on
Dassault Systèmes’ main end markets and operations,
and is detailed in paragraph 2.2.1.5.1.C.1.b “Transition
Opportunities and Risks”.
None of these analyses point to any material financial risks
for the Company over the short, medium or long term, but
they do help to illustrate the resilience of the Company’s
business model.
It should be noted, however, that these forward‑looking
statements or financial scenarios are based on views
and assumptions deemed reasonable at the date of this
document, however, they remain subject to known and
unknown risks and uncertainties.
Lastly, the Company’s resilience to the effects of climate
change is addressed by its Transition plan, based on two
strategic axes: its “Handprint” strategy (a solutions and
markets strategy based on sustainability) and its carbon
footprint reduction plan. This Transition plan is based on the
Company’s double materiality assessment and the climate
risks identified within this framework.
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2
Material IROs
IRO Type
Sub‑topic
Levers
STRATEGIC MATTER 1: CONTRIBUTING TO INDUSTRY DECARBONIZATION AND CIRCULARITY THROUGH
DASSAULT SYSTÈMES’ SUSTAINABILITY PORTFOLIO
C5 – Positive impact of
reduced GHG emissions by
industrial customers using
Dassault Systèmes’ solutions
Positive
impact
Climate change
mitigation
Lever 1: Build an offering based on existing solutions
that contribute to the decarbonization levers of
Dassault Systèmes’ customers
Lever 2: Develop solutions that meet the new
decarbonization challenges of Dassault Systèmes’
customers
Lever 3: Ensure that the portfolio of sustainable
offerings is appropriated by the sales forces and service
teams
Lever 4: Build strategic partnerships with key networks
and actors to maintain Dassault Systèmes’ level of
expertise on decarbonization issues and accelerate
customer commitments
Lever 5: Support the development of companies with
innovative and promising decarbonization projects
C6 – Market opportunity
related to Dassault Systèmes’
solutions enabling customers
to achieve their climate
objectives
Opportunity
Climate change
adaptation
C7 – Positive impact due to
decreasing Dassault Systèmes’
customers’ carbon
footprint thanks to the
optimized OUTSCALE cloud
Infrastructure
Positive
impact
Climate change
adaptation
Lever 1: Supporting Dassault Systèmes’ customers in
the migration of their IT infrastructures to the cloud
Lever 2: Offering Dassault Systèmes’ customers an
optimized cloud infrastructure
STRATEGIC MATTER 2: LIMITING CARBON FOOTPRINT OF DASSAULT SYSTÈMES’ OPERATIONS AND ITS VALUE CHAIN IN A
GROWTH CONTEXT
C1 – Negative impact on
carbon footprint related to
growing intensive digital
activity
Negative
impact
Climate change
mitigation
Lever 1: Limit and reduce the energy consumption of the
IT equipment and server pool
Lever 2: Improve the energy footprint of data centers
(colocation providers and the 3DS Pune Campus’ own
data center)
Lever 3: Limit the volume of data used and stored
Lever 4: Optimize the energy footprint of cloud
architectures
C2 – Negative impact of
increasing carbon footprint
related to growing needs of
offices, Business Travel &
Employees’ Commute
Negative
impact
Climate change
mitigation
Lever 1: Choose and maintain real estate sites with high
environmental efficiency
Lever 2: Improve the energy performance of buildings
Lever 3: Promote the use of renewable energy
Lever 4: Limit the travel of employees
Lever 5: Encourage decarbonization of mobility
STRATEGIC MATTER 4: ASSESSING THE POTENTIAL IMPACT OF CLIMATE TRANSITION
C3 – Financial risk related
to climate change scenarios,
including carbon tax
Risk
Climate change
adaptation
Lever 1: Transform the Company’s business model to
offer solutions that integrate the challenges of climate
transition and circularity
Lever 2: Implement the Company’s Transition plan
C4 – Potential financial and
reputation risks related to not
achieving Dassault Systèmes’
environmental targets
(including potential excessive
use of carbon credits)
Risk
Climate change
mitigation
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2.2.2.2.2
Management of Strategic
Matter 1: Contributing to Industry
Decarbonization and Circularity through
Dassault Systèmes’ Sustainability
Portfolio
Strategic matter 1 covers the following material IROs:
—
C5 – Positive impact of reduced GHG emissions by
industrial customers using Dassault Systèmes’ solutions:
Dassault Systèmes offers its customers a wide range of
software solutions to help them limit the impact of their
products, services and experiences on the climate. The
brand portfolio integrates Climate sustainability levers
as defined by current certification standards, enabling
customers in the three sectors of Manufacturing
Industries, Infrastructure & Cities and Life Sciences &
Healthcare to accelerate their mitigation actions.
—
C6 – Market opportunity related to Dassault Systèmes’
solutions enabling customers to achieve their climate
objectives:
The positive impact of the Company’s software solutions
on reducing its customers’ GHG emissions creates
a material financial opportunity in its downstream
value chain, stemming from related prospective sales
opportunities. In 2024, 68.0% of Dassault Systèmes’
revenue is eligible to the EU Taxonomy Climate objective,
and 34.6% meets the alignment criteria, illustrating the
materiality of this current and potential opportunity for
Dassault Systèmes in a context of accelerated industry
transformation.
—
C7
–
Positive
impact
due
to
decreasing
Dassault Systèmes’ customers’ carbon footprint thanks
to the optimized OUTSCALE cloud Infrastructure:
Through its OUTSCALE brand, the Company offers its
customers an optimized cloud infrastructure, enabling
them to significantly reduce their IT infrastructure
requirements and hence their energy consumption. This
positive impact results from the pooling of customers’
needs, as well as OUTSCALE’s implementation of an
optimized operating system for its cloud infrastructures.
Industry studies show that moving software solutions to
the cloud saves customers at least 30% in infrastructure
energy consumption. In 2024, Dassault Systèmes’
cloud‑based revenue represents 24% of non-IFRS
software revenue, and grew by +7% at constant
currencies, demonstrating the materiality of the impact.
These three IROs address, within strategic matter 1, the
design of Dassault Systèmes’ solutions portfolio for industry
decarbonization.
The Company has reviewed its portfolio of solutions in terms
of their relevance and ability to contribute to climate change
mitigation through clearly identified decarbonization levers.
The contribution of Dassault Systèmes’ solutions portfolio
to climate change mitigation is quantified through the study
of the most common use cases for each industry within the
framework of the EU Taxonomy (see paragraph 2.2.2.1.6 “
Demonstrate how Dassault Systèmes’ Solutions contribute
to Climate Change Mitigation through EU Taxonomy
Use Cases”). This makes it possible to demonstrate the
environmental impacts of using the 3DEXPERIENCE platform
and associated solutions for the Company’s customers.
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2
A)
Policies and Key Actions relating to Strategic
Matter 1: Contributing to Industry Decarbonization
and Circularity through Dassault Systèmes’
Sustainability Portfolio
The levers, policies and action plans and associated
datapoints for the three IROs:
—
C5 – Positive impact of reduced GHG emissions
by industrial customers using Dassault Systèmes’
solutions and C6 – Market opportunity related to
Dassault Systèmes’ solutions enabling customers to
achieve their climate objectives:
—
C7 – Positive impact due to decreasing Dassault Systèmes’
customers’ carbon footprint thanks to the optimized
OUTSCALE cloud Infrastructure:
are presented below.
A.1) Positive Impacts and Opportunities relating to
the Climate Product Portfolio (IROs C5 and C6)
A.1.a) Policies (IROs C5 and C6)
These positive impact and opportunity are managed through:
“Handprint” Strategy
Dassault Systèmes is basing its strategic development on the
definition of an offer that meets the sustainable innovation
needs of industry so that its customers can respond to the
Climate and Circularity challenges. This strategy is built
around five levers concerning the Climate objective:
—
build an offer from existing solutions that contributes to
Dassault Systèmes’ customers’ decarbonization levers;
—
develop solutions that meet the new decarbonization
challenges facing the Company’s customers;
—
ensure that sales forces and service teams take
ownership of the portfolio of sustainable offers;
—
build strategic partnerships to maintain the Company’s
expertise in decarbonization issues and accelerate
customer commitments;
—
support the development of companies with innovative
and promising decarbonization projects.
This policy applies to all the Company’s brands, applied to the
three key sectors. It is proposed jointly by the Sustainable
Development department and the Company’s brands, under
the responsibility of the Executive Vice-President, Industry,
Marketing & Sustainability, and is discussed by the three
Sector Boards. This policy is also based on environmental
objectives as defined by the EU Taxonomy and aims to
increase the Company’s percentage of aligned revenue (see
paragraph 2.2.2.1 “EU Taxonomy”).
“Supporting innovative startups” Policy
The aim of this policy is to describe how Dassault Systèmes
supports young innovative companies as part of an
acceleration program for disruptive innovation projects
that help change the world while limiting the ecological
footprint by proposing innovative solutions for reducing
GHG emissions, transitioning to a circular economy, and
innovations in the Life Sciences & Healthcare sector.
It calls on various innovation levers such as additive
manufacturing, Artificial Intelligence, big data, virtual
reality and augmented reality. It involves making the
3DEXPERIENCE platform available, as well as the support
of mentors (Dassault Systèmes employees). This program
involves around ten new international startups per year,
for a period of three to five years. Projects are selected
by all Dassault Systèmes employees at presentation
sessions organized twice a year, notably by assessing
the environmental and societal impacts made possible or
accelerated by the Company’s solutions. The 3DEXPERIENCE
Lab’s support for these innovative companies is an integral
part
of
Dassault
Systèmes’
sustainability
strategy.
The policy is specifically aimed at startups that have a
lasting, positive impact on the world and society, and that
follow the Sustainable Development Goals (SDG) defined
by the United Nations. This policy is proposed by the
3DEXPERIENCE Lab organization under the responsibility of
the Corporate Marketing and Communications Director. It
applies worldwide, and is published on a dedicated website
(https://3dexperiencelab.3ds.com/en/).
“Environmental training and awareness” Policy
Dassault Systèmes’ “Environmental training and awareness”
policy is aimed at all the Company’s employees worldwide.
It aims to provide all employees with the knowledge
and skills they need to integrate sustainability into their
professional activities. It is based on a 3‑level approach:
—
basic training on Dassault Systèmes’ strategy and
commitments, which are mandatory for all employees
through the “Be a SWYMER” program;
—
an advanced learning program focused on climate change
and based on a partner’s content, open to all but not
compulsory;
—
dedicated
training
courses
integrated
into
the
learning paths of specific departments (Marketing &
Communication, Real Estate, Procurement, Finance).
These training programs are managed by the Sustainable
Development department, in collaboration with the training
teams. Training courses are distributed via the Company’s
3DEXPERIENCE University application.
The “Handprint” strategy focuses on climate change
mitigation and customer energy efficiency. The action plans
described below show how this policy is being implemented.
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A.1.b) Key Actions (IROs C5 and C6)
These strategies and policies will be implemented in 2024 through the levers and action plans described below.
Policies
Key actions
LEVER 1: BUILD AN OFFERING BASED ON EXISTING SOLUTIONS THAT CONTRIBUTE TO THE DECARBONIZATION LEVERS OF
DASSAULT SYSTÈMES’ CUSTOMERS (C5/C6)
“Handprint” strategy
Analyze the portfolio of Dassault Systèmes offered to 12 industries with regard to the
substantial contribution criteria defined by the EU Taxonomy: highlighting offers that contribute
to the decarbonization levers listed in paragraph 2.2.2.1.2 “Sustainability Levers” within the EU
Taxonomy
Demonstrate, evaluate and quantify the contribution of solutions to climate change mitigation:
development of 24 use cases for avoided emissions as part of the estimated aligned revenue to
the EU Taxonomy since 2023
Improve engagement models to adapt to the new challenges of Dassault Systèmes’ customers:
—
“Virtual Twin as a service” turnkey eco‑design offer
—
“Business Experience” collaborative tools dedicated to eco‑design
—
development of consulting services around solutions designed to reduce the environmental
footprint of Dassault Systèmes customers
Build an offer dedicated to the challenges of adapting to climate change for the Company’s
customers:
—
develop materials and products that are more resistant to extreme climate conditions
—
build infrastructures and cities that are more resilient to climate hazards
—
ensure the sustainability of the supply chain
Accelerate the roll‑out of Life Cycle Assessment (LCA) training courses for academic institutions:
—
200 licenses delivered since the launch at the end of July 2024
—
organization of events to promote the offer, including an “Inspectors’ Day” and an “EDU Summit”
LEVER 2: DEVELOP SOLUTIONS THAT MEET THE NEW DECARBONIZATION CHALLENGES OF DASSAULT SYSTÈMES’
CUSTOMERS (C5/C6)
“Handprint” strategy
Ensure continuous improvement of the LCA solution: Development of new functionalities
to meet new market challenges, particularly in the Transportation & Mobility and Industrial
Equipment industries.
Improve the relevance of all Dassault Systèmes’ solutions with regard to sustainability levers to
meet the new decarbonization challenges raised by the customers of the Company
In 2024, the 3DEXPERIENCE platform was listed as a PACT-compliant solution by the World
Business Council for Sustainable Development Partnership for Carbon Transparency
LEVER 3: ENSURE THAT THE PORTFOLIO OF SUSTAINABLE OFFERINGS IS APPROPRIATED BY THE SALES FORCES AND
SERVICE TEAMS (C5/C6)
“Environmental training
and awareness” policy
Strengthening in‑house training and raise awareness on available decarbonization offers and
sustainability matters:
—
hosting of partner and reseller network and presentation of decarbonization solutions
—
provision of dedicated decarbonization training modules for sales forces to accelerate
commitment
Offer in‑house training on the LCA solution: increasing the number of certifications within the
Company
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Policies
Key actions
LEVER 4: BUILD STRATEGIC PARTNERSHIPS WITH KEY NETWORKS AND ACTORS TO MAINTAIN DASSAULT SYSTÈMES’ LEVEL
OF EXPERTISE ON DECARBONIZATION ISSUES AND ACCELERATE CUSTOMER COMMITMENTS (C5/C6)
“Handprint” strategy
Participate in collaborative projects dedicated to decarbonization matters
Integrating company networks committed to decarbonization
Collaborate with consulting firms and systems integrators:
—
Co‑positioning initiatives and publication of white papers
—
Development of joint offers
—
Collaboration with shared customers
LEVER 5: SUPPORT THE DEVELOPMENT OF COMPANIES WITH INNOVATIVE AND PROMISING DECARBONIZATION PROJECTS (C5/C6)
“Supporting innovative
startups” policy
Promoting startups with sustainable projects:
—
XSUN: design of long‑range solar drones to maximize the use of renewable energies
—
Flexpenser: innovative one‑way valve technology, to optimize liquid dispensing and extend
the life of liquid products, prevent overproduction and overconsumption, and reduce
dispensing costs
Resources
The plan to develop solutions that reduce the environmental
footprint of Dassault Systèmes’ customers is a key
component of the Company’s development strategy. The
allocation of Research & Development resources, defined
in the strategic and product plans, supports the actions
implemented to achieve these commitments.
These resources are recognized directly in expenses on the
income statement of the financial statements and are not
capitalized.
The expenditure and investments mentioned are included in
the scope of eligibility and alignment to the EU Taxonomy
according to the Commission Delegated Act (EU) 2021/2178
and are detailed in paragraph 2.2.2.1 “EU Taxonomy”.
A.2) Positive Impact of OUTSCALE Climate-Optimized
Cloud Infrastructure (IRO C7)
OUTSCALE is Dassault Systèmes’ strategic sovereign cloud
operator, enabling governments and companies in all sectors
to achieve digital autonomy through a cloud experience and
cyber governance broken down into three levels:
—
Dedicated Cloud: a cloud dedicated to sovereign
collaboration in the customer’s space;
—
Sovereign Cloud: a trusted sovereign cloud for trusted
collaboration within a common legal and fiscal space;
—
International Cloud: an international cloud for secure
collaboration.
This unique infrastructure also enables Dassault Systèmes
customers to significantly reduce their GHG emissions.
A.2.a) Policies (IRO C7)
The management of this positive impact is based on the
“Cloud” strategy and the “Responsible digital” policy
detailed below:
“Cloud” Strategy
The Company is developing a Cloud offering based on
an infrastructure optimized by its OUTSCALE brand.
This enables customers to reduce their GHG emissions
footprint by migrating the infrastructure needed to use
Dassault Systèmes solutions on the cloud. According to a
2023 study by IDC, cloud data centers are 4.7 times more
carbon‑efficient and 3.8 times more energy‑efficient than
enterprise data centers. This gap will continue to widen as
cloud service providers continue to invest in decarbonization,
more energy‑efficient facilities and increased server use,
with a projected seven‑fold increase in carbon efficiency
by 2027. For customers using the Dassault Systèmes cloud,
OUTSCALE is highlighting the benefits of a responsible
infrastructure, incorporating sustainability criteria. These
commitments include selecting cloud regions with low
carbon footprints (as in France), working with data centers
capable of investing in the latest green innovations, pooling
physical computing resources (servers) and optimizing
computer
resources
according
to
performance
and
consumption criteria. The infrastructure also encourages
the reduction of over‑capacity and under‑utilized resources
to minimize the carbon footprint per customer. OUTSCALE
is responsible for the cloud infrastructure of all the
Company’s brands, with the exception of CENTRIC PLM.
OUTSCALE’s cloud strategy is proposed by the OUTSCALE
Brand CEO, under the responsibility of the Executive Vice-
President, Research & Development of the Company, and
is reviewed by the OUTSCALE Brand Board in the presence
of the Chief Executive Officer of Dassault Systèmes. This
strategy is also built around the highest security standards,
including SecNum Cloud, the highest qualification awarded
by ANSSI (Agence Nationale de la Sécurité des Systèmes
d’Information, France).
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“Responsible digital” Policy
The “Responsible digital” policy covers the entire lifecycle
of IT equipment, from purchase to end‑of‑life: This policy
encompasses various guidelines and practices aimed
at reducing the carbon footprint of IT equipment and
infrastructures, as well as the energy consumption associated
with their use. Its targets are to reduce the amount of IT
resources used in the Company’s office and development
operations, to extend their lifespan, and to manage their
end‑of‑life. It also aims to optimize the volume of data to
be stored or archived, to reduce and optimize the power
consumption of the IT assets and to maximize virtualization
capabilities. This policy is implemented with the support
of the Procurement & Travel department in the choice of
suppliers meeting these targets, by encouraging them to join
the SBTi, by adapting the contractual framework accordingly,
and by imposing demanding environmental and social
criteria. The “Responsible digital” policy applies worldwide.
It is proposed by the Chief Information Technology director,
reporting to the Executive Vice-President, Chief People &
Information Officer. It incorporates the main principles of
Green IT.
A.2.b) Key Actions (IRO C7)
These strategies and policies will be implemented in 2024 through the levers and action plans described below.
Policies
Key actions
LEVER 1: SUPPORTING DASSAULT SYSTÈMES’ CUSTOMERS IN THE MIGRATION OF THEIR IT INFRASTRUCTURES TO THE CLOUD (C7)
“Cloud” strategy
—
Promote the positive impact of OUTSCALE’s sovereign, secure and controlled
cloud to regulated sectors, notably through the OUTSCALE EXPERIENCES event in
September 2024
—
Raising customer awareness through the OUTSCALE Academy program. OUTSCALE
offers its customers and partners a three‑day training course to help them optimize the
resources of an OUTSCALE cloud architecture. This training leads to certification
LEVER 2: OFFERING DASSAULT SYSTÈMES’ CUSTOMERS AN OPTIMIZED CLOUD INFRASTRUCTURE (C7)
“Responsible data
centers” policy
“Responsible digital”
policy
—
Actions to optimize the energy footprint of data centers are detailed in lever 2 of IRO C1,
in paragraph 2.2.2.2.3.A.1.b “Key Actions (IRO C1)” in strategic matter 2
—
Actions relating to optimizing the energy footprint of cloud infrastructures are described
in lever 4 of IRO C1 in paragraph 2.2.2.2.3.A.1.b “Key Actions (IRO C1)” in strategic matter 2
Further Information on Actions linked to IRO C7 Levers
Dassault Systèmes, through its OUTSCALE brand, plans
to
strengthen
its
commitment
to
promoting
cloud
infrastructures for the period of 2025‑2027 with several key
initiatives:
—
comparative study on the environmental impact of the
OUTSCALE cloud versus on premise solutions: this study
will assess the environmental benefits of an OUTSCALE
cloud infrastructure versus on premise solutions. The
study will provide data‑driven recommendations to help
companies make informed choices, while meeting the
growing demands for sustainability;
—
integration
of
energy
performance
metrics
into
management tools: this will enable customers to better
manage their consumption thanks to data accessible via
an interface. This initiative will enable customers to use
cloud resources more efficiently and responsibly;
—
launch of a Kubernetes containerization offering: this
will be part of a GreenOps approach aimed at optimizing
allocated resources according to customers’ actual
needs. Based on dynamic, intelligent resource allocation,
this solution will enable customers to reduce energy
consumption in line with workloads, and maximize
efficiency by minimizing resource wastage. In the long
term, it will promote more flexible and sustainable
resource management for customers wishing to reduce
their ecological footprint.
These projects illustrate Dassault Systèmes’ commitment to
helping its customers use the cloud with less environmental
impact, contributing to a greener, more sustainable digital
future for the entire value chain.
The action plans and policies described above are funded
within the annual budgets and medium‑term plans of the
functions in charge and the OUTSCALE brand. The associated
expenses are reflected in the Group income statement in the
“cost of software sales” and “research and development”
expense lines.
The technical criteria for IT expenditure and data centers
required by the EU Taxonomy are very demanding. As a
result, operating and capital expenditure are not much
eligible, and are very difficult to align to the EU Taxonomy.
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B)
Metrics and Targets relating to Strategic Matter 1: Contributing to Industry Decarbonization and Circularity
through Dassault Systèmes’ Sustainability Portfolio
Metrics and Targets for the Climate Product Portfolio
(IROs C5 and C6)
The metrics defined to monitor progress on IROs C5 and
C6 are the eligibility and alignment of revenue with the EU
Taxonomy for Climate and Circularity objectives. These
metrics are presented and analyzed in paragraph 2.2.2.1.3
“Eligible and Aligned Revenue (Software and Services) as of
December 31, 2024”.
The Company has not set a specific target in terms of
percentage of eligible or aligned revenue for the Climate
objective that differs from the Circularity objective, as the
solutions contributing to these objectives are often the same.
The Company’s targets are: 70% of eligible revenue and
40% of revenue aligned with the EU Taxonomy by 2027 on
Climate and Circularity.
Metrics for OUTSCALE Climate-Optimized Cloud Infrastructure
(IRO C7)
The positive impact C7 linked to the cloud offering is tracked
through a leading metric: the increase in the percentage of
cloud revenue in the Company’s revenue, which reflects
either the avoidance of emissions for new customers or
the reduction of emissions for the existing installed base
migrating to cloud solutions.
In 2024 non-IFRS cloud revenues grew by +7% compared
with 2023, representing 24% of the Company’s total
software revenue.
4,006 M€
4,340 M€
1,989 M€
2,176 M€
EU Taxonomy
Maximizing Dassault Systèmes Handprint
TARGET 2027
ACHIEVED IN 2024
TARGET 2027
70%
40%
2023
Eligible revenue
Aligned revenue
67.3%
69.8%
ACHIEVED IN 2024
2023
33.4%
35.0%
2.2.2.2.3
Management of Strategic Matter 2:
Limiting Carbon Footprint of
Dassault Systèmes’ Operations and its
Value Chain in a Growth Context
The strategic matter 2: Limiting the carbon footprint of the
Company’s operations and its value chain in a context of
growth contains following material IROs:
—
C1 – Negative impact on carbon footprint related to
growing intensive digital activity:
According to several sector studies, the digital sector
accounts for a non‑marginal and growing share of global
GHG emissions: 3.5% of global GHG emissions in 2019,
with an increase rate of around +8%/year according to
independent studies. This increase is driven by the growing
energy requirements in the production processes of IT
equipment, software, networks, data centers and their use,
as well as the storage and operation of a growing volume
of data notably driven by the development of Artificial
Intelligence (AI). Given its sector of activity and its growth,
Dassault Systèmes contributes to this negative impact on
the Climate, and is committed to strong action to reduce its
carbon footprint. This impact results from the Company’s
own operations, its upstream value chain and the use of its
solutions by its customers.
—
C2 – Negative impact of increasing carbon footprint
related to growing needs of offices, Business Travel &
Employees’ Commute:
Dassault Systèmes’ carbon footprint includes GHG sources
linked to office use, business travel, employees’ commute,
and the use of various professional services. These GHGs
are closely linked to the Company’s growing headcount,
and weigh heavily on its carbon footprint. This impact is
considered essentially on the Company’s own operations,
and is likely to persist.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
A)
Policies and Key Actions relating to Strategic
Matter 2: Limiting Carbon Footprint of
Dassault Systèmes’ Operations and its Value Chain
in a Growth Context
The levers, policies and action plans and associated
datapoints for the two IROs:
—
C1 – Negative impact on carbon footprint related to
growing intensive of digital activity; and
—
C2 – Negative impact of increasing carbon footprint
related to growing need of offices, Business Travel &
Employees’ Commute;
are presented below.
A.1) Negative Impacts relating to Digital Activity (IRO C1)
A.1.a) Policies (IRO C1)
Managing this negative impact relies on three policies that
mainly cover climate change mitigation, energy efficiency
and the deployment of renewable energies:
—
“Responsible digital” policy;
—
“Responsible procurement” policy;
—
“Responsible data centers” policy.
“Responsible digital” Policy
This policy is described in detail in the management of
strategic matter 1 in paragraph 2.2.2.2.2.A.2.a “Policies
(IRO C7)” in strategic matter 1.
“Responsible procurement” Policy
It incorporates the elements of Dassault Systèmes’
sustainability strategy for each of the internal functions
contributing
to
the
decarbonization
of
operations.
With
regard
to
the
environmental
aspects
of
this
strategy,
the
policy
encourages
the
acquisition
of
environmentally‑friendly products and services, in particular
those that are energy‑efficient, have a low carbon content or
incorporate circularity elements. It ensures that IT products
are sourced from suppliers who adhere to the SBTi initiative,
respect ethical working practices and comply with corporate
social responsibility standards. This policy, updated in
2024, is complemented by the Sustainable Charter with
Suppliers, which is publicly available at https://www.3ds.
com/assets/invest/2024-12/2024_12_06_en_supplier-
sustainable-charter.pdf. The “Responsible procurement”
policy includes, in particular, the systematic integration of
ESG criteria in the choice of suppliers and a strong incentive
to join the SBTi, especially for suppliers belonging to the
most carbon‑intensive value chains. For further information,
see paragraph 2.2.4.1.1 “Management of Strategic Matter 11:
Promoting Sustainable Procurement”. The policy applies
worldwide, with the exception of CENTRIC PLM entities. It is
proposed by the Procurement & Travel department under the
responsibility of the Executive Vice-President, Chief Financial
officer.
This policy aims to promote responsible procurement in the
IT sector.
“Responsible data centers” Policy
It aims to optimize the environmental footprint of data
centers owned by the company (by exception) or leased
from colocation providers. The objective of this policy is
to optimize the power and water consumption of these
facilities. Dassault Systèmes’ IT equipment installed in
these data centers is covered by the “Responsible digital”
policy described above. The policy is based on an ongoing
dialogue with suppliers on their capacity for technological
innovation, on renewable energy supply and on cooling and
heat recovery in a context of increasing data use. This policy
is implemented with the support of the Procurement & Travel
department in the choice of suppliers, encouraging them to
join the Science-Based Targets initiative (SBTi), and to report
environmental criteria such as Power Usage Effectiveness
(PUE)
and
Water
Usage
Effectiveness
(WUE).
The
“Responsible data centers” policy applies worldwide, with
the exception of CENTRIC PLM entities. It is proposed by
the OUTSCALE brand’s Chief Technology Officer, reporting
to the Company’s Executive Vice-President, Research &
Development.
This policy underlines the Company’s commitment to
operating sustainable data centers that minimize negative
environmental impacts and maximize efficiency. It addresses
elements such as the use of renewable energy sources,
monitoring and optimizing energy consumption by tracking
metrics such as PUE and WUE. This policy is under the
responsibility of the Executive Vice-President, Research &
Development.
This policy is based on best practices: in France,
Dassault Systèmes OUTSCALE partner data centers comply
with the standards of the European Code of Conduct for
Data centers (CoC DC) and adhere to the Climate Neutral
Data Center Pact, which aims to make European data centers
carbon neutral by 2030. The majority of the Company’s data
centers are certified ISO 50001 for energy management and
ISO 14001 for environmental management.
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A.1.b) Key Actions (IRO C1)
These policies will be implemented in 2024 through the levers and action plans described below.
Policies
Key actions
LEVER 1: LIMIT AND REDUCE THE ENERGY CONSUMPTION OF THE IT EQUIPMENT AND SERVER POOL (C1)
“Responsible digital”
policy
—
Continued rollout of policies to put equipment on standby during non‑working hours/
unused equipment. In 2023: laptop, copier, and meeting room screens
“Responsible
procurement” policy
—
Increase in the number of public tenders issued with environmental criteria for each item of
equipment (tCO2-eq, certifications, reparability index, energy consumption, etc.). In 2023,
this approach concerned Laptops, in 2024 it was extended to other IT equipment and in
2025 the scope will be expanded further
“Responsible data
centers” policy
—
Launch of a pre‑study on the use of containers on physical servers to optimize the
occupancy rate of cloud infrastructures, in addition to an approach based on virtual
machines (VMs)
LEVER 2: IMPROVE THE ENERGY FOOTPRINT OF DATA CENTERS (COLOCATION PROVIDERS AND THE 3DS PUNE CAMPUS’
OWN DATA CENTER) (C1)
“Responsible data
centers” policy
—
Since 2022, Dassault Systèmes has been sending out an annual questionnaire to measure
the environmental performance of data centers. By 2025, deployment will be fully
operational
—
Setting up a repository and detailed reporting on data on energy consumption and
performance levels in data centers (PUE, WUE, renewable energy)
—
Launch of the formalization of a “Responsible data centers” policy defining requirements for
data hosting providers and new metrics for monitoring data center performance
—
With some of Dassault Systèmes’ key suppliers, business reviews integrating ESG
dimensions to address the optimization of their energy footprint, review their environmental
metrics and their medium‑term energy and water strategies. In 2025, this approach will be
extended to all major suppliers
“Responsible digital”
policy
“Responsible data
centers” policy
—
Gradual introduction of electricity consumption management for each server room, using
intelligent, connected PDUs (Power Distribution Units) to automatically report electricity
consumption data
“Responsible
procurement” policy
“Responsible data
centers” policy
—
Increase in the number of environmental criteria in public tenders, among the list of metrics
(PUE, WUE, ERF, etc.), certifications (e.g. ISO), labels (Data center Pact, EU CoC, etc.), PPA
sourcing, etc.
—
Gathering information on the origin of renewable energies for data centers; Study underway
to establish a Power Purchase Agreement (PPA) for the 3DS Pune Campus in India. In
France, 100% of the Company’s data centers are supplied with renewable energy via
Guarantees of origins (GoOs), and worldwide the percentage is increasing thanks to PPAs
“Responsible
procurement” policy
—
Annual discussion of technological developments in cooling and waste heat recovery in
business reviews with data center partners. Continued exchanges with IT equipment
manufacturers
LEVER 3: LIMIT THE VOLUME OF DATA USED AND STORED (C1)
“Responsible digital”
policy
—
Study aimed at creating a tool (My IT Footprint) for calculating an individualized IT carbon
footprint to raise employee awareness of the volume of data saved. Internal launch target 2026
LEVER 4: OPTIMIZE THE ENERGY FOOTPRINT OF CLOUD ARCHITECTURES (C1)
“Responsible
procurement” policy
—
Choice of high‑performance, eco‑responsible equipment (optimizing the performance of
CPUs purchased)
“Responsible data
centers” policy
—
Continued work on the containment of hot and cold aisle rooms and implementation of best
practices in the sector
—
Continued virtualization of environments and containerization
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The Company is not in a position to detail the contribution of each lever to its GHG emissions reduction targets.
Additional Information on Actions linked to IRO C1 Levers
The Company has pursued the actions already put in place,
such as:
—
defining standards for the allocation of equipment to
employees;
—
when purchasing equipment, giving preference to
suppliers committed to a science‑based emission
reduction approach, by integrating into the evaluation
criteria carbon‑related costs, the reparability index, and
the rate of use of recycled materials;
—
extended equipment lifespan thanks to extensive
maintenance (for example, the lifespan of laptops is
extended to at five years, seven or eight years for servers,
depending on use, and unlimited for screens);
—
repair of computers over three years old using spare parts
from out of service machines.
It also plans to launch the following actions;
—
user awareness: awareness campaigns will be launched
to encourage employees to adopt good data management
practices;
—
carbon cost: a project to calculate the carbon impact
of services is currently being defined. It will make the
environmental impacts of digital services visible and
encourage more responsible consumption;
—
monitoring data center performance: the detailed
reference and reporting system already in place will be
strengthened to track data centers’ energy consumption
and identify areas for improvement;
—
launch of the CO2 showback project to present users
with the CO2 footprint of the digital services they use.
The target is to have the first results by the end of 2026
(excluding the cloud);
—
reinforcement of the data retention policy with deletion
of data in accordance with regulatory requirements;
—
launch of actions to limit the number of software
versions supported for Dassault Systèmes customers;
—
in addition to these actions, the Company will launch
a project to develop a personalized monitoring tool
enabling each employee to assess his or her carbon
footprint linked to the use of digital equipment and
services. This approach is designed to encourage the
adoption of more responsible practices, and is part of
the Company’s overall drive to reduce its environmental
impact.
Dassault Systèmes aims to set a PUE target of 1.4 by 2030,
and 1.3 by 2035, for all its partner data centers worldwide.
With regard to renewable energy, Dassault Systèmes is
aiming for its partners to use 100% renewable energy in
Europe to power their data centers by 2030.
“Responsible data centers” Actions
The Company has pursued the actions already put in place:
—
through its OUTSCALE brand, Dassault Systèmes
works with partners who share its commitment to
sustainability and eco‑responsibility. In France, its data
centers powered by 100% renewable energy, certified
by Guarantees of Origin. Worldwide, the Company’s data
centers are powered more than 85.8% by renewable
energy (the coverage of worldwide data centers of the
Company is 98.8%). Dassault Systèmes monitors its
partners’ use of Power Purchase Agreements (PPAs),
which enable to secure long‑term green energy;
—
for
Dassault
Systèmes
cloud
infrastructures,
an
eco‑design
approach
is
applied
to
minimize
environmental impacts. This includes optimizing IT
architecture, improving machine utilization rates and
rationalizing data storage. OUTSCALE also adjusts
network capacity and other dimensions to meet specific
user requirements, designs data centers with hot/cold
aisles, and integrates solutions such as cold corridors and
shutter panels to optimize heat flow.
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The Company plans to launch the following actions to
strengthen its sustainability approach over the period
2025‑2027:
—
implementation of regular assessments of equipment
energy efficiency: OUTSCALE will adapt its choice of
equipment according to its environmental impacts,
ensuring energy efficiency throughout the infrastructure
life cycle;
—
moving seldom‑accessed data to cold storage solutions:
this approach would reduce the energy cost of low‑access
data by storing it in less energy‑intensive devices;
—
assessment of the impact of application containerization
on physical servers: this technology, which complements
traditional virtualization, aims to optimize resource
utilization and reduce energy consumption;
—
encouraging the use of Cloud Computing (principle of
pooling physical equipment): this reduces the carbon
footprint per customer by optimizing infrastructure
utilization rates, while ensuring performance levels are
adapted to needs.
These projects are part of Dassault Systèmes’ commitment
to helping its customers move towards more sustainable
practices and ensure a positive impact across the cloud value
chain, contributing to a greener digital economy.
Planned actions “Responsible procurement”
—
widespread use of environmental criteria: by 2025, all
public tenders will include strict environmental criteria, to
encourage the purchase of more environmentally‑friendly
hardware;
—
collaboration with suppliers: quarterly reviews will be set
up with the data center suppliers of Dassault Systèmes
to assess their environmental performance and define
improvement plans.
Resources related to IRO C1
The action plans presented in this section are financed within
the framework of annual budgets and the medium‑term
strategic plan.
The
costs
associated
with
action
plans
under
the
“Responsible digital” and “Responsible data centers” policies
are distributed across all income statement lines, in particular
research & development and the cost of solutions sold, which
consume the largest proportion of IT resources, including
data centers.
The technical criteria for IT expenditure and data centers
required by the EU Taxonomy are very demanding. As a
result, operating and capital expenditure are not much
eligible, and are difficult to align with the EU Taxonomy.
A.2) Negative Impacts relating to the growing Need
for Office Space, Business Travel and Employees’
Commute (IRO C2)
A.2.a) Policies (IRO C2)
This negative impact is managed through two policies, which
mainly cover climate change mitigation matters, energy
efficiency and the deployment of renewable energies:
“Responsible real estate” Policy
The policy aims to reduce the environmental footprint of
the Company’s workplaces through: (i) high environmental
value construction criteria when selecting workplaces,
(ii) optimization of their energy footprint when in use by
aiming for ISO 50001 “Energy Management” certification of
the main sites, (iii) temperature control, as well as (iv) control
of other flows managed on site such as water and waste. This
policy is implemented with the support of the Procurement
& Travel department for the selection of suppliers meeting
these environmental and social criteria in the rare cases
where Dassault Systèmes is the prime contractor. The policy
applies worldwide, with the exception of entities belonging
to CENTRIC PLM. Since 2008, Dassault Systèmes has
pursued a policy of leasing (with the exception of one site
in India) buildings used for its activities in premises certified
by environmental labels such as High Environmental Quality
(HQE), LEED, BREEAM or IGBC in India. The policy is under
the responsibility of the Executive Vice-President, Chief
People & Information Officer.
“Responsible mobility” Policy
In particular, it aims to limit the environmental impact
of business travel by striking the right balance between
the need to travel, particularly to support customers, and
the need to reduce the environmental footprint of travel.
When travel is necessary, the policy aims to select the
least carbon‑intensive means of transportation, including
company cars. It also targets the reduction of commuting
to and from work, as part of the choice of office locations
and the flexible work policy. The policy applies worldwide,
with the exception of CENTRIC PLM entities. It is the
joint responsibility of the Executive Vice-President, Chief
People & Information Officer and the Procurement & Travel
department, reporting to the Executive Vice-President, Chief
Financial Officer.
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A.2.b) Key Actions (IRO C2)
These policies are implemented in 2024 through the levers and action plans described below.
Policies
Key actions
LEVER 1: CHOOSE AND MAINTAIN REAL ESTATE SITES WITH HIGH ENVIRONMENTAL EFFICIENCY (C2)
“Responsible real estate”
policy
—
Consideration of the highest level of certification in the appropriate geographical area (green
certifications such as BREEAM for Europe, LEED for the Americas and Asia, or NABERS
for Australia), as well as additional environmental and energy performance criteria, when
renewing a lease or choosing a new building, in order to select the building that meets the
most stringent requirements
—
Invest in sustainable design and construction practices to optimize energy efficiency, in
particular by working with lessors
—
Prioritize existing or already urbanized sites to limit the artificialization of land and preserve
natural areas
LEVER 2: IMPROVE THE ENERGY PERFORMANCE OF BUILDINGS (C2)
“Responsible real estate”
policy
—
In 2024, ISO 50001 “Energy Management” certification was extended to a larger number
of sites. This initiative contributes to improving the energy management and efficiency of
buildings. The targets are to continue the roll‑out to as many sites as possible
—
Optimize infrastructure management by automating building control systems (lighting,
heating, ventilation and air conditioning) to reduce consumption outside of working hours.
For example, air conditioning and lighting are automatically switched off at certain sites
outside of working hours. A global office temperature management plan has also been
deployed
—
Promote the purchase of energy‑saving equipment and services, in particular through the
use of advanced insulation technology
—
Raise awareness and provide training (see paragraph 2.2.2.2.2 “Management of
Strategic Matter 1: Contributing to Industry Decarbonization and Circularity through
Dassault Systèmes’ Sustainability Portfolio”) for employees and external service providers
in building energy performance, to encourage them to adopt behaviors aimed at reducing
energy consumption
LEVER 3: PROMOTE THE USE OF RENEWABLE ENERGY (C2)
“Responsible real estate”
policy
—
Maintain a decarbonized electricity supply of at least 90%, giving priority to the use of
renewable energy at all sites
—
Purchase Energy Attribute Certificates (EAC) to offset residual electricity emissions in India
and the United States
LEVER 4: LIMIT THE TRAVEL OF EMPLOYEES (C2)
“Responsible mobility”
policy
—
Continuation of the policy of preferring videoconferencing meetings to travel
—
Continuation of policies encouraging the reduction of travel for internal meetings and asking
employees to combine their trips, while limiting international flights and the number of
participants
—
Maintaining the travel authorization tool: travel control and monitoring have been
strengthened with the deployment of an internal travel authorization tool in early 2023,
enabling managers to consider the relevance, cost and carbon footprint of air travel at the
time of approval
—
All intercontinental travel is now subject to approval by a member of the Dassault Systèmes
Executive Committee
—
Continuation of the flexible work policy: set up in 2021, this offers each employee the
possibility of working remotely for up to two days a week. In addition to making it possible
to share workspaces, this program has the effect of reducing employees’ commuting time
by around 40%. As a result, the carbon emissions of employees commuting in personal
vehicles are reduced proportionally
“Responsible real estate”
policy
—
Consideration of employees’ addresses when selecting new buildings to limit employees’
commute
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Sustainability Statement
2
Policies
Key actions
LEVER 5: ENCOURAGE DECARBONIZATION OF MOBILITY (C2)
“Responsible mobility”
policy
—
Continuing to promote rail travel, in particular by integrating new segments into local
policies where rail use is mandatory
—
Continuation of the policy limiting eligibility to business class flights
—
Favor direct flights
—
Prefer hotels closest to meeting venues, based on environmental criteria
—
Favoring environmentally‑friendly rental vehicles (such as hybrid and electric cars)
—
Pursuit of the deployment of electric vehicle charging stations for vehicles at the Company’s
sites, to encourage employees to acquire electric cars, which are less polluting to operate
than their combustion‑powered equivalents
—
To encourage environmentally‑friendly mobility, the 3DS Paris Campus now provides its
employees with free bicycle maintenance kiosks
“Responsible mobility”
policy
—
Company cars
—
Company cars: local policies are currently being updated. In particular, this means continuing
the transition to a cleaner fleet, giving priority to hybrid and electric vehicles
Following actions have been carried out during 2024:
—
Dassault Systèmes has confirmed the financial investment required to electrify the Dutch
fleet by 2024 (around 15% of the total EMEA fleet). The Company has thus achieved the
prerequisites for the electrification of 70% of the EMEA fleet in (France, Germany, Spain and
the Netherlands)
—
In Germany, all eligible employees receive financial support for the installation of home
recharging solutions
—
Fleet electrification projects have been launched in Italy, Sweden, Poland, Turkey, Austria
and Switzerland
Following actions have been decided in 2024 and scheduled for implementation in 2025:
—
Netherlands and France: deployment of fleet electrification with plug‑in hybrids and fully
electric vehicles. Vehicles powered solely by fossil fuels will no longer be ordered
—
Continued implementation of fleet electrification policies in Italy, Poland, Turkey, Sweden,
Austria and Switzerland
—
Maintenance contracts are also signed to ensure optimum vehicle upkeep (tires, etc.), and to
limit carbon and volatile organic compound emissions
The company is not in a position to detail the contribution of each lever to its GHG emission reduction targets.
Further Information on Actions linked to IRO C2 Levers
For several years now, the Real Estate department has
been taking steps to reduce the environmental impact of
its operations. These include the implementation of an
energy management system via ISO 50001 certification by
2020. In 2024, Dassault Systèmes continued to increase the
number of ISO 50001‑certified sites, with a total of 72 sites
worldwide, including 54 sites with more than 50 employees,
representing
84%
of
employees
working
at
an
ISO 50001‑certified site. The targets are to have at least 90%
of the Company’s employees working at ISO 50001‑certified
sites by 2030. The overall energy management methodology
and the Energy Management System monitoring tool
are fully supported via the 3DEXPERIENCE platform.
Centralizing the monitoring, analysis and management
of Dassault Systèmes’ energy consumption in this way
encourages the emergence of relevant action plans, and
feeds the continuous improvement process.
By 2024, Dassault Systèmes had equipped 68 sites with
connected meters to monitor electricity consumption
levels and sources of electricity consumption in real
time. By December 31, 2024, based on the scope of
ISO 50001 certification, the Company had equipped 42 sites
in Europe, 21 sites in the Americas and 5 sites in Asia.
In addition to these actions, Dassault Systèmes has, since
October 2022, average temperature rules for all its offices
worldwide, adapted to local recommendations.
Resources related to IRO C2
The action plans presented in this section are funded within
the annual budgets of the functions responsible for the
policies.
The costs associated with the main initiatives under the
“Responsible real estate” and “Responsible mobility” policies
are allocated to all income statement lines in proportion to
the number of employees in each function.
The technical criteria for property expenditure required by
the EU Taxonomy are very demanding. As a result, operating
and capital expenditure are very ineligible, and difficult to
align to the EU Taxonomy.
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B)
Metrics and Targets relating to Strategic Matter 2: Limiting Carbon Footprint of Dassault Systèmes’ Operations
and its Value Chain in a Growth Context
B.1) Dassault Systèmes’ Carbon Footprint Metrics and Targets
2019
41%
22%
12%
12%
PURCHASED
GOODS
& SERVICES
CAPITAL GOODS
BUSINESS
TRAVEL
EMPLOYEES'
COMMUTE
COMPANY
CARS
COMPANY
CARS
231,142 tCO2-eq
-9%
-37%
13.5 tCO2-eq/employee
ENERGY
ENERGY
9%
WASTE
WASTE
Scope 3
Scopes 1 & 2
The emissions are presented in tCO2-eq. Some total rounding difference may occur.
“Market-based” carbon footprint variation
Carbon intensity/employee
2024
210,733 tCO2-eq
8.5 tCO2-eq/employee*
* Total GHG emissions of the Company (excluding emissions related to the use of solutions sold), divided by the average number of employees in 2024.
FUEL & ENERGY
RELATED
ACTIVITES
51%
PURCHASED
GOODS & SERVICES
24%
CAPITAL GOODS
12%
BUSINESS TRAVEL
8%
EMPLOYEES' COMMUTE
2%
1% 1%
1%
2%
1%
FUEL & ENERGY
RELATED
ACTIVITES
1%
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Sustainability Statement
2
In 2024, the carbon footprint of Scopes 1, 2 and 3 (excluding
the use of solutions sold) amounted to 210,733 tCO2-eq,
down (8.8%) compared to the 2019 base year and up 12.8%
compared to 2023.
This trend is in line with changes in reporting scope, growth
in average headcount, and the results of actions undertaken
over the last few years to reduce GHG emissions.
More specifically, Dassault Systèmes’ Scopes 1 and 2 are
down (23.7%) compared to 2023 and (78%) compared to
2019, with a target of (35%) in 2027 on 2019, the base year
for SBTi targets.
This improvement is mainly the result of energy conservation
efforts at major sites, increased renewable energy sourcing,
and more optimized use of the fleet of company cars, in
line with the Company’s “Responsible mobility” policy, as
described in paragraph 2.2.2.2.3.A.2 “Negative Impacts
relating to the growing Need for Office Space, Business
Travel and Employees’ Commute (IRO C2)”.
In 2024, the share of renewable electricity has reached 91%,
up +2.4 points on 2023
In addition, as part of its targets to become carbon neutral
by 2040, Dassault Systèmes is acquiring Energy Attribute
Certificates to reduce the residual emissions linked to the
electricity consumed by its American and Indian sites. Since
2023, these certificates have carried the RE100 label to
guarantee their quality.
Emissions relating to Scope 3 “business travel” and
“employees’ commute” have risen by 15.4% compared with
2023. This is driven mainly by an increase in the emission
factors used and increased headcount. However, they are
still (45%) lower than in 2019, in line with the target of (20%)
in 2027 compared with 2019, the base year for SBTi targets.
The emission reduction recorded at the end of 2024 on
targets on Scopes 1 & 2, and Scope 3 “business travel”
and “employees’ commute” is mainly due to the rapid
implementation of ambitious energy‑saving and travel
management policies, which will likely be absorbed as the
Company grows.
The percentage, in emissions, of suppliers with science‑based
targets reached 47.9% by the end of 2024, compared with
37.2% in 2023, and 26% in 2022. The target is 50% by 2025.
This
strong
improvement
reflects
the
relevance
of
Dassault Systèmes’ “Responsible procurement” policy,
which for the past four years has focused on raising
awareness and encouraging the Company’s main suppliers,
particularly of IT goods and services, to adopt science‑based
decarbonization trajectories. This 10.7 points increase in the
ratio is explained by the impact of new suppliers having set
science‑based emissions reduction targets in 2024 (roughly
+ 5 points), and by the favorable change in the mix of
purchases made with suppliers already having science‑based
emissions reduction commitments prior to 2024 (+ 6 points).
Despite
growth
in
headcount
and
Cloud
activity,
Dassault Systèmes remains well positioned to meet its SBTi
targets for Scopes 1, 2 and 3 emissions by 2025 and 2027.
Committing to environmentally Sustainable Operations
TARGET 2027
TARGET 2027
TARGET 2027
-35%
-20%
-78%
-45%
Scopes 1 & 2 emissions - Energy
(in tCO2-eq, baseline 2019)
Scope 3 emissions - Business
Travel and Employees' Commute
(in tCO2-eq, baseline 2019)
2019
2024
25,098
77,595
2019
2024
* In GHG emissions.
5,622
42,859
50%*
47.9%
Scope 3 - Purchased Goods & Services,
Capital Goods - suppliers with
a science-based emissions reduction target
ACHIEVED IN 2024
ACHIEVED IN 2024
ACHIEVED IN 2024
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Detailed Carbon Footprint
The table below presents the details of the Company’s carbon footprint. Additional information related to the methodologies
and main assumptions is provided at the bottom of the table or in the following paragraph on GHG calculation methodologies.
(In tCO2-eq)
2024
2023
Variation
2024‑2023
2019
Variation
2024‑2019
Target
2027 (7)
ESRS DATAPOINTS
SCOPE 1 GHG EMISSIONS
Gross Scope 1 GHG emissions
3,104
4,178
(25.7%)
5,403
(42.6%)
(35%)
Share of Scope 1 GHG emissions from regulated emission trading
scheme (1)
-
-
-
-
SCOPE 2 GHG EMISSIONS
Gross “Market‑based” Scope 2 GHG emissions
2,518
3,193
(21.1%)
19,695
(87.2%)
Gross “Location‑based” Scope 2 GHG emissions
19,689
21,478
(8.3%)
22,880
(13.9%)
SCOPE 3 GHG EMISSIONS
Gross Scope 3 indirect GHG emissions (2)
319,189
284,241
12.3% 206,045
54.9%
1 – Goods and services
108,273
97,471
11.1%
97,084
11.5%
2 – Capital goods
49,770
40,794
22.0%
27,491
81.0%
3 – Fuel and energy‑related activities (not included in Scopes 1 and 2)
2,560
2,303
11.1%
2,356
8.7%
4 – Upstream transportation and distribution (tCO2-eq) (1)
-
-
-
-
5 – Waste generated in operations (3)
1,649
1,818
(9.3%)
1,518
8.6%
6 – Business travel (4)
25,289
21,012
20.4%
50,982
(50.4%)
(20%)
7 – Employee’s commute
17,571
16,125
9.0%
26,613
(34.0%)
8 – Upstream leased assets (1)
-
-
-
-
9 – Downstream transportation (1)
-
-
-
-
10 – Processing of sold products (1)
-
-
-
-
11 – Use of solutions sold (5)
114,078
104,718
8.9%
-
12 – End‑of‑life treatment of solutions sold (1)
-
-
-
-
13 – Downstream leased assets (1)
-
-
-
-
14 – Franchises (1)
-
-
-
-
15 – Investments (1)
-
-
-
-
TOTAL GHG EMISSIONS (6)
“Market‑based” Carbon Footprint including use of solutions sold
324,811
291,611
11.4%
231,142
40.5%
“Location‑based” Carbon Footprint including use of solutions sold
341,982
309,897
10.4% 234,329
45.9%
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2
(In tCO2-eq)
2024
2023
Variation
2024‑2023
2019
Variation
2024‑2019
Target
2027 (7)
ENTITY‑SPECIFIC DATAPOINTS
Detail Scope 1:
Natural gas
729
644
13.3%
825
(11.6%)
Fuel
161
61
165.2%
0
Refrigerants
88
1,222
(92.8%)
315
(72.2%)
Company cars
2,126
2,251
(5.6%)
4,263
(50.1%)
Detail Scope 2:
Electricity (“Market‑based”)
2,168
2,808
(22.8%)
19,153
(88.7%)
Electricity (“Location‑based”)
19,339
21,094
(8.3%)
22,338
(13.4%)
Urban heating and cooling
350
384
(8.9%)
542
(35.4%)
Detail Scope 3:
Total indirect gross emissions Scope 3 (excluding use of solutions sold)
205,111
179,523
14.3% 206,045
(0.5%)
Electric & electronic waste
194
115
68.8%
77
151.3%
Ordinary waste
1,455
1,704
(14.6%)
1,441
1.0%
Detail of total GHG emissions:
“Market‑based” Carbon Footprint excluding use of solutions sold
210,733
186,894
12.8%
231,142
(8.8%)
“Location‑based” Carbon Footprint excluding use of solutions sold
227,904
205,179
11.1% 234,329
(2.7%)
(1)
Dassault Systèmes does not report GHG emissions for these categories as they are not applicable or non‑significant given the Company’s activity.
(2)
Includes CO2 emissions from the use of solutions sold.
(3)
Includes ordinary waste and electronic/electrical waste. Emissions linked to ordinary waste are estimated on the basis of an average emission factor per employee.
(4) The “Business travel” metric was calculated in 2024 on a scope covering 100% of headcounts, compared to 96% in 2023. The 2023 GHG amount presented hereabove has
not been restated.
(5) The metric “Use of solutions sold” published in 2023 has been corrected according to a new methodology introduced in 2024. In 2023, published tCO2-eq amounted to
495,039 tCO2-eq. The corrected 2023 figure is 104,718 tCO2-eq. See paragraph 2.2.1.2.3 “Changes in Preparation or Calculation Method”.
(6) The scope of headcounts covered is 100%, with the exception of Scope 1 (91%), electricity (99%), urban heating and cooling (91%), purchases of goods and services and
capital goods (99%), electronic waste (96%), and fuel and energy‑related activities (99%).
(7) The objectives mentioned in the “Targets” column have been defined in accordance with the Science-Based Targets initiative, with a horizon of 2027, and 2019 as
reference year.
Energy Attribute Certificates
The Company purchases Energy Attribute Certificates to
offset part of its electricity‑related emissions, notably in
India and the United States, for a total of 28,000 MWh in
2024, independently of energy purchase contracts.
To the best of the Company’s knowledge, no significant
events or changes in the Company’s operations and its
upstream and downstream value chain have affected the
comparability of GHG emissions between the reporting years
2023 and 2024 as reported above.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Energy Consumption by Energy Source
The table below shows the Company’s energy consumption by energy source.
As the Company does not operate in sectors with high climate impacts, it does not publish information on its energy intensity,
as required by regulations.
(in MWH)
2024
2023 (*)
Variation
2024‑2023
ESRS DATAPOINTS
Fuel consumption from coal and coal products
0
-
-
Fuel consumption from crude oil and petroleum products
496
-
-
Fuel consumption from natural gas
3,924
-
-
Fuel consumption from other fossil sources
0
-
-
Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources
6,256
-
-
TOTAL ENERGY CONSUMPTION FROM FOSSIL SOURCES
10,676
-
-
Share of fossil sources in total energy consumption
15.6%
-
-
TOTAL ENERGY CONSUMPTION FROM NUCLEAR SOURCES
1,003
-
-
Share of energy consumption from nuclear sources in total energy consumption
1.5%
-
-
Fuel consumption from renewable sources
0
-
-
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources
56,620
-
-
Consumption of self‑generated non‑fuel renewable energy
0
-
-
TOTAL ENERGY CONSUMPTION FROM RENEWABLE SOURCES
56,620
-
-
Share of renewable sources in total energy consumption
82.9%
84.0%
(1.1) pts
TOTAL ENERGY CONSUMPTION RELATED TO OWN OPERATIONS
68,300
71,218
(2,918)
(4.1%)
(*)
The granularity of consumption by energy source was only available for the renewable/non‑renewable breakdown in 2023.
In 2024, the Company’s main sites have consumed 68,300 MWh of energy, down (4.1%) compared to 2023. The proportion of
renewable energy is 82.9%. The proportion of decarbonized but non‑renewable energy is 1.5%
Other Metrics related to Carbon Footprint
2024
2023
Variation
2024‑2023
Target
2025
ESRS DATAPOINTS
Share of Scope 2 carbon footprint related to contractual instruments
84.9%
82.5%
2.4 pts
-
Total amount of carbon credits (tCO2-eq) outside the value chain that
are verified against recognised quality standards and cancelled in the
reporting period
2,541
673
1,868
277.6%
IFRS revenue (in millions of euros)
6,214
5,951
262
4.4%
Carbon intensity “Market‑based” per million of IFRS revenue
(in tCO2-eq/million of euros)
33.9
31.4
2.5
8.0%
Carbon intensity “Location‑based” per million of IFRS revenue
(in tCO2-eq/million of euros)
36.7
34.5
2.2
6.4%
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Sustainability Statement
2
2024
2023
Variation
2024‑2023
Target
2025
ENTITY‑SPECIFIC DATAPOINTS
Share of renewable electricity
91.0%
88.6%
2.4 pts
-
Share of electricity consumption in total energy consumption
91.1%
88.9%
2.2 pts
-
Share of suppliers (by weight of CO2 emissions) with Science-Based Targets
set (SBTi)
47.9%
37.2%
10.7 pts
-
50% (2)
Share of suppliers (by weight of CO2 emissions) committed to adopting
science‑based (SBTi) emissions reduction approach within 24 months
6.5%
7.8%
(1.3) pts
-
Carbon intensity per employee (in tCO2-eq/employee) (1)
8.5
7.8
0.7
8.5%
Share of workforce covered by ISO 50001 certified sites
84.5%
65.3%
19.2 pts
-
Internal Carbon Price (in euros per tCO2-eq)
100
100
0.0
0.0%
Share of renewable energy used to power the Company’s data centers
85.8%
79.0%
6.8 pts
-
“Power Usage Effectiveness” (PUE) weighted by power consumption of
the Company’s data centers
1.57
-
-
-
(1)
The calculation methodology was changed in 2024, the 2023 intensity reported above was recalculated according to this new methodology. According to the 2023
methodology, the intensity was 8.1. The intensity is calculated on the basis of a yearly average number of employees and takes into account “Market‑based” emissions
excluding emissions related to the use of solutions sold.
(2)
Target set according to the Science-Based Targets initiative.
The target for the percentage of suppliers (measured by weight of CO2 emissions) having set science‑based targets to reduce
their emissions is 50% by the year 2025.
B.2) Methodologies and Methods for calculating GHG
Emissions and other E1 Metrics
B.2.a) GHG Emissions
Dassault Systèmes’ carbon accounting policies are based
on the use of real, primary, direct data whenever available.
However, this is still rarely the case for data relating to the
digital industry’s upstream and downstream value chain.
In particular, the majority of data relating to Scope 3 GHG
emissions comes from internal sources.
Apart from the estimates used for the value chain metrics,
a large number of data are still based on estimates or
calculations involving a greater or lesser degree of judgment.
This can ultimately lead to a significant level of uncertainty in
the consolidated metrics.
—
Scopes 1 and 2 energy consumption and carbon
footprint: For sites with more than 50 employees,
representing 91% of the headcount, information on
consumption and the corresponding GHG emissions
are calculated on an actual basis for the first three
quarters of the year, and on an estimated basis for the
last quarter, except for sites equipped with connected
electricity meters. The rule is different for refrigerants,
which are accounted for on an actual basis for the whole
year and for all sites up until mid‑november, and for
sites for which supporting documents are available in
due time until the end of December. For sites with less
than 50 employees, electricity consumption is estimated
on the basis of average consumption in relation to the
allocated percentage of occupied building space; other
energy sources, which account for a small proportion
of the consumption, are not reported. These data are
moderately reliable;
—
electricity consumption: The entire headcount is covered,
with the exception of recently acquired entities currently
being integrated, which represent only 0.5% of the
Company’s headcount. These data are highly reliable;
—
Scope 3 carbon footprint (excluding supply chain):
– employees’ commute: GHG emissions associated with
this Scope are estimated on the basis of kilometers
traveled
and
modes
of
transport
declared
by
employees in a survey conducted every three years.
An average emission factor per mode of transport for
each country is then assigned to the workforce for
the period concerned. In 2024, these estimates will
cover 100% of the Company’s employees worldwide,
compared with 99% in 2023. The next global survey
will be launched in 2025 to update data on employee
practices. These data have a limited level of reliability,
due to the approximations required to determine them,
– business travel: the calculation of GHG emissions
depends largely on the quality of travel data and
mileage supplied by travel agencies. In 2024, certain
emission factors in the DEFRA database that had not
been updated since 2021 were revised upwards. This
resulted in a 15% increase in carbon emissions from
this activity at constant volume. In addition, there
is no travel agency data available for approximately
5% of the Company’s headcount. The GHG emissions
linked to the business travel of these employees are
extrapolated. These data are moderately reliable,
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– ordinary waste: Dassault Systèmes has no weighing
facilities at its sites. Ordinary waste is collected at
most sites by local authorities, which generally do
not provide information on the weight of waste
collected. Dassault Systèmes has therefore developed
an estimation method, based on the extrapolation of
average quantities per employee collected at its 3DS
Paris Campus (France) and 3DS Pune Campus (India)
sites to all its worldwide sites. These data are therefore
of limited reliability,
– electronic waste: the scope of collection covered in
2024 is 96% of the headcount, compared with 87% in
2023. Data on how this waste is processed is collected
from the suppliers to whom the Company entrusts this
task, and is sometimes difficult to obtain, particularly
in terms of reporting deadlines. The reliability of this
data is therefore moderate;
—
Scope 3 purchased “Goods and services” and “Capital
goods”
carbon
footprint:
GHG
emissions
mostly
estimated
using
Dassault
Systèmes’
consolidated
financial data, to which specific spend‑based emission
factors are applied for some forty purchasing categories.
Whenever possible, Dassault Systèmes also uses actual
carbon data provided by certain suppliers for a limited
list of IT products and equipment. Although commonly
used, these methodologies still present a limited level of
reliability due to the imprecision of spend‑based emission
factors. In addition, certain insignificant legal entities
have not been taken into account, representing around
0.3% of total expenditure. In 2025, Dassault Systèmes
will pursue its plan to increase the reliability of
Scope 3 GHG emissions for the purchased “Goods and
Services” and “Capital Goods” categories through the
following actions: identification and verification of a
greater number of product carbon footprint data by
product carbon data by product and IT equipment, so
that they can be entered as soon as the purchase order
is placed and integrated into the procurement chain,
and use of specific emission factors for certain suppliers.
Nevertheless, due to the difficulties in obtaining reliable
data from companies in the value chain – linked to
their diversity, their specific business practices, and the
sustainability regulations of their region of origin – the
Company will focus its efforts on Tier 1 IT equipment
and hosting suppliers;
—
Scope 3 “Use of solutions sold” carbon footprint: GHG
emissions from Scope 3 “Use of solutions sold” are
calculated on the basis of estimated GHG emissions
linked to the electricity consumption of customers’
theoretical IT equipment when using the Company’s
software solutions. In 2024, this estimate is calculated as
follows:
theoretical power consumption per workstation
and per type of software solution
x theoretical annual license usage time
at customer site
x estimated number of active licenses in 2024
In 2023, the Company used a methodology based on a
generic emission factor, considering the computers to be
used for video games rather than professional software. The
figures published in 2023 have been adjusted as mentioned
in paragraph 2.2.1.2.3 “Changes in Preparation or Calculation
Method” in BP_2. Although this methodology is more
accurate, it still presents a limited level of reliability, notably
due to a lack of visibility on the actual use of on premise
licenses by the Company’s customers during a reporting
year. As Dassault Systèmes has used all the information at
its disposal, no further action is planned for 2025.
The emissions factors used to calculate the carbon footprint
for the various Scope categories above are taken from various
external databases, including DEFRA, ADEME, The World
Bank and others.
Revenue used to calculate carbon intensity is Dassault Systèmes’
consolidated IFRS revenue. Nevertheless, variations in
intensity ratios from one year to the next are commented on
the basis of changes in IFRS revenue, but also on the basis of
non-IFRS revenue at constant currencies.
B.2.b) Other E1 Metrics
Data centers data: Energy performance metrics for data
centers are collected directly from the data center providers.
The level of reliability of these metrics is considered
moderate. The scope covered is 91% of the data centers’
total IT equipment power consumption for the PUE and 99%
for the share of renewable energy.
B.3) Information on Carbon Capture and Mitigation
Projects financed by Carbon Credits
Dassault Systèmes does not carry out any GHG absorption
and storage projects as part of its own activities, or within
its value chain. The Company is therefore not active in the
carbon credit markets.
However, in 2024, Dassault Systèmes has asked some of
its event suppliers to offset GHG emissions on its behalf
through the purchase of carbon offset. It should be noted
that Dassault Systèmes does not deduct these offsets from
its carbon footprint.
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2
These carbon credits represented a total of 2,541 tons of CO2.
The calculation method was entrusted to an independent
third party to ensure rigor and methodological consistency.
All carbon credits purchased benefit from a recognized
quality label (Label Bas Carbone, VCS Verra, etc.).
The Company is committed to becoming carbon‑neutral
by 2040, by offsetting residual emissions after achieving
the reduction targets defined as part of its decarbonization
trajectory validated by the SBTi by 2027. In particular, the
Company plans to purchase carbon credits by 2030 to offset
residual Scopes 1 and 2 emissions.
Although it has not made a “Net Zero” commitment,
beyond 2027 which represents its horizon for SBTi targets,
Dassault Systèmes will continue its decarbonization efforts
to cover only its residual emissions with carbon credits.
B.4) Information on the use of Internal Carbon Pricing
As part of its Climate strategy, Dassault Systèmes has set
an internal carbon price (ICP) of €100 per ton CO2 emitted
for 2023, the aim of which is to include the cost of the CO2
externality
in
decision‑making
(notably
procurement)
and performance monitoring by its various functions, by
encouraging them to take decarbonization actions and
independently of the risk of the introduction of a regulatory
carbon tax within the European Union. Dassault Systèmes
believes that this ICP will also enable it to differentiate
investments in new equipment or real estate sites in the
context of public tenders in favor of low‑carbon choices, and
will help to secure its GHG reduction targets as submitted to
SBTi.
The internal carbon price has been set at €100 per ton,
based on internal carbon prices published by other market
actors, and is close to the carbon price assumption of
€109 by 2030 used in the transition scenarios described in
paragraph 2.2.1.5.1.C.1.b. “Transition Opportunities and Risks”.
This carbon price of €100 is also the reference used for
goodwill impairment tests carried out as part of the
preparation of the Company’s financial statements.
2.2.2.2.4
Management of Strategic Matter 4:
Assessing the potential Impact of Climate
Transition
The two material IROs linked to strategic matter 4 are:
—
C3 – Financial risk related to climate change scenarios,
including carbon tax:
In
view
of
the
latest
publications
by
the
Intergovernmental Panel on Climate Change (IPCC)
concerning the most likely climate change scenarios and
their potential physical, political, legal, technological
and socio‑economic impacts, the climate transition
represents a financial risk for the Company. The risk is
from the GHGs emitted by its own activities as well as
its upstream value chain, and the potential impact of this
transition on its customers and their markets.
In the medium to long term, some of Dassault Systèmes’
customers could find it difficult to meet the demands of
the energy and sustainable transition, which could have
an indirect negative impact on the Company’s revenue
and operating income. The implementation of poorly
anticipated regulatory restrictions impacting customers,
such as the introduction of a carbon tax at Europe’s
borders as early as 2026, or the banning of new cars
with internal combustion engines from 2035 within the
European Union, could have a significant impact on the
markets concerned.
—
C4 – Potential financial and reputation risks related
to not achieving Dassault Systèmes’ environmental
targets (including potential excessive use of carbon
credits):
The transition risk described above in IRO C3, such as
climate inaction or failure to meet Climate objectives,
could damage Dassault Systèmes’ reputation and
fail to meet the expectations of its stakeholders (see
paragraph 2.2.1.4.2 “SBM_2 – Interests and Views of
Stakeholders”) especially considering the Company’s
promise to develop solutions promoting a rapid transition
to a decarbonized and circular economy.
Failure to meet sustainability targets, in particular
objectives relating to the Company’s solutions for
reducing its customers’ environmental footprint (in line
with the EU Taxonomy), as well as targets relating to
the decarbonization of its own activities, could result in
a loss of confidence in the Company, adversely affecting
its revenue, operating income, employer brand and the
interest of SRI investors.
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A)
Policies relating to Strategic Matter 4: Assessing the potential Impact of Climate Transition
The Transition plan and the “Handprint” strategy mainly
cover climate change mitigation, energy efficiency and the
deployment of renewable energies.
The “Handprint” strategy is described in detail in
paragraph
2.2.2.2.2.A.1.a
“Policies
(IROs
C5
and
C6)” in strategic matter 1, and the Transition plan in
paragraph 2.2.2.2.1A. “Transition Plan for Climate Change
Mitigation” in the Climate strategy.
Policies
Key actions
LEVER 1: TRANSFORM THE COMPANY’S BUSINESS MODEL TO OFFER SOLUTIONS THAT INTEGRATE THE CHALLENGES OF
CLIMATE TRANSITION AND CIRCULARITY (C3/C4)
“Handprint” strategy
—
The actions corresponding to this lever are identical to those described in paragraph 2.2.2.2.2
“Management of Strategic Matter 1: Contributing to Industry Decarbonization and Circularity
through Dassault Systèmes’ Sustainability Portfolio”.
LEVER 2: IMPLEMENT THE COMPANY’S TRANSITION PLAN (C3/C4)
Dassault Systèmes’
Transition plan
—
The actions corresponding to this lever are identical to those described in paragraph 2.2.2.2.3
“Management of Strategic Matter 2: Limiting Carbon Footprint of Dassault Systèmes’
Operations and its Value Chain in a Growth Context”.
B)
Key Actions relating to Strategic Matter 4:
Assessing the potential Impact of Climate
Transition
Actions relating to this strategic matter are covered in
paragraphs 2.2.1.5.1.C.1 “ESRS E1 – Risks related to Climate
Change”, as well as in paragraphs 2.2.2.2.2 “Management of
Strategic Matter 1: Contributing to Industry Decarbonization
and Circularity through Dassault Systèmes’ Sustainability
Portfolio” and 2.2.2.2.3 “Management of Strategic Matter 2:
Limiting Carbon Footprint of Dassault Systèmes’ Operations
and its Value Chain in a Growth Context”.
C)
Metrics and Targets relating to Strategic Matter 4:
Assessing the potential Impact of Climate
Transition
The assessment of financial risk C3 can be found in
paragraph 2.2.1.5.1.C.1 “ESRS E1 – Risks related to Climate
Change” in IRO_1.
It is based on the climate transition assumptions and scenarios
described in paragraphs 2.2.1.5.1.C.1.a “Physical Risks
related to Climate Change” and 2.2.1.5.1.C.1.b “Transition
Opportunities and Risks”.
The C4 risk is monitored through the performance of the
following non‑financial metrics:
—
percentage of alignment to the EU Taxonomy;
—
GHG emissions reduction trajectory as validated by the SBTi.
At the end of 2024, Dassault Systèmes is in line with the
targets associated with the above metrics as presented in
paragraph 2.2.2.2.1.A.5 “Transition Plan Implementation –
Performance” in the Climate strategy.
2.2.2.3
E3 – Water and Marine Resources
Dassault Systèmes considers the pressure on planetary
limits to be a crucial sustainability matter, requiring
economic organizations and actors to think carefully about
their consumption of resources on the one hand, and the
development of solutions to reduce resource consumption
during the innovation process on the other.
The main resources consumed by Dassault Systèmes concern
the IT equipment chain and data hosting in data centers.
Fresh water is used throughout the digital industry’s value
chain, from the extraction of metals, the plastics chain, to the
manufacture of microprocessors and for the cooling of data
centers. In this respect, in view of global warming and the
management of rivers between countries, water is becoming
an important element in the Company’s environmental
policies towards its suppliers, in order to moderate the
pressure on this resource in most geographical areas.
Dassault Systèmes’ operational software activities consume
neither freshwater nor marine resources materially. In fact,
no marine or ocean resources are consumed in the process of
developing products and services. Freshwater consumption
is limited to sanitary and catering uses, and marginally to the
upkeep of green spaces on some sites.
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2
2.2.2.3.1
List of material Impacts, Risks and
Opportunities and Strategic Matters
relating to Water and Marine Resources
The double materiality assessment linked to strategic matter
3 Limiting Dassault Systèmes’ value chain pressure on
Earth’s Resources has identified the following IRO W1:
—
W1 – Negative impact due to degradation and overuse
of fresh water resources resulting from potentially
non‑sustainable water use by Dassault Systèmes’ IT
equipments and Hosting services supply chain:
The digital industry consumes water throughout the
entire IT equipment production process, in particular
for the manufacture of microprocessors and the plastic
chain. According to industry studies, the production
of a laptop could consume several thousand liters per
unit. The Company operates several data centers, which
consume water in their cooling systems. Given its
growth strategy, and in particular its cloud offering, it is
increasing its indirect impact on freshwater consumption,
even though its own operations have no material impact
on water.
This IRO addresses, within strategic matter 3, the limitation
of the pressure exerted by the Dassault Systèmes value chain
on water and marine resources.
Material IROs
IRO Type
Sub‑topic
Sub‑sub‑topic
Levers
STRATEGIC MATTER 3: LIMITING DASSAULT SYSTÈMES’ VALUE CHAIN PRESSURE ON EARTH’S RESOURCES
W1 – Negative impact due
to degradation and overuse
of fresh water resources
resulting from potentially
non‑sustainable water use
by Dassault Systèmes’ IT
equipments and Hosting
services supply chain
Negative
Impact
Water
Water
withdrawals
Water
consumption
Lever 1: Dialogue with data center providers on water
conservation policies
Lever 2: Dialogue with computer equipment suppliers on
water conservation policies
2.2.2.3.2
Management of Strategic Matter 3:
Limiting Dassault Systèmes’ Value Chain
Pressure on Earth’s Resources
A)
Policies relating to Strategic Matter 3: Limiting
Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources
Strategic matter 3 is managed through three policies:
—
“Responsible digital” policy (IT equipment);
—
“Responsible data centers” policy;
—
“Responsible procurement” policy.
“Responsible digital” Policy (IT equipment)
In 2024, the policy in place does not address water
consumption linked to the manufacture of IT equipment,
which is very rarely reported and is not part of the usual
technical
specifications.
Water
management
by
the
Company’s IT equipment suppliers will henceforth be
addressed by the “Responsible procurement” policy for
this purchasing category. This policy is described in detail
in paragraph 2.2.2.2.2.A.2 “Policies (IRO C7)” in the
management of strategic matter 1.
“Responsible data centers” Policy
This policy addresses the type of cooling technology
proposed and the efficiency of water cycle management
in the choice of data hosting providers. In its future 2025
version, this policy will address the matter of sites in areas
of high waterstress, notably by including specific questions
on water management and its impacts in public tenders.
In the case of new sites, it will recommend analyzing the
influence of data center locations on local resources. This will
enable Dassault Systèmes to give preference to partners who
minimize their impacts on water ecosystems, particularly
in areas subject to water stress. This policy is described in
detail in paragraph 2.2.2.2.3.A.1.a “Policies (IRO C1)” in the
management of strategic matter 2.
“Responsible procurement” Policy
By being systematically involved in the selection processes
for both IT equipment and data hosting services, the
“Responsible procurement” policy currently includes at
least 20% sustainability criteria in its selection criteria, with
a medium‑term target of 30% for the data hosting services
category. These criteria include resource consumption
(measured by weight) and energy consumption and impact
on water resources, where available. This policy is described
in detail in paragraph 2.2.2.2.3.A.1.a “Policies (IRO C1)” in
the management of strategic matter 2.
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B)
Key Actions relating to Strategic Matter 3: Limiting Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources
These policies are implemented in 2024 through the levers and action plans described below:
Policies
Key Actions
LEVER 1: DIALOGUE WITH DATA CENTER PROVIDERS ON WATER CONSERVATION POLICIES (W1)
“Responsible data
centers” policy
“Responsible
procurement” policy
—
Continued implementation of data center reporting on consumption and water management
performance levels (through the Water Usage Efficiency (WUE) ratio)
—
First discussions with some of its data center suppliers to ensure that they apply a reasoned
and sustainable management of fresh water, with particular attention to cooling techniques;
—
Integration of the WUE metric in public tenders
—
The choice of data centers should take into account those that favor lossless closed‑circuit
water, air/water and water/water heat exchangers
—
Ongoing review of the few sites located in known areas of water stress
LEVER 2: DIALOGUE WITH COMPUTER EQUIPMENT SUPPLIERS ON WATER CONSERVATION POLICIES (W1)
“Responsible
procurement” policy
“Responsible digital”
policy
—
Water conservation in the Sustainable Charter with Suppliers
—
Preparation of the 2025 action plan (detailed below)
Dassault Systèmes stresses the lack of data on water
consumption linked to the manufacture of IT equipment. In
addition, the complexity of the value chain and the difficulty
of accessing reliable information on data hosting suppliers
limit the scope for action. Aware of its indirect dependence
on this resource, and in order to contribute to its rational
use, the Company is nevertheless committed to doing its
utmost to gather information and act in concert with its
partners. The objectives are to reduce the negative impact
of unreasonable freshwater consumption and possible
pollution, and to better assess its risk associated with water
stress. This approach began in 2024 for data center hosting
service providers, and will continue in 2025. In addition,
Dassault Systèmes is involved in awareness‑raising and
research initiatives described in paragraph 2.2.2.3.3 “Other
(not material) elements: raising Awareness on Water and
Marine Resources”.
—
data center actions: in France, Dassault Systèmes’ data
center partners favor air‑cooling systems based on
free‑chilling or free‑cooling techniques, which exploit
ambient temperatures to lower energy consumption
without massive use of water. Some data centers also
employ adiabatic cooling systems, which optimize water
evaporation to reduce air temperature, while limiting
the water footprint. Most of these systems operate
in a closed circuit, enabling water to be reused and
reducing the need for additional supplies, thus helping
to preserve local resources. The initiatives planned by
Dassault Systèmes for 2025‑2027 aim to go even further
in reducing the water impact of cloud infrastructures.
They include a feasibility study for the integration of
closed‑circuit tempered water cooling in OUTSCALE’s
cloud infrastructure racks. This solution would reduce the
water footprint of cooling operations while maintaining
optimum performance levels. Particular attention will
be paid to the management by suppliers of the few data
centers operating in water‑stressed areas;
—
responsible procurement actions: future public tenders
will include not only consumption considerations, but also
management of the entire water cycle in data centers.
The “Sustainable Procurement” team is also beginning
to analyze the environmental policies of major suppliers.
In 2024, this verification was essentially based on public
information and a very limited number of suppliers. In
2025, data collection efforts will continue with suppliers
of hosting services to achieve a better coverage rate of
the WUE metric and a better understanding of suppliers’
Water policies.
These policies are part of a global approach to the
sustainability of Dassault Systèmes’ cloud infrastructures.
They reflect the Company’s commitment to eco‑responsible
innovation, with a focus on preserving water resources.
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C)
Metrics and Targets relating to Strategic Matter 3:
Limiting Dassault Systèmes’ Value Chain Pressure
on Earth’s Resources
Metrics
Dassault Systèmes tracks a specific metric not proposed by
the ESRS E3 standard: Water Usage Efficiency (WUE) in data
center. It is the main metric used in digital industry sector
studies. In 2023, Dassault Systèmes began collecting this
metric from its suppliers, as well as their water consumption.
However, the low collection rate observed at the end of
2024 (around 50%) means that it is not possible to publish a
relevant consolidated metric at the Company level.
Value Chain Targets
To date, Dassault Systèmes does not yet have sufficient data
on all the data centers it uses to set targets for weighted
average WUE for the data centers it uses. The Company plans
to establish thresholds for future new hosting contracts.
2.2.2.3.3
Other (not material) elements: raising
Awareness on Water and Marine Resources
Experiences of the 3DEXPERIENCE Lab (“Environmental
training and awareness” policy):
—
protection of water and oceans through partnerships
with incubators such as OceanHub Africa;
—
protection of marine environments: Clean Sea Solutions
in Norway (autonomous drone equipped with mapping
sensors capable of removing plastic waste from harbors,
canals and estuaries at or just below the surface of the
water; Liftlabs (local program to protect whales in lobster
fishing).
La Fondation Dassault Systèmes (“Philanthropy” policy):
—
support for the Water Lab at the BMS College of
Engineering in Bangalore (India) since its inception,
through donations and contributions of skills from
volunteer
Dassault
Systèmes
employees.
A
new
program has been initiated in 2023: the development
of an intelligent robotic fish for aquaculture to monitor
early disease metrics to protect aquaculture farms from
infection;
—
development since 2019 of the Mission Ocean project,
which aims to develop scientific and technical educational
content in subjects such as mathematics and physics,
while enabling students to deepen their knowledge
of the oceans. Mission Océan also aims to develop
skills and interests for the jobs of the future, focused
on preserving the oceans and the environment. This
project is co‑developed with key partners, such as the
French Ministry of Education and Youth, and the French
Research Institute for Exploitation of the Sea in France
(IFREMER). In 2024, La Fondation Dassault Systèmes
continued to make new educational content available to
teachers and took part in awareness‑raising actions with
the French Ministry of Ecological Transition at the launch
of the Le Vendée Globe 2024‑2025 ocean race.
2.2.2.4
E5 – Resource Use and Circular Economy
In contrast to the linear “take, make, waste” model, the
circular economy is inspired by the living to generate rather
than consume. It represents a new systemic approach for
companies, based on three principles: keeping products
and materials in use, eliminating waste and pollution, and
regenerating natural systems.
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2.2.2.4.1
List of material Impacts, Risks and Opportunities and Strategic Matters relating to Resource Use
and Circular Economy
Dassault Systèmes’ Circularity strategy, like its Climate
strategy, aims to promote solutions for sustainability and
develop partnerships with key actors in the circular economy.
The list of relevant sustainability levers is presented in the
table below “STRATEGIC MATTER 1”.
Dassault Systèmes analyzes its main impacts related to the
circular economy from the angle of reducing the pressure
on planetary resources, primarily through its operations,
and also through its supply chain, the levers of which are
presented in the table below “STRATEGICE MATTER3”.
Material IROs
IRO type
Sub‑topic
Levers
STRATEGIC MATTER 1: CONTRIBUTING TO INDUSTRY DECARBONIZATION AND CIRCULARITY THROUGH
DASSAULT SYSTÈMES’ SUSTAINABILITY PORTFOLIO
R3 – Positive impact on
resource pressure thanks to
Dassault Systèmes’ solutions
enabling eco‑designed product
development
Positive
impact
Resources
inflows,
including
resource use
Waste
Lever 1: Build an offer based on existing solutions that
contributes to improving customer circularity
Lever 2: Ensure that the sales force takes ownership of
the portfolio of circularity‑related offers
Lever 3: Build strategic partnerships to develop the
Company’s level of expertise in the circular economy and
accelerate customer engagement
Lever 4: Support the development of companies with
circular projects
R4 – Financial opportunity
linked to Dassault Systèmes’
solutions enabling its
customers to achieve their
circular economy objectives
Opportunity
Resource
outflows related
to products and
services
STRATEGIC MATTER 3: LIMITING DASSAULT SYSTÈMES’ VALUE CHAIN PRESSURE ON EARTH’S RESOURCES
R1 – Negative impact from
pressure on resources due
to digital industry products
lifecycle management across
the value chain, from resources
to waste management
Negative
impact
Resources
inflows,
including
resource use
Waste
Lever 1: Reduce the quantity of IT resources
Lever 2: Purchase equipment with a controlled carbon
footprint
Lever 3: Manage and control the end of life of equipment
Lever 4: Purchase second‑hand equipment
Lever 5: Reuse or donate end‑of‑life equipment
2.2.2.4.2
Management of Strategic
Matter 1: Contributing to Industry
Decarbonization and Circularity through
Dassault Systèmes’ Sustainability
Portfolio
Resource scarcity, regulatory pressures, changing customer
expectations, supply chain resilience and risk mitigation are
all compelling reasons for Dassault Systèmes to develop a
dedicated circularity offering.
The two material IROs linked to strategic matter 1 are:
—
R3 – Positive impact on resource pressure thanks to
Dassault Systèmes’ solutions enabling eco‑designed
product development:
Dassault Systèmes offers its customers a range of
software solutions to enable them to engage in an
eco‑design approach for their products. The brand
portfolio integrates Circularity levers enabling customers
in the Manufacturing Industries and Infrastructure &
Cities sectors in particular to accelerate their mitigation
actions.
—
R4 – Financial opportunity linked to Dassault Systèmes’
solutions enabling its customers to achieve their
circular economy objectives:
The positive impact on the preservation of natural
resources linked to the use of the Company’s eco‑design
software solutions by its customers described in
the IRO R3 creates a material financial opportunity
by revealing more prospective customers and sales
opportunities. In 2024, 65.2% of Dassault Systèmes’
revenue is eligible to the EU Taxonomy’s Circularity
objective, and 20.6% of its revenue meets both the
Climate and Circularity alignment criteria, illustrating the
materiality of this current and potential opportunity for
Dassault Systèmes in a context of accelerated industry
transformation.
These two IROs address, within strategic matter 1, the
design of a solutions portfolio for circularity. economy.
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A)
Policies relating to Strategic Matter 1: Contributing
to Industry Decarbonization and Circularity
through Dassault Systèmes’ Sustainability
Portfolio
This strategic matter 1 is managed through three main
policies:
—
the “Handprint” strategy – a portfolio of solutions for
industry;
—
the “Supporting innovative startups” policy;
—
the “Environmental training and awareness” policy.
“Handprint” Strategy
As part of its strategy, Dassault Systèmes offers solutions
that meet industry’s need for sustainable innovation and its
customers’ challenges in terms of climate and the circular
economy. This strategy is built around five levers in favor of
the circular economy. It aims to accelerate the transition of
Dassault Systèmes’ customers to this sustainable model. It
meets three key objectives:
—
rethinking product design;
—
making the use and sourcing of sustainable materials
more viable;
—
reshaping value chains.
Dassault Systèmes uses the following four strategies to
accelerate the time‑to‑market for its products and services:
—
build an offer based on existing solutions that contributes
to improving customers’ circularity;
—
ensure that sales forces take ownership of the portfolio
of circularity‑related offers;
—
establish
strategic
partnerships
to
develop
the
Company’s expertise in the circular economy and
accelerate customer commitments;
—
support the development of ecosystems and companies
with circular projects.
To facilitate the use of recycled materials and reduce the
proportion of “virgin” materials, Dassault Systèmes also
offers simulation and modeling solutions that are particularly
well adapted. The BIOVIA, SIMULIA and CATIA brands
simplify the composition of materials. Indeed, if a product
is made from a uniform material, it will be easier to recycle.
Dassault Systèmes’ solutions make it possible to integrate
these properties at the design stage, to ensure the product’s
circularity throughout its lifecycle. The DELMIA brand
also plays a key role in helping to choose more sustainable
suppliers and materials when producing a product or building
an infrastructure.
This policy applies to the Company’s 13 brands, 3 business
sectors and 11 GEOs. It is proposed jointly by the Sustainable
Development
department
and
the
Company’s
brand
departments, under the responsibility of the Executive
Vice-President, Industry, Marketing & Sustainability, and
discussed by the 3 Sector Boards.
This policy is also structured around environmental
objectives, as defined by the EU Taxonomy, and aims in
particular to increase the Company’s percentage of aligned
revenue (see paragraph 2.2.2.1 “EU Taxonomy”).
The “Handprint” strategy is described in detail in
paragraph 2.2.2.2.2.A.1.a “ Policies (IROs C5 and C6)” in the
management of strategic matter 1.
“Supporting innovative startups” Policy and “Environmental
training and awareness” Policy
They are described in detail in paragraph 2.2.2.2.2.A.1.a
“Policies (IRO C5 and C6)” in the management of strategic
matter 1.
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B)
Key Actions relating to Strategic Matter 1: Contributing to Industry Decarbonization and Circularity through
Dassault Systèmes’ Sustainability Portfolio
These policies are implemented in 2024 through the levers
and action plans described below:
Refer to paragraphs 2.2.2.1.2 “Sustainability Levers” and
2.2.2.1.7 “Demonstrate how Dassault Systèmes’ Solutions
contribute to the Transition towards a Circular Economy
using the EU Taxonomy Use Cases” for more information on
Dassault Systèmes’ levers and offering.
Policies
Key actions
LEVER 1: BUILD AN OFFER BASED ON EXISTING SOLUTIONS THAT CONTRIBUTES TO IMPROVING CUSTOMER CIRCULARITY (R3/R4)
“Handprint” strategy
Building offers dedicated to the transition to the circular economy:
—
Circular product design: analysis of the composition of raw materials, recirculation of
materials and components at each stage of the product lifecycle, as well as the architecture
of objects, their usage patterns and their ability to be reused, repaired, remanufactured and,
as a last resort, recycled
—
Implementation of circular processes: facilitating the implementation of standardized
procedures for dismantling, reuse, remanufacturing and recycling
—
Development of circular infrastructures: promoting the optimization of resources during the
construction and usage of infrastructures (materials, energy, water, etc.)
—
Encouraging circular consumer behavior in the consumer goods sector by facilitating
traceability and consumer information
—
Create business models that extend the life of products and infrastructures, with advanced
modeling, data analysis and scenario simulation capabilities
Demonstrating and assessing the contribution of solutions to the transition to a circular
economy: development of 14 Circularity use cases as part of the estimate of the EU
Taxonomy‑aligned revenue:
—
By facilitating the selection of renewable materials and/or unprocessed raw materials,
Dassault Systèmes’ solutions contribute to the Circularity objective, as do internal stock
management solutions that facilitate the reuse of composites. This year, for example,
Dassault Systèmes strengthened its strategic partnership with BMW, helping the automaker
to optimize its resource management system. Further information is available on the
Dassault Systèmes website (https://BMW Group Partners with Dassault Systèmes to Bring
the 3DEXPERIENCE Platform to Its Future Engineering Platform | Dassault Systèmes)
—
In 2024, the Bel Group is deploying the “Perfect Production” solution, based on the
3DEXPERIENCE platform, to improve the efficiency and sustainability of manufacturing
processes in eleven of its plants worldwide
—
Circular design: in 2024, collaboration with Arena (https://www.3ds.com/fr/newsroom/
press-releases/swimwear-brand-arena-achieves-faster-more-sustainable-prototyping-
dassault-systemes-3dexperience-works) on improving the prototyping of its products. By
designing its products with Dassault Systèmes solutions, the company has succeeded in
reducing the amount of resources used for product manufacturing
—
Compliance of the 3DEXPERIENCE platform with the PACT (Partnership for Carbon
Transparency) methodology established by the World Business Council for Sustainable
Development. More information available on the Dassault Systèmes website (https://
www.3ds.com/newsroom/press-releases/dassault-systemes-3dexperience-platform-
recognized-pact-conformant-unlocking-decarbonization-value-chain) Acceleration of the
development of relevant solutions to meet, at least partially, new European environmental
regulations linked to battery passport management and the end‑of‑life of electric vehicles
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Policies
Key actions
LEVER 2: ENSURE THAT THE SALES FORCE TAKES OWNERSHIP OF THE PORTFOLIO OF CIRCULARITY‑RELATED OFFERS (R3/R4)
“Environmental training
and awareness” policy
—
Training Dassault Systèmes employees in the challenges of Circularity, in particular
eco‑design using the LCA (Life Cycle Assessment) solution
LEVER 3: BUILD STRATEGIC PARTNERSHIPS TO DEVELOP THE COMPANY’S LEVEL OF EXPERTISE IN THE CIRCULAR ECONOMY
AND ACCELERATE CUSTOMER ENGAGEMENT (R3/R4)
“Handprint” strategy
—
Participation in European‑scale projects. Participation for the third year running in the
EECONE project. Bringing together more than 48 organizations in nearly 16 European
countries, this initiative aims to reduce electronic waste by developing solutions capable
of increasing the lifespan of electronic products through the application of eco‑design
guidelines. These aim to increase reliability and repair rates, to reduce and replace materials,
and to improve circularity through the reuse, recycling and recovery of electronic product
materials and components
—
Participation in the European REINFORCE project (Standardized, Automated, Safe and
Cost-Efficient Processing of End‑of-Life Batteries for Second and Third Life Re-Use and
Recycling). The aim of this project is to design a new, sustainable, circular value chain to
serve as a benchmark for the automated, safe and cost‑effective logistics and processing
of end‑of‑life batteries for electric vehicles, with a view to their reuse and recycling. The
Company is particularly involved in two working groups:
– battery evaluation, standardization and risk management phase
– automation and evaluation of the dismantling process
Involvement in strategic alliances:
—
commitment to the Alliance Industrie du Futur, whose mission is to promote and integrate
virtual twins into the French and European industrial ecosystem, in order to contribute to
the transition to the circular economy
—
collaboration with international foundations and participation in coalition projects through
co‑leadership of a project led by the Ellen MacArthur Foundation, which brings together a
dozen international organizations to develop a common set of principles for the design of
circular products
LEVER 4: SUPPORT THE DEVELOPMENT OF COMPANIES WITH CIRCULAR PROJECTS (R3/R4)
“Supporting innovative
startups” policy
Promote startups with circular projects via the 3DEXPERIENCE Lab acceleration program, e.g. in
2024, support for:
—
Hopper: designing prostheses for sportsmen and women from industrial waste
—
Strong by Form: development of Woodflow technology, which makes it possible to design
lighter wood parts for construction, thereby minimizing waste
C)
Metrics and Targets relating to Strategic Matter 1: Contributing to Industry Decarbonization and Circularity
through Dassault Systèmes’ Sustainability Portfolio
Metrics
In order to measure the progress made in supporting its
customers with an adapted offer, as well as in developing
a business opportunity, Dassault Systèmes has decided to
track the EU Taxonomy‑eligibility and alignment metrics for
the objective Transition to a circular economy.
2024
2023
Variation
2024‑2023
Percentage of revenue eligible to the EU Taxonomy – Circular Economy
65.2%
58.7%
6.4 pts
Percentage of revenue eligible and aligned to the EU Taxonomy – Circular Economy
20.6%
N/A
-
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Targets
The Company has not set differentiated targets in terms of
percentage of revenue eligible or aligned to the EU Taxonomy
for the Circularity and Climate objectives, as the solutions
contributing to them are often the same.
The Company’s targets are: 70% of revenue eligible, and
40% of revenue aligned to the EU Taxonomy by 2027,
covering both Climate and Circularity objectives.
For further information, see paragraph 2.2.2.1.3 “ Eligible
and Aligned Revenue (Software and Services) as of
December 31, 2024”.
2.2.2.4.3
Management of Strategic Matter 3:
Limiting Dassault Systèmes’ Value Chain
Pressure on Earth’s Resources
The manufacture of IT equipment required for the Company’s
business and for the use of the software solutions it develops
involves the use of natural resources. In addition, the
limited lifespan of IT equipment generates a problem for
the management of electronic waste, the recycling of which
is still limited within a poorly controlled sector. As a result,
the Company considers that its potential negative impact on
natural resources is a material matter, largely localized in its
value chain, with a long‑term effect due to the low recycling
rate of this waste.
The material IRO related to strategic matter 3, is:
—
R1 – Negative impact from pressure on resources due to
digital industry products lifecycle management across
the value chain, from resources to waste management:
The manufacture of IT equipment necessary for the
Company’s business and the use of the software
solutions it develops involves the use of natural
resources. Moreover, the limited lifespan of IT equipment
creates a problem for the management of electronic
waste, the recycling of which is still limited.
In this context, the Company considers that its potential
negative impact on natural resources is a material matter,
largely localized in its value chain, with a long‑term effect
due to the low recycling rate of this waste.
A)
This IRO addresses, within strategic matter
3, the limitation of the pressure exerted by
the Dassault Systèmes value chain on Earth’s
resources, in connection with the circular economy.
Policies relating to Strategic Matter 3: Limiting
Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources
The management of this strategic matter 3 is based on three
policies:
—
“Responsible digital” policy;
—
“Responsible procurement” policy;
—
“Environmental training and awareness” policy.
“Responsible digital” Policy
This policy covers, in particular, the entire lifecycle of IT
equipment, from purchase to end‑of‑life. Its targets are to
reduce the amount of IT resources used in the Company’s
office and development operations, extend their lifespan
and manage their end‑of‑life. It includes an IT Asset
Disposal sub‑policy which addresses the management
of asset disposal within Dassault Systèmes. This ensures
compliance with environmental regulations by facilitating
the recycling, reuse and responsible disposal of electronic
equipment. The “Responsible digital” policy is described in
detail in paragraph 2.2.2.2.2.A.2 “Policies (IRO C7)” in the
management of strategic matter 1.
“Responsible procurement” Policy
It integrates the elements of the Company’s sustainability
strategy for each of the internal functions contributing to
the decarbonization and circular management of operations.
It encourages the acquisition of environmentally‑friendly
products and services, in particular the most energy‑efficient
products and services, by offering low‑carbon content or
incorporating elements of circularity. Updated in 2024, this
policy includes the systematic integration of ESG criteria in
the choice of suppliers. It also encourages suppliers belonging
to the most carbon‑intensive value chains to join the SBTi
initiative, and where relevant, encourages the purchase of
second‑hand equipment. The “Responsible procurement”
policy is described in detail in paragraph 2.2.2.2.3.A.1.a
“Policies (IRO C1)” in the management of strategic matter 2.
“Environmental training and awareness” Policy
It is described in detail in paragraph 2.2.2.2.2.A.1.a “Policies
(IROs C5 and C6)” in the management of strategic matter 1.
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B)
Key Actions relating to Strategic Matter 3: Limiting Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources
These policies are implemented through the levers and action plans deployed in 2024 and planned in 2025, and described
below:
Policies
Key actions
LEVER 1: REDUCE THE QUANTITY OF IT RESOURCES (R1)
“Responsible digital”
policy – IT Asset
Management sub‑policy
—
Extended service life, set at 5 years for laptops, between 7 and 8 years for servers,
depending on use, and unlimited for screens
—
Implementation of a tool to monitor the actual average lifespan of IT equipment
—
Extension of laptop maintenance contracts to 4 years to ensure repairs
“Responsible digital”
policy
—
Continued server virtualization to reduce physical infrastructures. The virtualization rate is
around 90% by 2024
—
Set up detailed tracking of electronic waste volumes by treatment channel (recycling,
incineration, landfill, other)
—
In 2025, Dassault Systèmes continues to monitor and improve the quality of supplier data
“Environmental training
and awareness” policy
—
Internal awareness‑raising: since 2023, a learning module has been available for all
employees worldwide, to help them take action in favor of energy efficiency and the circular
economy. Title: Acting towards Circular Economy
—
Buyer training: a training program dedicated to environmental issues, including notions of
circularity
—
Thought Leadership: as announced in 2024, the topic of circularity and the generative
economy will remain at the heart of Dassault Systèmes’ strategy in 2025
LEVER 2: PURCHASE EQUIPMENT WITH A CONTROLLED CARBON FOOTPRINT (R1)
“Responsible
procurement” policy
—
Increase in the number of RFPs launched with environmental criteria per equipment. In
2023, this approach concerned laptops. In 2024, this was extended to other IT equipment,
and in 2025 it will involve integrating more outputs from equipment Life Cycle Assessment
(LCA)
—
Continuing to encourage suppliers to commit to setting science–based GHG emission
reduction targets. The criterion of adherence to the SBTi approach has been included in
public tenders for several years now
—
Systematic dialogue, as part of business reviews, with suppliers on their approach to
resource and e‑waste management, to eco‑design, to use of recycled materials
“Responsible digital”
policy
—
Development of an IT equipment catalog to monitor the carbon content of equipment and
its circularity characteristics, in order to improve the Company’s resource consumption
—
Definition of an eco‑score evaluation methodology for new strategic IT projects. The aim is
to deploy this eco‑score in 2025 and 2026
LEVER 3: MANAGE AND CONTROL THE END OF LIFE OF EQUIPMENT (R1)
“Responsible digital”
policy
—
Continued deployment of an asset management tool and improved tracking of Waste from
Electrical and Electronic Equipment (WEEE) worldwide
—
Implementation of a quality audit process for WEEE reporting
“Environmental training
and awareness” policy
—
Creation of specific training for IT and Research & development teams to raise awareness in
these departments
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Policies
Key actions
LEVER 4: PURCHASE SECOND‑HAND EQUIPMENT (R1)
“Responsible
procurement” policy
—
Purchase of over 18,000 second‑hand and refurbished mobile devices as part of
MEDIDATA’s MyMedidata offering, to capture decentralized clinical trial data from patients
LEVER 5: REUSE OR DONATE END‑OF‑LIFE EQUIPMENT (R1)
“Responsible
procurement” policy
Dassault Systèmes strives to apply circular economy best practices. Two significant actions were
carried out in 2024:
—
Donations of electric vehicle charging stations to public institutions and associations as part
of a fleet renewal program on the 3DS Paris Campus. Defective charging stations have also
been donated as spare parts
—
Reuse of carpets after cleaning, recycling of damaged tiles and partitions, adjustment of
office furniture size with the help of a Company from the social and solidarity economy, as
part of a renovation project (3DS Paris Campus)
C)
Additional Information on Resources Inflows and
Outflows
Resources Inflows
The input resources considered in the following analysis are
mainly the IT equipment used in the Company’s operations
and value chain. Indeed, the production and use of software
solutions essentially require IT infrastructures, notably
servers and network equipment, as well as providers of
hosting and data storage capacities.
In addition, as mentioned above, the “Responsible digital”
policy calls for the implementation of tools to track resources
used throughout their lifecycle. Targeted information
collected includes weight, carbon content, reparability index
(where available) and recycled material rate. However, it
does not currently provide for the collection of information
relating to the raw materials making up the various
components, and has not used estimates provided by sector
studies to calculate them.
The Company has defined a restricted catalog of durable
IT equipment for its operations, for which information
is currently being collected. All this information will be
entered when a purchase request is created, as the process
is implemented.
In 2024, the Company is not in a position to publish the
weight of incoming resources due to insufficient coverage
and the absence of a reliable extrapolation method.
Resources Outflows
Software developed by Dassault Systèmes is entirely
distributed digitally. It therefore requires no physical support
and generates no outgoing resources, given its intangible
nature.
Only ordinary waste generated by the presence of employees
at Dassault Systèmes sites represents the Company’s main
outgoing resource, followed by electronic waste linked to
end‑of‑life IT equipment. The breakdown by category is
given below.
Since 2024, Dassault Systèmes has been tracking the
end‑of‑life of its electrical and electronic equipment through
metrics such as reprocessing typology by equipment
category. When this information is provided by suppliers,
Dassault Systèmes tracks quarterly volumes of electronic
waste by equipment category, type of reprocessing and
geography.
Dassault Systèmes’ “Responsible digital” policy gives
preference to the proportion of electrical and electronic
equipment purchased that has received TCO certification, i.e.
designed to be circular, energy efficient and in respect for
social and environmental standards. In general, the Company
monitors its waste management and pays particular
attention to the proportion of waste recycled or donated.
Computer equipment generally consists of the following
elements, in proportions that may vary depending on
the equipment: computer, mobile phone, server, network
equipment.
The following example shows the composition of a laptop as
analyzed in a 2022 ADEME study:
—
ferrous metals: 15% (recyclable) including manganese;
—
non‑ferrous metals including rare earths:11.5% (recyclable)
including aluminum, copper, zinc, nickel, magnesium;
—
plastic:40% (mostly recyclable);
—
printed circuit boards: 15% including silicon;
—
power regulation components (capacitors, batteries):
17% (only partly recyclable);
—
other materials: 1.5% (often not very recyclable), including
rare earths.
These components are largely recyclable, which is why
Dassault Systèmes is responsible for monitoring and
processing this electronic waste.
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D)
Metrics and Targets relating to Strategic Matter 3: Limiting Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources
Metrics
The metrics relating to waste generated by the Company are detailed below:
Total waste
Ordinary waste
Electrical and
electronic waste
Weight
(in tons)
%
Weight
(in tons)
%
Weight
(in tons)
%
TOTAL (1)
708
100.0%
611
100.0%
97
100.0%
WASTE NOT DISPOSED OF (2)
82
11.6%
-
-
82
84.7%
Reuse/Reconditioning (2)
20
2.9%
-
-
20
20.9%
Recycling (2)
62
8.7%
-
-
62
63.8%
WASTE DISPOSED OF (2)
626
88.4%
611
100.0%
15
15.3%
Destruction (2)
5
0.6%
-
-
5
4.7%
Incineration (2)
3
0.4%
-
-
3
2.6%
Landfilling (2)
0
0.0%
-
-
0
0.1%
Other and unknown treatments (2) (3)
618
87.4%
611
100.0%
8
8.0%
NON‑RECYCLED WASTE (1) (4)
646
91.3%
611
100.0%
35
36.2%
(1)
ESRS Datapoints.
(2)
Company‑specific Datapoints.
(3)
This category includes all other types of treatments and any waste for which no specific information is available. Due to lack of information on the split of ordinary waste
by treatment type, the full amount of ordinary waste is accounted for in this category.
(4)
The weight of “Non‑recycled waste” includes all types of treatments including “Reuse/Reconditioning”, it excludes “Recycling”.
Targets
Dassault Systèmes has not set itself quantitative targets
for metrics relating to the circular economy. Indeed, some
information is not yet available in all countries and is not
yet reliable. However, the Company is considering the
introduction of metrics to monitor the performance of its
policies, in particular the average lifespan of its IT equipment.
In addition, for ordinary waste, Dassault Systèmes is
developing a local data collection process, complicated by the
multiplicity of intermediaries. At this stage, this constraint
does not allow the Company to define relevant targets by
category.
2.2.2.5
Environment – Voluntary Non-Material
Disclosures
Certain actions or policies, even if not material in terms of
Dassault Systèmes’ double materiality assessment and the
strategic matters and material IROs identified, are important
to the Company, particularly in terms of the information
required by ESG rating agencies, or regulatory requirements
outside the CSRD framework.
These voluntary, non‑material disclosures are grouped
together in a dedicated section within each of the
environment, social and business conduct topics.
2.2.2.5.1
Non-Material Voluntary Metrics relating to Environmental Matters
2024
2023
Variation
2024‑2023
ESRS DATAPOINTS
Total water consumption in own operations (in m³)
279,764
323,100
(43,336)
(13.4%)
COMPANY‑SPECIFIC DATAPOINTS
Share of employees working in buildings certified High Environmental Value
65.1%
59.0%
6.1 pts
-
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Comments on Water Consumption in Operations
Dassault Systèmes’ own activities consume very little water.
Consumption includes only modest quantities for sanitary
purposes and, to a lesser extent, for irrigation at the few
offices with green spaces. It has been considered that there
are no material negative externalities linked to these internal
consumptions. The Company has undertaken to publish its
own water consumption annually at the request of several
ESG rating agency questionnaires, including the Carbon
Disclosure Project (CDP). This consumption is calculated for
all operating sites excluding data centers.
It should be noted that water consumption by site is difficult
to obtain, as it is often included in the lease charges without
details of consumption, particularly in office buildings
shared with other companies. The Company therefore
uses a method of estimating consumption by employee,
extrapolating from sites whose consumption is not known,
based on sites whose consumption is deemed reliable.
2.2.3
Social and Societal Information
The policies described in this section relate to the year 2024
and are applicable only to the extent permissible under local
and national regulations. They are reviewed annually and can
be adjusted, when necessary, in line with developments in
the legal framework around the world, for example in the
United States.
Dassault Systèmes tracks social and societal actions through
four main metrics for which the company has set targets:
—
three metrics in S1: women in the Executive team, women
among People managers and employees pride and satisfaction;
—
one metric for S3/S4 and G1: employees trained on ethics
and compliance (including Code of Business Conduct
training (G1, IRO G2), Personal Data Protection (S3/S4,
strategic matter 9), and Anti-Corruption (GI, IRO G3).
Detailed explanations of these metrics and related policies
and actions are described in the social, societal and business
conduct sections of this report, respectively in paragraphs
2.2.3.1 “S1 – Own Workforce”, 2.2.3.3 “S3 – Affected
Communities”, 2.2.3.4 “S4 – Consumers and End-Users”,
and 2.2.4.1 “G1 – Business Conduct”.
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Ethics and
Compliance
Employee
Engagement
Women-Men
Representation
26.3%
2023(2)
ACHIEVED IN 2024(2)
78.4%
2023
ACHIEVED IN 2024
2023
ACHIEVED IN 2024
96.6%
2023
ACHIEVED IN 2024
38.5%
38.5%
target
95%
78%
target
30%
target
Developing an inclusive and ethics Culture
Women in the Executive team(1)
Employees Pride and Satisfaction(3)
Women among People managers(1)
Employees trained on Ethics and Compliance(4)
(1) Objective only applicable to the extent permissible under local and national laws.
(2) Calculated on a headcount basis. As a change in methodology compared with previous years' reporting, the 2023 result has been revised applying this new calculation rule.
(3) Percentage measured by an annual satisfaction survey. Initially set at 85%, this target is revised in 2024 to 78% by 2025.
(4) Average percentage of permanent employees who completed mandatory trainings on Code of Business Conduct, Personal Data Protection and Anti-Corruption.
40%
TARGET 2027
30%
TARGET 2027
78%
TARGET 2025
95%
TARGET 2025
24.7%
80.9%
98.9%
target
95%
85%
target
30%
target
2.2.3.1
S1 – Own Workforce
The
double
materiality
assessment
process
(see
paragraph 2.2.1.5.1.A “Process for determining IROs”) led to
the identification of three strategic matters, encompassing
eight material negative impacts, positive impacts or risks,
that are:
—
attracting and preparing the skills for the future in a
competitive talent market;
—
fostering employees’ engagement to improve retention;
—
promoting professional opportunities for all employees
nurturing inclusion and creativity.
The human capital approach is aligned with these matters,
and aims to create an inspiring environment to empower
employees’ journeys, allowing them to thrive in their
missions and projects, and fulfill Dassault Systèmes’
purpose. It therefore combines an approach focused on
employees’ experience with a positioning as a partner of
strategic operational activities.
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2.2.3.1.1
List of material Impacts, Risks and Opportunities and Strategic Matters relating to Own Workforce
Material IROs
IRO Type
Sub‑topic
Sub‑sub‑topic
Levers
STRATEGIC MATTER 5: ATTRACTING AND PREPARING THE SKILLS FOR THE FUTURE IN A COMPETITIVE TALENT MARKET
OW3 – Negative impact
of skills and knowledge
obsolescence on workforce
employability
Negative
impact
Equal treatment and
opportunities for all
Training and skills
development
Lever 1: Enable each and every one to play
an active role in their career development
OW5 – Financial risk related to
inability to attract workforce
with high level of expertise
Risk
Working conditions
Recruitment (Entity‑specific)
Lever 2: Create candidates’ pools and adopt
a proactive sourcing approach
OW6 – Financial and
reputation risk related to skills
and knowledge obsolescence
Risk
Equal treatment and
opportunities for all
Training and skills
development
Lever 3: Develop skills and offer a portfolio
of learning and knowledge acquisition
experiences
STRATEGIC MATTER 6: FOSTERING EMPLOYEES’ ENGAGEMENT TO IMPROVE RETENTION
OW1 – Negative impact due to
lack of employees’ reward and
recognition
Negative
impact
Working conditions
Recognition (Entity‑specific)
Lever 1: Define and implement an
attractive compensation policy and foster
achievements and innovation’s pride and
recognition
OW4 – Financial risk due to
high employees’ turnover
Risk
Working conditions
Employees’ retention
(Entity‑specific)
Lever 2: Retain key employees
OW8 – Positive impact of
responsible employment
practices on employment
security
Positive
impact
Working conditions
Secure employment/
Social Dialogue/Freedom of
association, the existence
of works councils and the
information, consultation
and participation rights of
workers/Collective bargaining,
including the rate of workers
covered by collective
agreements
Lever 3: Prioritize long‑term employment
and respect freedom of association and the
right to collective bargaining
STRATEGIC MATTER 7: PROMOTING PROFESSIONAL OPPORTUNITIES FOR ALL EMPLOYEES NURTURING INCLUSION AND CREATIVITY
OW2 – Negative impact of
inequalities leading to pay and
career development gaps
Negative
impact
Equal treatment and
opportunities for all
Gender equality and equal pay
for work of equal value
Lever 1: Promote professional opportunities
for all
OW7 – Market or brand image
risk due to a limited workforce
diversity, leading to lack of
consideration of needs and
perspectives in innovation
process
Risk
Equal treatment and
opportunities for all
Diversity/Employment and
inclusion of persons with
disabilities
Lever 2: Develop an inclusive culture
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Environmental, social, societal and governance responsibility
Sustainability Statement
2
The double materiality assessment was performed covering
the entire workforce. As Dassault Systèmes prioritizes
permanent employment, the Company uses non‑employee
workers on an exceptional basis, notably to cover for
employees’ leave of absence or in the event of a temporary
increase in activity. Non‑employee workers represent less
than 2% of the employee and non‑employee workforce,
calculated on a full‑time equivalent basis. As no topic has
been identified as material with regard to the non‑employee
workforce, the information disclosed in this paragraph covers
the Company’s employees.
All employees may be exposed to the material impacts
identified and associated to the Company’s operations
throughout their professional careers. Dassault Systèmes is
committed to providing a working environment conducive
to the professional fulfillment of each individual, based on
respectful relationships in all circumstances. The Company
pays particular attention to gender, generational and
disability equity, in order to promote inclusion for all.
Dassault Systèmes is a scientific company, focused on
sustainable innovation, relying on knowledge and know‑how
as part of a long‑term growth strategy supported, in
particular, by:
—
the ability to attract talent motivated by the Company’s
ambition;
—
the skills in a context of rapidly evolving technologies;
—
the employees’ engagement, recognition of their
contributions and achievements, and the Company’s
ability to retain them;
—
the enrichment of knowledge in an inclusive and fulfilling
environment.
Employees are one of the Company’s most valuable assets,
at the heart of its mission and development. It is therefore
essential to understand their interests and viewpoints, in an
open communication culture. To this end, employees have
access to various direct and indirect channels:
—
an annual satisfaction survey, whose high participation
rate demonstrates its efficiency. The results enable the
Company to identify views and expectations by team,
country, gender and generations, and lead to developing
action plans presented to employees, shared within the
3DS People community;
—
communities available on the 3DEXPERIENCE platform,
enabling employees, at any time, to comment on
information shared by the Company, ask questions
and share ideas, which will be analyzed, qualified and
potentially give rise to initiatives;
—
ad‑hoc surveys during the year, targeting specific topics
such as training and inclusion, or particular moments in
employees’ experience;
—
dialogue with employees’ representatives in relevant
countries, in the form of information or consultation,
providing opportunities to express employees’ concerns,
expectations
and
rights
(see
paragraph
2.2.3.1.3
“Managing Strategic Matter 6: Fostering Employees’
Engagement to improve Retention”).
Dassault Systèmes is organized around main functions
(Research & Development, Sales, Marketing and Services and
Company’s General Administration) serving its brands and
main markets in three GEO groups, covering 45 countries.
Under the responsibility of the Executive Vice-President,
Chief People & Information Officer, member of the Executive
Committee, the Company’s Human Resources department
relies on a worldwide network of employees, made up of
experts and operational staff, at both global and local levels:
—
partners of functions to support their sustainable
transformation and growth, as well as the development
of inclusion programs;
—
four centers of expertise covering recruitment and
onboarding of new talents, skills’ acquisition and
development,
employees’
career
evolution
and
recognition, and finally, social dialogue and collective
bargaining. There are also a range of services and
experiences covering every stage of an employee’s
journey;
—
partners of local Sales, Marketing and Services teams,
responsible for supporting these teams in delivering
value, achieving sales targets, managing operational
performance and promoting human capital programs
locally;
—
a team dedicated to leadership development programs
for employees and managers, to defining applications
used for performance management, and to people and
team development, based on Company’s values.
These teams are responsible for proposing and implementing
all policies and action plans aimed at managing material risks,
impacts and opportunities, funded under annual budgets
and the medium‑term strategic plan. Their implementation
and the measurement of their efficiency are based on a set
of solutions integrated in the 3DEXPERIENCE platform,
comprising information systems, a portfolio of applications
and dashboards for steering processes and projects.
Combining analytics and data sciences, this operational
monitoring system, which will be further developed,
facilitates the decision‑making process and implementation
of relevant action plans. The metrics and targets presented
in this paragraph are analyzed and reviewed with key
contributors on a quarterly basis, and will be subject to
corrective actions and continuous improvements, where
appropriate.
Targets, associated performance and progress to achieve
are presented to and discussed with the Committee of the
European Company and the Social and Economic Committee
of Dassault Systèmes SE.
2
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Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
In order to prevent any material negative impacts that may
result from the use of personal data, and in compliance with
Dassault Systèmes’ commitments to business ethics, the
Company has in particular:
—
a human resources privacy policy, updated in June 2024
and available to all employees on the 3DEXPERIENCE
platform;
—
data protection training for human resources teams,
deployed in 2024.
Dassault Systèmes has not identified any impacts, risks
or opportunities relating to employees as a result of its
Transition plan aimed at reducing its negative impacts on the
environment and making its activities more ecological and
climate‑neutral.
2.2.3.1.2
Management of Strategic Matter 5:
Attracting and preparing the Skills
for the Future in a Competitive Talent
Market
The negative impacts and risks covered in this paragraph are:
—
OW5 – Financial risk related to inability to attract
workforce with high level of expertise:
Dassault Systèmes’ growth relies, in particular, on its
ability to attract talents with high levels of expertise
and skills that are increasingly in demand on the job
market. If, therefore, Dassault Systèmes was unable to
recruit such talents, this would represent a risk on the
knowledge and know‑how acquisition and consolidation,
on the performance of the teams needed for innovation,
and on the marketing of its solutions.
—
OW3 – Negative impact of skills and knowledge
obsolescence on workforce employability:
Technological innovations lead to continuous evolution
and emergence of new skills, which are increasingly in
demand on the job market. In this context, the Company
must facilitate employees’ ability to evolve and adapt, by
implementing skills management, learning, knowledge
sharing and acquisition programs. Otherwise, the
employees’ career evolution and employability could be
negatively impacted.
—
OW6 – Financial & reputation risk related to skills and
knowledge obsolescence:
Skills, knowledge and know‑how are one of the
Company’s assets for its long‑term development.
Dassault Systèmes must secure their adaptation to
the evolution of the Company and the environment in
which it operates. Inadequacy or obsolescence of these
skills could lead to a risk for its competitiveness and
reputation, resulting in financial loss.
A)
Policies and key Actions relating to Strategic
Matter 5: Attracting and preparing the Skills for
the Future in a Competitive Talent Market
“Talent acquisition” Policy and Actions
The Code of Business Conduct and the Corporate Social
Responsibility
Principles
formalize
the
Company’s
commitments to non‑discrimination, Human rights and
workplace accident prevention. Thus, all work‑related
decisions are based on each employee qualifications,
talents, achievements and professional motivations (see
paragraph 2.2.3.1.3 “Management of Strategic Matter 6:
Fostering Employees’ Engagement to improve Retention”).
Employees and candidates, or any other person in contact
with the Company, may report any breach in good faith
via the Dassault Systèmes Whistleblowing procedure (see
paragraph 2.2.4.1.2 “Management of Strategic Matter 12:
Ensuring ethical and transparent Business Conduct”). Specific
policies and actions promoting inclusion are described under
strategic matter 7 (see paragraph 2.2.3.1.4 “Management of
Strategic Matter 7: Promoting Professional Opportunities for
all employees nurturing Inclusion and Creativity”).
In order to improve the time required to recruit, reduce
dependence on external partners, and minimize associated
risks and costs, Dassault Systèmes adopts a proactive
sourcing approach, based on external data analysis,
enabling a deeper understanding of talent market and key or
emerging skills mapping. In 2024, the market analysts team
continued to grow its skills and, as pilot of the approach,
conducted more than a dozen studies, mainly on key and
emerging skills in research and development. These analyses
helped to inform decisions, notably in terms of locations
in North America and Europe, and to identify areas for
improvement to consolidate and industrialize this approach.
Combined with the workforce planning projects per function,
this three‑year approach will enable better focus on profiles’
identification and accelerate the creation of talent pools,
which will be converted into active candidates for hiring
opportunities, where appropriate.
The referral program enables to promote Dassault Systèmes
through its employees’ network, to leverage career
opportunities worldwide and to attract profiles aligned with
the Company’s values and culture. Any employee can actively
contribute to the recruitment process by recommending
one or more candidates via a dedicated application. These
employees receive a bonus upon successful hiring. This
channel is subject to an annual action plan structured around
three axes:
—
a monthly communication plan sharing job opportunities,
particularly in Sales, Marketing & Services and Research &
Development functions, requiring skills that are in short
supply on talent market. This communication plan is
adapted each year per country;
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Sustainability Statement
2
—
recognition actions of employees contributing to
recruitment of new team members, particularly in Asia;
—
integration of referred candidates, initially referred to
another job opportunity, in talent pools.
To enable future talents to validate their academic career
with work experience in an innovative environment, every
year Dassault Systèmes offers internship and apprenticeship
opportunities. In this context, the Company collaborates
with a network of over 450 education institutions
and universities, with which it runs various initiatives
contributing to academic training programs. The aim is to
offer students career opportunities by encouraging them to
join Dassault Systèmes after graduation, onboarding junior
talents motivated by the Company’s culture and purpose.
In 2024, Dassault Systèmes took part in more than
230 initiatives, in collaboration with academic partners, from
student forums to educational events, such as:
—
participation in the Tech Symposium organized by
INSEAD in Singapore on Smart cities and workforce of
the future;
—
a partnership with the city of Meudon to organize
a hackathon dedicated to students, with the aim of
exploring the contribution of virtual twins to flood risk
management in urban environment.
In 2024, Dassault Systèmes hired and mentored more than
1,900 interns and apprentices in 24 countries.
Dassault Systèmes’ value proposition is based on its purpose,
which contributes to sustainability in many fields, and on its
drive for breakthrough innovations, in an international and
multicultural context. The Company communicates through
various channels, including social networks, about the
role families, job opportunities and events organized with
educational institutions. The website provides information
on the Company’s culture and values, sustainability
commitments, benefits, inclusion initiatives and career
development programs.
With the goal of delivering tailored communication
experiences, and in order to maximize the employer brand
and Company’s reputation and related actions that will
be measured through feedbacks campaigns as well as
internal and external events, Dassault Systèmes launched,
since 2023, a project to deploy a candidate relationship
management digital solution. Projecting full operational
capability over the next two to three years, this solution will
enable the Company to:
—
target profiles with specific skills and experience,
particularly those that are in demand in the talent
market;
—
strengthen relationships with prospective candidates and
promote Dassault Systèmes’ purpose;
—
accelerate the proactive identification of candidates,
by facilitating talent communities through local and
business‑specific communication initiatives;
—
social media engagement with key influencers;
In 2024, Dassault Systèmes conducted:
—
a communication campaign on digital platforms in
France, the United States and Canada, targeting research
and development, sales, marketing and services profiles
as well as cybersecurity skills;
—
a digital campaign on ten educational campuses in France
to promote the Company as a major enterprise in Life
Sciences & Healthcare;
—
the deployment of sponsored online advertisements in
France and Germany, with over 17,000 visitors and more
than 3,300 new candidates joining the community.
Dassault Systèmes primarily measures its external reputation
through:
—
the Potentialpark ranking, measuring companies’ actions
on their website career pages, online applications, social
media and professional platforms. Dassault Systèmes
ranked fourth overall, sixth in Europe and third in the
United States;
—
the accreditation of the “Choose My Company –
HappyIndex Candidates” label for the World, Europe, Asia
Pacific and granted to eleven countries worldwide, and
accreditation of the “Choose My Company – HappyIndex
Trainees” label in France.
“Annual performance review” Policy and Actions
Dassault Systèmes has a role model accessible to all
employees, outlining responsibilities, missions and key
performance indicators for each role, which serves as a
reference for the annual performance review process. Each
employee proposes and defines, together with his or her
manager, achievement and leadership objectives. This occurs
during meetings designed to ensure that they take ownership
of the objectives set, that they have the means and resources
required to achieve them, and that they understand their
individual contribution to the Company’s objectives. An
objective relating to ethical behaviors and the completion of
business ethics mandatory trainings is included by default
for all employees. Mid‑year interviews are recommended
to review and update, if necessary, the objectives set and
the results expected or achieved. At the end of the year, the
assessment of results is a major component of performance
appraisal. As part of collective collaboration on Company’s
projects, every employee can seek social feedback from
colleagues, helping to confirm the strengths demonstrated,
as well as the areas for improvement. These reviews also
provide an opportunity to identify skills development
initiatives, such as training and certification, as well as
career evolution aspirations. As part of this process, in 2024,
training dedicated to preparing development paths was
made available to support employees.
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Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
“Internal mobility” Policy and Actions
The Company’s “Internal mobility” policy aims to empower
each employee to play an active role in their career journey,
and holds managers accountable for developing their teams
through mobility. In the event of both external and internal
applications, and with equivalent skills, priority is given to
internal candidates. The My Journey application enables each
employee to define a career development project, benefiting
in particular from information and data on the Company’s
roles, and to simulate potential career paths by selecting
specific skills. Internal mobility is promoted to managers
when opening a job opportunity, and relevant internal
profiles are proactively recommended. All employees can
also connect to the My Job Opportunities application, which
provides them with access to available job offers in real
time. Here they can apply online and track the progress of
their application. In 2024, more than 2,400 job offers were
published and more than 600 employees who applied were
selected.
“Learning” Policy and Actions
Dassault Systèmes has a standardized skills referential,
based
on
the
European
competencies’
classification,
enriched with specific skills for the Company. It covers
knowledge, know‑how and soft skills, and makes it possible
to identify the essential competencies integrated into each
role description, both of which are reviewed and updated
every year. These competencies enable employees to
assess themselves in consultation with their managers,
and to reinforce certification programs aimed at on‑the‑job
specialization, expertise and social learning.
An annual training and learning needs assessment survey is
sent to all managers, for employees and for themselves. The
results may lead to interviews with some of the recipients,
and contribute to the development of the portfolio of
learning experiences and knowledge acquisition through
training and certification in four areas:
—
knowledge of the Company’s purpose, history, culture
and values, as well as the adoption of the 3DEXPERIENCE
platform;
—
cross‑functional
skills
such
as
communication,
collaboration, leadership and sustainable development;
—
skills linked to professional expertise of each employee;
—
knowledge in Dassault Systèmes’ solutions.
With the 3DEXPERIENCE University application, every
employee has access to over 7,000 training contents linked
to the certification portfolio, encompassing 116 role‑related,
141 brand‑related and 123 industry segment‑related
programs. More than 270 employees are responsible for
the creation and deployment of these training programs,
enabling knowledge capitalization, knowledge sharing and
allowing the Company to adapt training to employees’ skills
acquisition needs.
These contents also cover specific competencies, including:
—
trainings dedicated to managers, aimed at developing
their leadership and communication skills, enabling them
to bring their teams together around shared objectives
and Company’s values. The related certification program
enables them to master core managerial skills and
knowledge in performance management, recognition
and individual and collective development;
—
mandatory trainings in business ethics and corporate
responsibility, including the Code of Business Conduct,
personal data protection and anti‑corruption (see
paragraph 2.2.4.1.2 “Managing Strategic Matter 12:
Ensuring ethical and transparent Business Conduct”);
—
development programs dedicated to Dassault Systèmes’
talents and future managers pool, promoting access
to high‑level responsibility positions (see paragraphs
2.2.3.1.3 “Managing Strategic Matter 6: Fostering
Employees’ Engagement to improve Retention” and
2.2.3.1.4 “ Management of Strategic Matter 7: Promoting
Professional Opportunities for all Employees nurturing
Inclusion and Creativity ”.
Throughout the year, information and communications
are released in the Passion to Learn community to engage
employees in training initiatives, allowing to deliver almost
20,700 certifications in 2024. The certification portfolio
is also reviewed every year to ensure its alignment with
business needs. In this context, 56 new programs were
deployed in 2024.
To promote access to skills development, a range of various
training events are held annually:
—
Passion to Learn Month, whose 2024 edition focused in
particular on leadership and artificial intelligence skills,
recording over 7,500 registrations and 3,200 participants;
—
Leadership Development Days, with three sessions in
2024 focusing on effective communication, collaboration
and project management.
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Sustainability Statement
2
Policies
Key actions
Key metrics – definition
LEVER 1: CREATE CANDIDATES’ POOLS AND ADOPT A PROACTIVE SOURCING APPROACH (OW5)
“Talent acquisition” policy
—
Understanding of talent market through locations and
ecosystems’ analysis as well as skills mapping studies
—
Monthly communication plan highlighting job opportunities and
recognition actions of employees contributing to recruitment of
new team members, particularly in Asia
—
Participation in more than 230 initiatives in collaboration
with academic institutions and mentoring of more than
1,900 apprentices and trainees
—
Communication campaign on digital platforms and deployment
of sponsored pages for France and Germany
% of job offers filled
under permanent
contracts
% of job offers filled by
referral
LEVER 2: ENABLE EACH AND EVERY ONE TO PLAY AN ACTIVE ROLE IN THEIR CAREER DEVELOPMENT (OW3)
“Annual performance
review” policy
“Internal mobility” policy
—
Annual performance review campaign
—
Training dedicated to preparing development paths for
managers and employees
—
Internal publication of over 2,400 job offers with over
600 employees selected
% of employees that
participated in annual
performance review
% of job offers filled by
internal hires
LEVER 3: DEVELOP SKILLS AND OFFER A PORTFOLIO OF LEARNING AND KNOWLEDGE ACQUISITION EXPERIENCES (OW6)
“Learning” policy
—
Skills referential update and skills assessment
—
Certification portfolio review, leading to the release of 56 new
programs
—
Organization of two skills development events, Passion to Learn
Month and Leadership Development Days
Average number of
training hours per
employee
% of employees receiving
learning actions
Priorities for the next three years will focus on:
—
delivering a managerial learning program aimed at training over 1,000 managers;
—
accelerating the development of artificial intelligence skills;
—
consolidating and managing the skills referential, enabling development of training initiatives connected to critical skills
and their evolution over time;
—
deploying a new learning management system.
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Sustainability Statement
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
B)
Metrics and Targets relating to Strategic Matter 5: Attracting and preparing the Skills for the Future in a
Competitive Talent Market
The performance metrics measuring the efficiency of policies and actions related to talent acquisition, annual performance
review, internal mobility and learning are detailed in the table below.
2024
2023
Variation
2024‑2023
Target
2025
ESRS DATAPOINTS
Percentage of employees that participated in
annual performance review – Men(1)
95.1%
-
-
-
-
Percentage of employees that participated in
annual performance review – Women(1)
94.7%
-
-
-
-
Percentage of employees that participated in
annual performance review – Other(1)
94.1%
-
-
-
-
Percentage of employees that participated in
annual performance review – Not disclosed(1)
50.0%
-
-
-
-
Percentage of employees that participated in
annual performance review(1)
95.0%
-
-
-
-
Average number of training hours per employee – Men
24.6
23.9
0.7
2.9%
-
Average number of training hours per employee – Women
20.9
20.1
0.8
4.0%
-
Average number of training hours per employee – Other
10.1
-
-
-
-
Average number of training hours per employee – Not disclosed
51.7
-
-
-
-
Average number of training hours per employee
23.5
22.8
0.7
3.1%
-
COMPANY‑SPECIFIC DATAPOINTS
Number of job offers filled
2,609
3,594
(985)
(27.4%)
-
Percentage of job offers filled under permanent contracts
95.2%
96.4%
(1.2) pts
-
-
Percentage of job offers filled by referral
13.5%
15.7%
(2.2) pts
-
-
Percentage of job offers filled by internal hires(2)
35.3%
28.8%
6.5 pts
-
30.0%
Number of new joiners
2,641
-
-
-
-
Percentage of new joiners through recruitment
97.7%
-
-
-
-
Percentage of new joiners through acquisition
2.3%
-
-
-
-
Percentage of employees receiving learning action
98.5%
98.7%
(0.2) pts
-
-
(1)
Percentage of eligible employees according to “Annual performance review” policy.
(2)
Percentage of job offers requiring at least three years’ professional experience filled with internal candidates.
Employees from CENTRIC PLM, Satelliz SAS, Satelliz sp zoo,
Eomys Engineering SAS and Amcad Engineering SAS are
excluded from the policies and action plans detailed in this
paragraph. As no reliable methodology could be identified,
Dassault Systèmes has not applied any estimates in order to
preserve the integrity of disclosed data. The reported metrics
therefore cover 95.5% of employees as of December 31,
2024 for training and talent acquisition, and 95.3% of
employees as of December 31, 2024 for annual performance
review.
Information and data relating to annual performance
review cover employees eligible to the policy, including
employees under permanent contracts, hired no later
than September 30 of the reporting year, and excluding
employees under leave of absence. The annual campaign and
associated communication and training initiatives enabled
to reach a high completion rate of annual performance
review. As 1,140 employees did not benefit from a finalized
interview in 2024, individual actions will be implemented to
ensure that they receive one in 2025.
The metrics relating to training cover all hours delivered
during the reporting year, based on the number of employees
as of December 31, 2024. As this methodology differs from
previous reporting years, the 2023 data have been revised
by applying this new calculation rule.
In 2024, the total number of training hours delivered
increased by almost 5% compared to 2023, in a context
of 1.5% headcount growth. There was particular focus on
developing skills linked to professional expertise, knowledge
in Dassault Systèmes’ solutions, as well as soft skills and
artificial intelligence. While the average number of training
hours for women is lower than for men, it increased by
4% compared to 2023, also the proportion of women who
received training is slightly higher than for men.
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Sustainability Statement
2
Information and data related to recruitment cover all job
offers filled during the reporting year. Given their acquisition
during the year, Dassault Systèmes estimated that no
recruitment took place for Satelliz SAS, Satelliz sp zoo, Eomys
Engineering SAS, and Amcad Engineering SAS, an estimation
hypothesis confirmed by the absence of new joiners in these
subsidiaries for the period under review. The definition
of new joiners has been revised in 2024 to exclude, in
particular, international mobility and assignments, transfers
of legal entities and any other headcount movements within
Dassault Systèmes. It covers hiring, extensions and changes
in employment contracts. As this methodology differs from
previous reporting years, the 2024 data cannot be compared
with those reported in previous years.
In a context of global economic uncertainty, volatility
in customer decision‑making and continued decline in
employee‑initiated turnover since 2021, the Company
adopted a prudent approach to its hiring in 2024. The
number of job offers filled is lower than in previous years.
The proportion of hires on permanent contracts remains
high, with the use of fixed‑term contracts limited to the
replacement of employees’ absence and for time‑bound
special projects. Thus, in 2024:
—
recruitment related to Company’s growth represented
26% of total hires, compared to 21.7% in 2023;
—
recruitment related to turnover replacement accounted
for 45.8% in 2024, compared to 50.3% in 2023.
Although the proportion of positions filled through employee
referrals decreased by 2.2 points in 2024 compared to
2023, the proportion of job offers filled with internal hires
increased by 6.5 points, thereby supporting the Company’s
policy.
Internal mobility enhances expertise and know‑how,
making the Company a more attractive place to work and
helping to retain talented employees, thus meeting their
expectations in terms of career development. It contributes
to Dassault Systèmes’ growth objectives, to meeting
future needs in terms of skills and profiles, and to sharing
knowledge and know‑how within the Company. Accordingly,
Dassault Systèmes has set a target of 30% of job offers
filled with internal hires by 2025. Dassault Systèmes has
not defined quantitative targets for the other topics related
to this strategic matter. Nevertheless, the Company is
monitoring the efficiency of its policies and actions through
the metrics reported above.
2.2.3.1.3
Management of Strategic Matter 6:
Fostering Employees’ Engagement to
improve Retention
The positive and negative impacts and risk covered in this
paragraph are:
—
OW1 – Negative impact due to lack of employees’
reward and recognition:
Recognition
of
employees’
performance
and
achievements has a direct impact on their motivation
and engagement at work. The absence of rewarding
programs affects their pride and satisfaction in working
for the Company, leading to a loss of meaning at work as
well as an increase in employees’ turnover.
—
OW4 – Financial risk due to high employees’ turnover:
Dassault Systèmes’ operational performance relies in
particular on its ability to secure the required human
resources. An increase in employees’ attrition, especially
among key talents, would affect the Company’s business
operations and lead to a risk on its revenue and operating
income.
—
OW8 – Positive impact of responsible employment
practices on employment security:
Dassault Systèmes strives to be recognized as a
responsible employer that favors long‑term employment
of locally recruited employees, thus contributing to
sustainable employability within each country in which
it operates. This approach aims to provide employees
long‑term employment prospects and financial resources.
A)
Policies and key Actions relating to Strategic
Matter 6: Fostering Employees’ Engagement to
improve Retention
“Total rewards” Policy and Actions
Dassault Systèmes commitments are to compensate
employees at or above the levels set by applicable laws and
regulations and to provide all legally required benefits, as
set out in the Company’s Corporate Social Responsibility
Principles. As such, Dassault Systèmes’ value proposition
is based, in particular, on a total reward approach aimed at
ensuring that employees benefit from an attractive policy,
combining different elements of compensation and forms of
recognition.
The annual compensation is made up of a fixed component
and a variable component, the rules of which depend
on the employee’s function and roles of the Company’s
reference framework. Salary ranges are benchmarked each
year to ensure alignment with high‑tech market practices.
Compensation is reviewed annually and differentiated
according to the individual performance of each employee.
Within global or local context, whether in terms of the
economy or competition, specific measures can be defined
and implemented. As part of the 2024 annual compensation
review process, and based on performance, particular
attention is paid to junior talents, promotions, pay equity,
key employees, roles and skills in short supply on the job
market.
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In
compliance
with
local
regulations
and
practices,
Dassault Systèmes’ approach aims to offer social protection
and various benefits. In addition to the mandatory
plans, depending on the country, the Company offers
supplementary health and welfare coverage, including
death, disability and incapacity coverage, as well as
additional compensation during maternity and paternity
leave. Employees can also receive various types of benefits,
including transport and childcare allowances. To offer as
many employees as possible the opportunity to be involved
in the Company’s project and growth, Dassault Systèmes
rolled out an employee shareholding program in 2021 and
2023. This operation allowed employees to subscribe to
a leveraged shareholding scheme at a 15% discount and
offering a capital guarantee in euros.
In 2024, and in line with the results of the annual
satisfaction survey, Dassault Systèmes implemented actions
to communicate and promote the benefits offered by the
Company, the improvements of some social protection
schemes and continued to roll out the individualized total
reward statement.
Designed to recognize the contribution of employees and
make the Company’s social offering more attractive, the aim
of these measures is to ensure that each employee receives
sufficient compensation to achieve a decent standard of
living, as set out in the United Nations Universal Declaration
of Human Rights.
Innovation being an integral part of the Company’s
DNA, various initiatives are deployed to foster pride and
recognition of achievements, as well as an understanding
of corporate strategy. The most innovative projects carried
out by Dassault Systèmes teams around the world are
rewarded each year, encouraging collaboration. The projects
are selected by a vote of employees, and by a jury made up
of members of the Executive team. The 2024 edition of the
3DS INNOVATION Forwards included over 440 candidate
projects,
representing
more
than
3,300
employees,
rewarded 88 projects, representing more than 800 people,
and registered 52 patents.
Long-Term Incentives plan and Actions
Retaining key talents, and identifying and preparing the
next generation of leaders, is essential to achieving the
Company’s ambition. These actions enable the Company
to offer diversified career development opportunities, an
important lever for engagement and recognition. In this
way, key employees may be granted long‑term incentives,
notably through grants of Dassault Systèmes performance
shares or share subscription options. The allocation is made
to each individual depending on their individual performance
and level of responsibility (see paragraph 5.1.5 “Interests of
Executive Management and Employees in the Share Capital
of Dassault Systèmes SE”). This approach also includes
a process for identifying key employees and developing
succession plans covering more than 250 positions with
high‑level responsibility. The aim is to identify for each
position up to three talented individuals with leadership
potential to become tomorrow’s leaders. Two programs,
GLOW and Talent Journey, are dedicated to developing
Dassault Systèmes’ talents and the future pool of managers.
Structured over a period of 7 to 10 months, these programs
foster the development of strategic and leadership skills
through group training and case studies on transformation
projects defined by the Company. They offer participants
the opportunity to present their work to members of the
Executive team. Nearly 70 employees have been selected to
take part in the 2024 session, bringing the total number of
participants since the creation of these programs to nearly
280.
Code of Business Conduct, Corporate Social Responsibility
Principles and Actions
Compliance with ethical rules and international standards
is part of Dassault Systèmes’ purpose. Dassault Systèmes’
business ethics are based on fundamental international texts
on Human and social rights and are formalized in corporate
governance policies and procedures. Its pillars are the Code
of Business Conduct and the Corporate Social Responsibility
Principles, covering:
—
prohibiting the employment of children of compulsory
school age (and in any case of children under 15), forced
labor and all other forms of modern slavery;
—
guaranteeing satisfactory working conditions to ensure
the health and safety of employees;
—
prohibiting all forms of discrimination and harassment;
—
complying with applicable legal or regulatory minimums
in terms of remuneration, freedom of association,
protection of trade union rights, and the right to
collective bargaining.
An analysis of the information provided by the International
Labor Organization, particularly through its Forced Labor
Observatory, indicates that Dassault Systèmes does not
operate any activities identified as presenting a significant
risk of forced labor, compulsory labor or child labor. In
addition, Dassault Systèmes operates in countries with local
or supranational regulations, or adherence to international
conventions and standards covering Human and social rights,
which the Company is committed to respecting.
On health and safety, Dassault Systèmes has four major
policies that apply in particular to employees in the course
of their business activities, including the prevention of
work‑related accidents.
Dassault
Systèmes
formally
prohibits
any
form
of
discrimination for any reason whatsoever in employment
relations, in particular based on gender, age, family or
pregnancy status, family name, ethnic, racial, social,
cultural or national origin, religion, disability, health, sexual
orientation, trade union membership or opinion or political
commitment. Dassault Systèmes undertakes to recruit and
promote employees according to their individual qualities
and to treat them with dignity and respect for their private
lives, without favoritism.
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The Code of Business Conduct, which is accessible to all
employees, provides definitions and examples, particularly
of sexual harassment and discrimination. Recruitment,
training, promotion, appointment and other work‑related
decisions are based on each employee’s qualifications, talent,
performance as well as professional motivations. Any case
of non‑compliance with applicable laws and regulations
and the Code of Business Conduct can be reported via
the Dassault Systèmes Whistleblowing procedure (see
paragraph
2.2.4.1.2
“Managing
Strategic
Matter
12:
Ensuring ethical and transparent Business Conduct”). The
Company’s employees’ representatives have been informed
or consulted about the Code of Business Conduct and the
Whistleblowing procedure, in compliance with applicable
national regulations.
All breaches related to discrimination and harassment,
particularly those reported through the Whistleblowing
procedure, are assessed on a case‑by‑case basis, considering
the specific facts and circumstances according to their legal
qualification. Substantiated cases result in disciplinary
sanctions, proportional to the severity of the incidents.
Specific policies and actions promoting inclusion are detailed
within the strategic matter 7 (see paragraph 2.2.3.1.4
“Managing Strategic Matter 7: Promoting Professional
Opportunities for all Employees nurturing Inclusion and
Creativity”).
In line with the Company’s aim to be acknowledged as a
responsible employer and the Corporate Social Responsibility
Principles, Dassault Systèmes promotes the long‑term
employment of its employees. It is also committed to:
—
working hours, taking into account employees’ workload
when
setting
objectives
and
conducting
annual
performance review, confirmed in the related interview
reporting document;
—
accommodating employees’ requests for part‑time work
and statutory leave for personal reasons, family events
or family support, in compliance with applicable laws and
regulations and when operational activities allow;
—
work‑life
balance,
in
particular
with
parenthood.
Furthermore, Dassault Systèmes has a global flexible
work policy, deployed in collaboration with unions under
collective bargaining agreement in France, enabling
employees to work remotely up to two days a week;
—
Nation-Army link by supporting the commitment of
its employees in France to the national reserve corps,
notably through an agreement signed in 2018 with
the French Ministry of the Armed Forces, the renewal
of which is currently under discussion. It entitles
Dassault Systèmes’ employees to benefit from up to
twelve days’ absence per year, five of which are paid for
by the Company. A similar commitment is in place for
employees in the United Kingdom.
Dassault Systèmes is committed to respecting its employee’s
right to associate freely, form and join unions organizations
of their own choosing, and bargain collectively as permitted
by and in accordance with applicable laws and regulations.
The responsibility for social dialogue and collective
bargaining is held by the Human Resources department
of the Company (see paragraph 2.2.3.1.1 “List of material
Impacts, Risks and Opportunities and Strategic Matters
relating to Own Workforce”). In line with the freedom
of association, Dassault Systèmes has an independent
employees’ representation:
—
at local level, with representatives elected by employees,
or union representatives;
—
at supranational level, through the Committee of the
European Company covering all countries part of the
European Economic Area (EEA) as well as the United
Kingdom;
—
at Board of Directors level, through two directors
representing employees, appointed in accordance with
the law and Company’s by‑laws (see paragraph 5.1.1
“Composition and Practices of the Board of Directors”).
Employees representatives’ bodies are involved in the
review and implementation of the Company’s policies, either
through collective bargaining, or by means of information or
consultation at national or supranational level. Depending on
the country and the topics addressed, meetings can occur
weekly, bi‑weekly or monthly. In 2024, the Committee
of the European Company engaged with members of the
Executive team on the Company’s strategy, human capital
development related policies, and sustainable development
approach. At national level, this social dialogue focused
in particular on compensation policy, professional equity
between women and men, retirement plan improvements,
and the implementation of various cybersecurity tools.
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Policies
Key actions
Key metrics – definition
LEVER 1: DEFINE AND IMPLEMENT AN ATTRACTIVE COMPENSATION POLICY AND FOSTER ACHIEVEMENTS AND INNOVATION’S
PRIDE AND RECOGNITION (OW1)
“Total rewards” policy
—
Annual compensation review process primarily based on
performance, with particular attention to junior talents,
promotions, pay equity, key employees, roles and skills in short
supply on the job market
—
2024 edition of the 3DS INNOVATION Forwards, rewarding
88 projects and 52 patents, representing over 800 people
% of employees pride and
satisfaction
LEVER 2: RETAIN KEY EMPLOYEES (OW4)
Long-Term Incentive plan
—
Implementation of the 2024 Long-Term Incentive plan
—
Identification and review of succession plans for more than
250 key positions
—
Nearly 70 employees selected for the 2024 session of talent
development programs
% of employees granted
with long‑term incentives
% of employee voluntary
turnover
LEVER 3: PRIORITIZE LONG‑TERM EMPLOYMENT AND RESPECT FREEDOM OF ASSOCIATION AND THE RIGHT TO COLLECTIVE
BARGAINING (OW8)
Code of Business Conduct
Corporate Social
Responsibility Principles
—
Dialogue with representatives of the Committee of the European
Company, notably on the Company’s strategy, human capital
development related policies and sustainable development
approach
—
Dialogue or negotiations with employees’ representatives at
national level, notably on compensation policies, professional
equity between women and men, mandatory training on
discrimination and harassment, retirement plan improvements
and the implementation of various cybersecurity tools
% of permanent
employees
% of employees
covered by collective
bargaining agreements
and employees’
representatives
Number of complaints
of discrimination
or harassment and
associated fines,
penalties and
compensation
Priorities for the next three years will focus on:
—
2025 employee shareholding program deployment;
—
annual review of succession plans for positions with high‑level responsibility and facilitation of talent development
programs;
—
definition and elaboration of a leadership development path, that will be presented to employees’ representatives in the
relevant countries;
—
definition and implementation of action plans based on the annual satisfaction survey results, with a particular focus on:
– work meaning, through initiatives aimed at clarifying the vision and strategy, as well as teams’ contributions to the
Company’s objectives;
– on‑site experience to enhance interaction, team learning, co‑creation and creativity;
—
employees’ benefits, through local communication plans, continued deployment of the individualized total reward
statement, and any other actions identified based on country‑specific priorities.
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B)
Metrics and Targets relating to Strategic Matter 6: Fostering Employees’ Engagement to improve Retention
The performance metrics measuring the efficiency of policies and actions related to employees’ engagement and retention as
well as responsible employer practices are detailed in the table below.
2024
2023
Variation
2024‑2023
Target
2025
ESRS DATAPOINTS
Total number of employees
25,000
24,633
367
1.5%
-
Number of employees – Men
17,528
17,356
172
1.0%
-
Number of employees – Women
7,418
7,230
188
2.6%
-
Number of employees – Other
40
-
-
-
-
Number of employees – Not disclosed
14
-
-
-
-
Number of employees – Europe (1)
10,136
9,821
315
3.2%
-
Number of employees – Americas
6,797
6,898
(101)
(1.5%)
-
Number of employees – Asia
8,067
7,914
153
1.9%
-
Number of employees – United States
6,281
6,424
(143)
(2.2%)
-
Number of employees – France
5,829
5,657
172
3.0%
-
Number of employees – India
5,231
5,123
108
2.1%
-
Number of permanent employees
24,501
24,054
447
1.9%
-
Number of permanent employees – Men
17,208
16,998
210
1.2%
-
Number of permanent employees – Women
7,239
7,009
230
3.3%
-
Number of permanent employees – Other
40
-
-
-
-
Number of permanent employees – Not disclosed
14
-
-
-
-
Number of temporary employees
499
579
(80)
(13.8%)
-
Number of temporary employees – Men
320
358
(38)
(10.6%)
-
Number of temporary employees – Women
179
221
(42)
(19.0%)
-
Number of temporary employees – Other
-
-
-
-
-
Number of temporary employees – Not disclosed
-
-
-
-
-
Number of full‑time employees
24,433
24,094
339
1.4%
-
Number of full‑time employees – Men
17,298
17,137
161
0.9%
-
Number of full‑time employees – Women
7,081
6,910
171
2.5%
-
Number of full‑time employees – Other
40
-
-
-
-
Number of full‑time employees – Not disclosed
14
-
-
-
-
Number of part‑time employees
567
539
28
5.2%
-
Number of part‑time employees – Men
230
219
11
5.0%
-
Number of part‑time employees – Women
337
320
17
5.3%
-
Number of part‑time employees – Other
-
-
-
-
-
Number of part‑time employees – Not disclosed
-
-
-
-
-
Total number of employees who have left the Company
1,955
-
-
-
-
Percentage of employee total turnover
8.0%
-
-
-
-
Percentage of employees covered by collective bargaining agreements
33.2%
-
-
-
-
EEA – Percentage of employees covered by collective bargaining
agreements – France
100.0%
-
-
-
-
EEA – Percentage of employees covered by collective bargaining
agreements – Countries with more than 50 employees and representing
less than 10% of total employees(2)
75.5%
-
-
-
-
EEA – Percentage of employees covered by collective bargaining
agreements – Countries with less than 50 employees and representing
less than 10% of total employees(3)
79.3%
-
-
-
-
2
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2024
2023
Variation
2024‑2023
Target
2025
EEA – Percentage of employees covered by employees’ representatives
– France
100.0%
-
-
-
-
EEA – Percentage of employees covered by employees’ representatives –
Countries with more than 50 employees and representing less than 10%
of total employees
100.0%
-
-
-
-
EEA – Percentage of employees covered by employees’ representatives –
Countries with less than 50 employees and representing less than 10% of
total employees
100.0%
-
-
-
-
Number of complaints of discrimination, harassment and inappropriate
behaviors raised through Company’s channels
20
31
(11)
(35.5%)
-
Number of substantiated cases of discrimination, harassment and
inappropriate behaviors
10
-
-
-
-
Number of complaints of discrimination, harassment and inappropriate
behaviors raised through National Contact Points for OECD Guidelines for
Multinational Enterprises
0
-
-
-
-
Total amount of fines, penalties, and compensation for damages as result
of incidents of discrimination, harassment and inappropriate behaviors
0
-
-
-
-
Number of severe Human rights issues and incidents
0
-
-
-
-
Number of severe Human rights issues and incidents that are cases
of non respect of UN Guiding Principles and OECD Guidelines for
Multinational Enterprises
0
-
-
-
-
Total amount of fines, penalties, and compensation for severe Human
rights issues and incidents that are cases of non respect of UN Guiding
Principles and OECD Guidelines for Multinational Enterprises
0
-
-
-
-
COMPANY‑SPECIFIC DATAPOINTS
Percentage of employees subscribing to shareholding program(4)
-
33.8%
-
-
-
Percentage of employees pride and satisfaction(5)
78.4%
80.9%
(2.5) pts
-
78%(5)
Percentage of employee voluntary turnover
5.8%
-
-
-
-
Percentage of employees granted with long‑term incentives(6)
12.0%
12.0%
0.0 pts
0.0%
-
Percentage of headcount growth
1.5%
-
-
-
-
Number of countries of operation
45
43
2
-
-
Percentage of permanent employees
98.0%
97.6%
0.4 pts
-
-
(1)
Europe covering Europe, Middle East and Africa.
(2)
Germany, Spain, Finland, Ireland, Italy, Lithuania, Netherlands, Poland and Sweden.
(3)
Austria, Belgium, Bulgaria, Croatia, Denmark, Norway and Czech Republic.
(4)
Percentage of eligible employees subscribing to the employee shareholding program.
(5)
Percentage measured by an annual satisfaction survey. This target has been revised to 78% at the beginning of 2025.
(6)
Excluding members of the Executive team.
The metrics relating to the own workforce are calculated
based on headcount as of December 31, 2024, with each
employee counted as one unit regardless of working hours.
This represents a methodological change from previous
years’ reporting, which relied on a “full‑time equivalent”
calculation. Consequently, some 2023 data has been revised
to apply this new calculation rule. The reporting scope
encompasses the entire employee workforce, including
employees
with
permanent
employment
contracts,
referred to as “permanent”, and employees with fixed‑term
employment contracts, including apprenticeship contracts,
referred to as “temporary”. As the Company does not employ
workers with non‑guaranteed hours, no related metrics are
disclosed.
As of December 31, 2024, the total number of employees is
25,000, corresponding to 24,823.1 full‑time equivalents. The
average number of employees over the reporting period is
24,909. This figure aligns with the personnel costs presented
in the consolidated financial statements (refer to Note 6:
Personnel Costs).
In addition, 98% of employees hold permanent employment
contracts and are recruited locally, thereby contributing
to the employability and economic development of each
country where the Company operates. 499 employees
have fixed‑term employment contracts, with 75% on
apprenticeship contracts, 82% in France and 17% in India.
2.3% of employees work part‑time, a rate stable compared
to 2023, with 95% in Europe. Although the part‑time
work rate remains higher for women than for men, it has
progressed at relatively similar levels for both genders in
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2024. Higher in Germany, the Netherlands, Ireland, and
Belgium, the part‑time work rate for women employees
in these countries, reflecting voluntary requests accepted
by the Company, is lower than the average national rates
reported in European statistics.
Employees are covered by an independent employees’
representation in 20 countries, including 3 outside the
EEA, and benefit from collective bargaining agreements in
12 countries, including one outside the EEA. Acknowledging
that countries outside of the EEA do not have a legal
framework or tradition of social dialogue similar to most
EEA member countries, Dassault Systèmes has opted not
to disclose metrics related to the percentage of employees
covered by collective bargaining agreements for countries
outside of EEA. Indeed, the Company has various channels to
ensure dialogue with its employees (see paragraph 2.2.3.1.1
“List of material Impacts, Risks and Opportunities and
Strategic Matters relating to Own Workforce”) and thereby
identify their expectations and viewpoints.
The number of complaints of discrimination, harassment
and inappropriate behaviors raised through Company’s
channels refers to breaches reported via the Whistleblowing
procedure,
by
direct
contact
with
a
member
of
Dassault Systèmes Ethics Committee or by any other means,
resulting in the investigation of case of non‑compliance. The
number of substantiated cases of discrimination, harassment
and inappropriate behaviors is defined as the number of
examinations leading to a finding of misconduct. In 2024,
10 complaints were substantiated and resulted in disciplinary
sanctions, proportional to the severity of the incidents. No
severe incidents related to Human rights, nor any violations
of the United Nations Guiding Principles on Business
and Human Rights, the ILO Declaration on Fundamental
Principles and Rights at Work, or the OECD Guidelines
for Multinational Enterprises, have been brought to the
Company’s attention. No fines, penalties, or compensations
for damages related to the aforementioned incidents were
paid in 2024.
The percentage of employees granted with long‑term
incentives excludes members of the Executive team as well
as employees from Amcad Engineering SAS, acquired after
the annual campaign, and from CENTRIC PLM. This metric
covers 95.4% of employees as of December 31, 2024. This
metric remains stable compared to 2023. In the absence of
an employee shareholding program in 2024, the metric is
referenced from 2023.
In an uncertain economic environment, affecting the
decision‑making process of its customers, Dassault Systèmes
implemented precautionary measures in 2024 to balance
operational efficiency, long‑term growth investments, and
job creation, achieving a 1.5% growth in headcount.
The total and employee‑initiated attrition rates are 8.0%
and 5.8%, respectively, below the average and median
rates reported in market studies for the technology and life
sciences sectors at the end of the first half of 2024.
The employee pride and satisfaction rate, derived from
the annual satisfaction survey, encompasses employees
with permanent contracts hired before September 1, 2024,
excluding those from CENTRIC PLM, Satelliz SAS, Satelliz sp
zoo, Eomys Engineering SAS, and Amcad Engineering SAS.
As
no
reliable
methodology
could
be
identified,
Dassault Systèmes did not apply any estimation to preserve
the integrity of the reported metric. This metric covers
95.3% of the workforce as of December 31, 2024. The rate
stands at 78.4%, a 2.5 percentage point decrease from 2023.
This decrease follows the reminder sent to all employees by
the general management on the importance of respecting
the flexible work policy, defined at the end of 2021, under
which employees are authorized to work remotely up to a
limit of two days per week. Dassault Systèmes is convinced
of the power of collective intelligence; to this end, the
frequency and quality of face‑to‑face interactions between
its employees are key to maintaining its ability to explore
new frontiers, both today and in the future.
Given the essential role of employee engagement in
terms of motivation, sense of belonging and loyalty,
Dassault Systèmes has set a target rate of pride and
satisfaction. Reviewed at the beginning of 2025, this was
brought down to 78% to take into account the Company’s
future transformations and the strict application of the
flexible work policy.
The Company has not yet set quantitative targets for the
other topics related to this strategic matter. Nevertheless, it
monitors the efficiency of its policies and actions using the
metrics listed above.
2.2.3.1.4
Management of Strategic Matter 7:
Promoting Professional Opportunities for
all Employees nurturing Inclusion and
Creativity
The policies described in this section relate to the year 2024
and are applicable only to the extent permissible under local
and national regulations. They are reviewed annually and can
be adjusted, when necessary, in line with developments in
the legal framework around the world, for example in the
United States.
The negative impact and risk covered in this paragraph are:
—
OW2 – Negative impact of inequalities leading to pay
and career development gaps:
Multiple
factors,
including
stereotypes,
prejudices
and cognitive biases, influence the reasoning process
and distort decision‑making. Within the Company,
these factors could contribute to potential professional
inequalities, resulting in gaps in career development and
compensation.
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—
OW7 – Market or brand image risk due to a limited
workforce diversity, leading to lack of consideration of
needs and perspectives in innovation process:
Various studies, tend to demonstrate a link between
diversity levels of employee’s profiles and value creation,
innovation,
operational
and
financial
performance
of companies. Limited diversity in teams would be
detrimental to innovation by failing to foster the mutual
enrichment of knowledge and creativity through the
synergy of diverse ideas, cultures, experiences, and
points of view. This could create a market or brand image
risk.
A)
Policies and key Actions relating to Strategic
Matter 7: Promoting Professional Opportunities for
all Employees nurturing Inclusion and Creativity
Code of Business Conduct, Corporate Social Reporting
Principles and Actions
The Code of Business Conduct and the Corporate Social
Responsibility Principles formally state Dassault Systèmes’
commitments in terms of mutual respect, particularly
with
regard
to
discrimination,
including
harassment
(see
paragraph
2.2.3.1.3
“Management
of
Strategic
Matter 6: Fostering Employees’ Engagement to improve
Retention”), and employees can report any breaches in
good faith via the Company’s Whistleblowing procedure (see
paragraph 2.2.4.1.2 “Management of Strategic Matter 12:
Ensure
ethical
and
transparent
Business
Conduct”).
These policies, and the resulting actions, apply to all
Dassault Systèmes’ employees and supplement, but do not
replace, applicable international or local laws and regulations.
Responsibility for inclusion programs is held at the highest
level of the Company (see paragraph 2.2.3.1.1 “List of
material Impacts, Risks and Opportunities and Strategic
Matters relating to Own Workforce”). The annual variable
compensation for executive officers and members of the
Executive team includes a multi‑criteria ESG indicator,
encompassing targets relating to the proportion of women
on the Board of Directors, in the Executive team and among
People managers. These targets are also integrated into the
Long-Term Incentive plan.
The
Company’s
commitment
to
women
employees’
program, 3DS WIN (Women INitiative), relies on a team of
contributors, including members of the Human Resources
and Internal Communication departments, and leads the
3DS WIN community, made up of all employees involved
in encouraging and inspiring the development of women at
Dassault Systèmes.
The Company has a gender pay gap metric, adjusted
to account for the job family, the role and the level of
responsibility. Consolidated in 2024, this metric is monitored
using a dashboard shared with the Human Resources
department and members of the Executive team. Talent
Acquisition partners are trained on compensation and equity,
and have access to a tool for simulating salary offers on
hiring, including peers comparison. The evolution of the pay
gap is integrated into the annual budget management tool
for salary increases, enabling to identify, act or remedy any
unjustified disparities that may arise. Additionally, a guide
is provided to managers to raise awareness of unconscious
biases in professional development decisions and offer
advice on promoting equal opportunities to all employees,
satisfaction and employees’ engagement.
The compensation of the Chief Executive Officer is set
by the Board of Directors on the recommendation of
the
Compensation
and
Nomination
Committee
(see
paragraph 5.1.3.2 “Compensation Policy Applicable to the
Chief Executive Officer”).
The
MyJourney
application
(see
paragraph
2.2.3.1.2
“Management of Strategic Matters 5: Attracting and
preparing the Skills for the Future in a Competitive Talent
Market”) allows to identify employees’ career development
or
mobility
projects,
particularly
those
documented
by
women
aspiring
to
become
managers.
Nearly
5,000 employees make up the talent pool, including over
1,300 women employees, who are offered the opportunity
to take part in external events and specific programs that
promote access to positions of responsibility. Thus, the
9‑month Rise Up! program contributes to the development
of inclusive leadership skills for future managers, to
support
sustainable
performance
and
innovation
at
Dassault Systèmes. In 2024, nearly 75% of participants were
women. Particular attention is also paid to women profiles
as part of the process of identifying key talents and drawing
up succession plans (see paragraph 2.2.3.1.3 “Management
of Strategic Matter 6: Fostering Employees’ Engagement to
improve Retention”).
To achieve its ambition, Dassault Systèmes needs to enrich
its talent pool by acquiring new women talents. In a context
where, according to UNESCO data, women represent 28%
of engineering graduates and only 20% of them work
in the field of artificial intelligence, promoting scientific
study and career paths is essential. All along the year,
Dassault Systèmes engaged with various stakeholders,
including:
—
the Women’s Forum Global Meeting, the Assises de la
Parité and the Femmes Ingénieures association to enable
3DS WIN network members to benefit from a program
of actions designed to promote greater representation of
women in engineering;
—
universities, notably in India, through participation in
a conference on Driving Engineering Excellence with
Simulation with the Indira Gandhi Technical University,
attended by over 300 women students, and the
organization of a hackathon with the Cummins College
of Engineering For Women, during which 200 women
students competed on Sustainability and Automation;
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—
the media through public speaking engagements by the
Company’s women leaders, particularly on sustainable
mobility, Life Sciences & Healthcare.
In the recruitment process, Dassault Systèmes aims to
include at least one‑woman candidate in the shortlisted
interviews, when possible, and at least one‑woman as part
of the interview and selection panel. To increase the number
of women profiles in the candidate pool, local initiatives are
implemented, such as in India, where a dedicated referral
campaign increased the number by 11% in 2024 compared
to 2023.
Dassault Systèmes is committed to promoting an inclusive
culture regardless of age or experience. Over the past
two years, local initiatives have been implemented
around various intergenerational themes tailored to the
context and priorities of each country. Capitalizing on
these initiatives, Dassault Systèmes is currently defining
a global framework, that set objectives and principles to
ensure, first and foremost, that employees are engaged in
fulfilling professional projects and are recognized for their
contributions throughout their professional careers. Key
areas of focus include:
—
intergenerational collaboration as well as skills and
knowledge transfer;
—
skills development and upskilling;
—
participation in meaningful projects for both employees
and the Company.
These efforts will complement Dassault Systèmes’ actions in
recruiting junior talents (see paragraph 2.2.3.1.2 “Managing
Strategic Matter 5: Attracting and Preparing the Skills for the
Future in a Competitive Talent Market”).
Actions to foster an inclusive workplace environment
also cover people with disabilities. Subsidiaries in twelve
countries are subject to specific laws in this regard. In France,
Dassault Systèmes is committed to recruitment, onboarding
and integration, career management and maintaining
employment.
Participation
in
European
Disability
Employment Week and the DuoDay initiative enabled
Dassault Systèmes to organize dialogues, meetings and
awareness‑raising workshops. The Company also contributes
to the training and professionalization of disabled students
and jobseekers with disabilities, enabling them to acquire
knowledge and expertise in the new digital jobs.
Professional equity and equal opportunities are among
the topics discussed with employees’ representatives in
relevant countries (see paragraph 2.2.3.1.3 “Management
of Strategic Matter 6: Fostering Employees’ Engagement
to improve Retention”), and are the subject to collective
bargaining discussions. In France, the agreement signed by
Dassault Systèmes SE on January 5, 2023 is the seventh
collective agreement to promote the employment of
workers with disabilities and a new collective agreement
on professional equity between women and men has been
signed in 2024 for a period of four years. In addition, a joint
working group, including members of the Committee of the
European Company and the Human Resources department,
will meet regularly starting in 2025.
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Policies
Key actions
Key metrics – definition
LEVER 1: PROMOTE PROFESSIONAL OPPORTUNITIES FOR ALL (OW2)
Code of Business Conduct
Corporate Social
Responsibility Principles
—
Assessment of the gender pay gap and attention to salary
positioning of women during recruitment and annual salary
review
—
Identification of career development projects for women
aspiring to become managers
—
Identification of women talent in succession plans and almost
75% of participants in the Rise Up! development program being
women
Gender pay gap
Annual total
remuneration ratio
of the highest
paid individual to
median annual total
compensation for all
employees
% women among
People managers
LEVER 2: DEVELOP AN INCLUSIVE CULTURE (OW7)
Code of Business Conduct
Corporate Social
Responsibility Principles
—
Engagement with networks and universities, as along with
public speaking, to promote scientific fields of study and careers
for women and young girls
—
Identification of women candidates and employees involved in
the selection process, as part of the recruitment efforts
—
Initiatives to promote employment of people with disabilities in
twelve countries
Number and % of
employees at top
management level by
gender
% of women in the
Company
% women in new
joiners
% of employees by age
group
Priorities for the next three years, identified in particular
through the annual satisfaction survey results and ad hoc
inclusion surveys conducted in 2023 and 2024, will focus on:
—
deployment of two mandatory trainings on discrimination
and harassment for all employees, presented to employees’
representatives in relevant countries in Europe;
—
deployment of a diversity awareness initiative in Europe;
—
roll‑out of a bias audit of human resources policies and
processes to identify improvements required for greater
inclusivity;
—
finalization of the Company’s Generations program, in
compliance with national and local law requirements;
—
implementation of a monitoring system covering
employment of people with disabilities, enabling
the disclosure of metrics in accordance with ESRS
S1‑12 requirements, subject to legal restrictions and data
availability.
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B)
Metrics and Targets relating to Strategic Matter 7: Promoting Professional Opportunities for all Employees
nurturing Inclusion and Creativity
The performance metrics measuring the efficiency of policies and actions related to professional opportunities for all and
inclusion are detailed in the table below.
2024
2023
Variation
2024‑2023
Target
2027
ESRS DATAPOINTS
Gender pay gap women & men – Percentage of average pay level of men
10.8%
-
-
-
-
Ratio of the annual total compensation of the highest paid individual to
the median annual total compensation for all employees
189.6
-
-
-
-
Number of members at top management level – Men(1)
8
8
0
0%
-
Number of members at top management level – Women(1)
5
5
0
0%
-
Percentage of members at top management level – Men(1)
61.5%
61.5%
0 pts
-
-
Percentage of members at top management level – Women(1)
38.5%
38.5%
0 pts
-
40% (2)
Percentage of employees under 30 years old
20.9%
21.1%
(0.2) pts
-
-
Percentage of employees 30 – 50 years old
58.1%
54.9%
3.2 pts
-
-
Percentage of employees over 50 years old
21.0%
23.9%
(2.9) pts
-
-
COMPANY‑SPECIFIC DATAPOINTS
Adjusted gender pay gap between women and men – Comparative ratio
in percentage points
1.7
-
-
-
-
Percentage women among People managers
26.3%
24.7%
1.6 pts
-
30% (2)
Percentage of women in the Company
29.7%
29.4%
0.3 pts
-
-
Percentage of women in new joiners
34.2%
-
-
-
-
(1)
Gender representation in the Executive Committee (see paragraph 5.1.2. “Executives of Dassault Systèmes”).
(2)
Target only applicable to the extent permissible under applicable regulations.
Dassault Systèmes’ commitment to achieving a balanced
representation of women and men is reflected in the
composition of its management bodies:
—
the proportion of women on the Board of Directors,
excluding directors representing employees, is 50%
as per December 31, 2024 (see paragraph 2.2.1.3.1
“GOV_1 – The Role of Administrative, Management and
Supervisory Bodies”);
—
the proportion of women in the Executive Committee
is 38.5% (see 2.2.1.3.1 “GOV_1 – The Role of
Administrative, Management and Supervisory Bodies”).
This metric represents the gender distribution at top
management level, covering two levels below the
administrative and supervisory bodies in compliance with
ESRS S1 reporting requirements.
In the absence of available compensation data for
employees from CENTRIC PLM, Satelliz SAS, Satelliz sp
zoo, Eomys Engineering SAS and Amcad Engineering SAS,
Dassault Systèmes applied an estimation method based on
peers comparison, considering the country of employment,
to calculate the gender pay gap as a percentage of average
compensation of men employees and to calculate the annual
total remuneration ratio of the highest paid individual to the
median annual compensation of all employees.
The adjusted gender pay gap is calculated using a
comparative ratio methodology, which compares each
employee’s compensation to the median compensation of
similar roles within the Company. This metric represents
the difference between the average comparative ratio for
women and men, expressed in percentage points. This metric
excludes employees from CENTRIC PLM, Satelliz SAS, Satelliz
sp zoo, Eomys Engineering SAS, and Amcad Engineering SAS
and covers 95.3% of employees as of December 31, 2024.
While the gender pay gap stands at 10.8% in favor of men,
the adjusted gender pay gap, which allows for comparison
across similar roles within the Company, shows a positive gap
of 1.7 percentage points in favor of women. This difference
is due to the lower representation of women in certain
functions within the Company, particularly in Research and
Development and Sales, Marketing, and Services.
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The annual total remuneration ratio of the highest paid
individual to the median annual compensation of all
employees relates to:
—
fixed salary, variable part targets, performance shares
allocation, employee profit‑sharing in France, for the
purpose of calculating median total annual compensation
for employees;
—
compensation and benefits, including the fixed and
variable part paid in respect of 2024, directors’ fees,
performance shares allocation, as well as employee
profit‑sharing and benefits in kind, for the purpose
of calculating the compensation of the highest‑paid
individual.
In 2024, the number of women at Dassault Systèmes
increases by 2.6% compared to 2023, in a context of 1.5%
headcount growth. The share of women among People
managers is up 1.6 percentage points on 2023. The number
of women among People managers increased by 12% overall,
with specific growth of 13.4% in Research and Development
and of 9.5% in Sales, Marketing and Services. The proportion
of employees over 50 years old decreases by 10.9%, with
45% of employees’ departures from the Company attributed
to employees’ retirement decision within this age group.
As
the
creation
of
inclusive
teams
is
part
of
Dassault Systèmes’ objectives to achieve harmony around
meaningful projects, to encourage creativity and to create
a fulfilling collective environment, the Company’s has set
targets to reach 40% women in the Executive Committee
and to increase the share of women among People managers
to 30% by 2027. These targets are applicable only to the
extent permissible under applicable regulations.
2.2.3.2
S2 – Workers in the Value Chain
2.2.3.2.1
List of material Impacts, Risks,
Opportunities and Strategic Matters
related to Workers in the Value Chain
Within its downstream value chain, Dassault Systèmes
relies on several networks of reseller partners to market
its solutions to small and medium‑sized businesses. The
Company also runs a network of information systems
integrators to support major customers in deploying
its solutions. As part of its materiality assessment and
stakeholder dialogue described respectively in paragraphs
2.2.1.5.1 “IRO_1 – Description of the Process to identify
and assess material Impacts, Risks and Opportunities”
and 2.2.1.4.3 “SBM_3 – Material Impacts, Risks and
Opportunities
and
their
interaction
with
Strategy
and
Business
Model”,
this
value
chain,
with
over
14,000 employees at its reseller and integrator partners,
has been identified as material. These partners are indeed
both business relationships and critical stakeholders, who
participate in the Company’s success by ensuring the
distribution and deployment of its solutions worldwide.
These partners employ technical sales engineers who
must continue to train in the latest market solutions to
maintain their employability. The Company believes that
the recognized quality of the certifications and training it
offers them, and the experience they have acquired with
its solutions, give them an important advantage in terms of
their employability, in the context of a dynamic job market.
Dassault Systèmes has not retained any material IRO related
to workers in its upstream value chain, which is extremely
diversified in terms of number and type of goods or services,
particularly in the field of IT equipment. Nevertheless, the
Company relies on a very strict contractual framework and
Sustainable Charter with Suppliers to minimize any social
impacts on workers in its upstream value chain.
Dassault Systèmes has not identified any specific group or
region where these categories of workers could be more
significantly impacted than elsewhere, apart from the
population of technical sales engineers providing support for
its customers.
In this topic S2, only the impacts and risks relating to
employees in the business partner and integrator networks
are covered under strategic matter 8. Those related to
education networks, as well as to innovation and scientific
ecosystems are dealt with in topic S4 – strategic matter 8.
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Material IROs
IRO Type
Sub‑topic
Sub‑sub‑topic
Levers
STRATEGIC MATTER 8: DEVELOPING SKILLS OF BUSINESS PARTNERS AND EDUCATION NETWORKS, AND SUPPORTING
INNOVATION AND SCIENTIFIC ECOSYSTEMS
V1 – Potential financial risk
linked to unskilled workforce
of resellers and integrators, as
well as to their talent retention
issues
Risk
Equal treatment and
opportunities for all
Training and skills
development
The Company deploys two levers to
strengthen the efficiency of its commercial
network and support the development of
employees in the value chain:
Lever 1: Involve reseller partners in the
Company’s commercial strategy for better
market penetration and dissemination of
its solutions
Lever 2: Provide training and certification
for technical sales engineers of reseller and
integrator partners
V2 – Positive impact of
Dassault Systèmes’ solutions
certification & training
programs on the employability
of resellers and integrators’
employees
Positive
impact
Equal treatment and
opportunities for all /
Working conditions
Training and skills
development: Secure
employment
2.2.3.2.2
Management of Strategic Matter 8:
Developing Skills of Business Partners
and Education Networks, and supporting
Innovation and Scientific Ecosystems
The material IROs linked to strategic matter 8 are:
—
V1 – Potential financial risk linked to unskilled
workforce of resellers and integrators, as well as to
their talent retention issues:
In addition to its own sales forces, Dassault Systèmes
relies on worldwide networks of value‑added distributors
and resellers, as well as integrators of its software
solutions. Dassault Systèmes’ business depends on
the performance of these indirect sales forces which
accounts for a third of its revenue in 2024. If resellers and
integrators of the Company’s software solutions were to
lose their ability to recruit, retain and train their technical
sales engineers, particularly through their level of
training in the Company’s solutions, Dassault Systèmes’
revenue and operating profit could be adversely affected.
—
V2 – Positive impact of Dassault Systèmes’ solutions
certification & training programs on the employability
of resellers and integrators’ employees:
In a context of rapidly evolving technologies, it is
essential to actively adapt one’s skills or acquire new
ones throughout one’s working life in order to maintain
employability. Dassault Systèmes believes that the
recognized quality of the certifications it offers and the
experience acquired on the solutions of one of the market
leaders give employees in its value chain a materially
positive advantage in terms of their employability.
These two IROs address, within strategic matter 8, the
development of business partner network skills.
A)
Policies relating to Strategic Matter 8: Developing
Skills of Business Partners and Education
Networks, and supporting Innovation and
Scientific Ecosystems
Reseller and integrator network management is based on
two policies:
—
the
“Supporting
indirect
sales
networks
for
Dassault Systèmes’ solutions” policy;
—
the “Training and certification of sales ecosystems for
Dassault Systèmes’ solutions” policy.
“Supporting indirect sales networks for Dassault Systèmes’
solutions” Policy
Dassault Systèmes maintains strong relationships with
its sales partners. To promote and market its offerings
effectively, the Company must ensure that resellers
have the information, tools and support they need to
understand its strategy and solutions portfolio. This target
is addressed by the “Supporting indirect sales networks
for Dassault Systèmes’ solutions” policy, which is based on
several axes:
—
integration of new partners, to help them develop their
skills and commitment;
—
business plan targets setting, to align sales performance
with the Company’s strategy;
—
partner
support,
through
dedicated
learning
and
coaching tools;
—
implementation of a certification and training program,
including knowledge management tools for the solutions
portfolio.
This policy covers all the Company’s distribution networks
and integrators, with the exception of CENTRIC PLM brand
partners. It is proposed by the network managers under
the responsibility of the Executive Vice-President, 3DS
Global Brands. The portal dedicated to partners enables
Dassault Systèmes communicate, exchange and collaborate
more effectively with all its partners.
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“Training and certification of sales ecosystems for
Dassault Systèmes’ solutions” Policy
The expertise and know‑how of partners and their technical
sales engineers are at the heart of the Dassault Systèmes
distribution model. This approach aims to better serve
customers by relying on three essential pillars: a close
relationship, in‑depth knowledge of products and solutions,
and a method of engaging with customers that focuses on
demonstrating the value of the Company’s solutions. The
training and certification program for sales ecosystems
is based on a complete training program, subject to
examination, which, for certain partners, determines their
accreditation, i.e. their right to market. These training courses
cover both professional soft skills and technical expertise
related to the solutions portfolio. All partner employees
involved in sales and technical activities are required to take
these training courses, and to validate their qualifications
through examinations. These certifications are individual and,
for high value‑added solutions, may also be a prerequisite for
reseller accreditation. Rigorous annual monitoring enables to
identify which partner employees have already been trained
and which remain to be certified, thus guaranteeing the
success and performance of partners and their employees.
These courses are available to all partner employees on the
Partner Universities portal provided by Dassault Systèmes.
This policy covers the Company’s main indirect distribution
networks, as well as relations with integrators. It does not
cover CENTRIC PLM brand partner relations. It is proposed
by the network managers under the responsibility of the
Executive Vice-President, 3DS Global Brands.
B)
Key Actions relating to Strategic Matter 8: Developing skills of Business Partners and Education Networks, and
supporting Innovation and Scientific Ecosystems
These policies are being implemented in 2024 through the levers and action plans described below:
Policies
Key actions
LEVER 1: INVOLVE RESELLER PARTNERS IN THE COMPANY’S COMMERCIAL STRATEGY FOR BETTER MARKET PENETRATION
AND DISSEMINATION OF ITS SOLUTIONS (V1/V2)
“Supporting indirect
sales networks for
Dassault Systèmes’
solutions” policy
—
Organization of integration sessions for new partners in 2024, designed to facilitate their
understanding of solutions, sales processes and sales methodologies
—
Multi‑year conference calls between Dassault Systèmes management and all partner
employees
“Training and certification
of sales ecosystems
for Dassault Systèmes’
solutions” policy
—
Organization of the annual 3DEXPERIENCE World Forum, bringing together
representatives of the main partners, employees and users of SOLIDWORKS solutions. It
brought together 3,700 people in 2024
—
Organization of three regional forums attended by some 1,000 employees from
500 partner companies. These events presented the Company’s strategic priorities and
the challenges of sustainability as a lever for growth
—
Organization of a Technical Partner Forum dedicated to pre‑sales, services and
implementation teams, to inform and train them in the Company’s solutions
LEVER 2: PROVIDE TRAINING AND CERTIFICATION FOR TECHNICAL SALES ENGINEERS OF RESELLER AND INTEGRATOR
PARTNERS (V1/V2)
“Supporting indirect
sales networks for
Dassault Systèmes’
solutions” policy
—
Introduction of a certification requirement for Dassault Systèmes’ sovereign cloud
solution for its partners’ technical sales employees
—
Coaching sessions for sales employees and technical engineers on sales methodology
“Training and certification
of sales ecosystems
for Dassault Systèmes’
solutions” policy
—
Implementation of a training tool by role and function, in particular to prepare for the
evolution of the 2025 certification and accreditation process
—
Offering over 150 webinars in 2024 to enhance their knowledge of systems engineering,
modeling and simulation solutions, and manufacturing chains organization
Resource Information
The Company mobilizes employees for the development
of training content, communication, and the organization
of training and certification sessions. It also mobilizes
significant resources for the support of its partner network.
The resources and action plans presented in this section are
financed within the framework of annual budgets and the
medium‑term strategic plan.
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C)
Processes for engaging with Value Chain Workers about Impacts
The Company engages in specific dialogue with resellers and
integrators to assess their needs and the positive impact of
these training and certification programs on their business.
This dialogue is based in particular on the events organized
with partners and their employees as described in Lever 1 of
the table of key actions above.
These exchanges are led by network managers under the
responsibility of the Executive Vice-President, 3DS Global
Brands, and are assessed by tracking the participation rates
of resellers’ and integrators’ employees in the events and
training courses on offer.
D)
Metrics and Targets relating to Strategic Matter 8: Developing skills of Business Partners and Education
Networks, and supporting Innovation and Scientific Ecosystems
The metric chosen by Dassault Systèmes to measure the
positive impact and manage the financial risks linked to the
skill levels of its resellers’ and integrators’ employees is the
percentage of technical sales engineers trained or certified
on the Company’s solutions. This metric is shared and
monitored with the partners of the Company.
2024
2023
Variation
2024‑2023
COMPANY‑SPECIFIC DATAPOINTS
Share of business partner’s employees certified or with passed examination
79.7%
-
-
-
Number of system integrators’ employees certified
4,400
4,988
(588)
(11.8%)
By 2024, 79.7% of the population of technical sales
engineers involved in the sales process have been certified or
have at least passed a required training course. The Company
is working to accelerate certification programs, particularly
for new resellers. Training courses successfully completed
are tracked on the Partner Universities portal provided by
Dassault Systèmes.
Methodology
These data require the collection of information from the
Company’s commercial and academic partners. As such, and
in view of the limited controls still in place, these metrics
have a limited degree of reliability.
2.2.3.2.3
Human rights in relation to Workers in
the Value Chain
As part of its double materiality assessment, Dassault Systèmes
carried out an assessment of its upstream and downstream
value chain. The risks identified concerning child labor or
forced labor are not assessed as material.
Policies
Dassault Systèmes’ commitment to ethical and sustainable
growth is based on respect for Human rights and
fundamental freedoms within its own operations and value
chain.
Dassault Systèmes favors a work environment based on
values aligned with universally recognized principles and
fundamental rights. To this end, the Company expects its
partners and suppliers to comply with applicable laws,
rules and regulations, and to behave in accordance with
the highest ethical standards, in particular those set out in
the Code of Business Conduct ((https://www.3ds.com/
about/corporate
responsibility/ethics
compliance),
the
Corporate Social Responsibility Principles and the Company’s
Sustainable Charter with Suppliers.
These policies clarify the Company’s expectations of
suppliers and resellers in terms of social responsibility, and
more specifically the prohibition of child labor, the prohibition
of forced labor, the guarantee of a safe and healthy working
environment and conditions that protect the health and
safety of people in accordance with applicable regulations.
Dassault Systèmes’ commitment to Human rights and
fundamental freedoms is based on the recognition and
respect of applicable local laws and regulations as well
as international standards relating to social rights and
environmental protection, such as the International Bill of
Human Rights, the International Labor Organization (ILO)
Declaration on Fundamental Principles and Rights at Work,
the OECD Guidelines for Multinational Enterprises and the
Convention on the Rights of the Child adopted by the United
Nations General Assembly.
These policies and procedures are described in detail in
paragraph 2.2.4.1.2 “Management of Strategic Matter 12:
Ensuring Ethical and Transparent Business Conduct” and
are shared with resellers via the Dassault Systèmes’ portal
dedicated to partners and, for integrators, via the Sustainable
Charter with Suppliers.
Vigilance Approach
As part of its responsible vigilance approach, the Company
implements a due diligence system for third parties in
its ecosystem. This includes research into unfavorable or
negative media coverage (“adverse media”) in the field
of Human rights and fundamental freedoms, as well as
monitoring to detect risk situations using specialized audit
databases.
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The Company may also terminate a contract with a partner
in the event of a breach of its Sustainable Charter with
Suppliers or its Corporate Social Responsibility Principles.
In addition, employees in the Company’s value chain have
access to the Dassault Systèmes Whistleblowing procedure
described in detail in paragraph 2.2.4.1.2 “Management
of Strategic Matter 12: Ensuring Ethical and Transparent
Business Conduct”, which is available on the Company’s
website
(https://www.3ds.com/about/corporate-
responsibility/ethics-compliance).
In 2024, the Company was not aware of any cases of
non‑compliance in its value chain with the United Nations
Guiding Principles on Business and Human Rights, the ILO
Declaration on Fundamental Principles and Rights at Work or
the OECD Guidelines for Multinational Enterprises, nor of any
serious incidents relating to Human rights.
2.2.3.3
S3 – Affected Communities
2.2.3.3.1
List of material Impacts, Risks and
Opportunities and Strategic Matters
relating to Affected Communities
The communities affected by each of the material impacts
are:
—
AC1 – Potential negative impact on privacy due to
data leaks, notably health and financial personal data:
the Company’s own workforce, candidates, employees
of companies with which the Company has business
relations including employees of business partners, and
users including patients part of clinical trials managed
on the MEDIDATA platform. The potential negative
impact could arise from one‑off incidents specific
to Dassault Systèmes’ activities. Nevertheless, the
Company has put in place strict policies to limit the risk
of occurrence;
—
AC4 – Positive impact on patients through acceleration
of introduction of new drugs, vaccines, treatments
and improvement of medical devices and medical
practices: civil society as a whole, and certain patients
in particular who may be positively impacted by all the
medical treatment and research projects facilitated
by Dassault Systèmes solutions. This positive impact
is described in detail in paragraph 2.2.1.4.3 “SBM_3
– Material Impacts, Risks and Opportunities and their
interaction with Strategy and Business Model” in
strategic matter 10. The affected communities are
located within the Company’s operations or value chain.
Finally, they do not include any indigenous peoples.
Among the affected communities, Dassault Systèmes
recognizes that patients represent a category to be
considered as more vulnerable due to the particularly
sensitive nature of health data, over and above other
personal data. In addition, the Company takes into
consideration minors within the meaning of personal data
protection laws. Although it is not Dassault Systèmes’
primary purpose to process such personal data, this risk is
identified in the Company’s data protection policies in order
to safeguard the rights of these individuals, notably in the
context of commercial offers aimed at the academic world or
the 3D SOLIDWORKS Apps for Kids.
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Material IROs
IRO Type
Sub‑topic
Sub‑sub‑topic
Levers
STRATEGIC MATTER 9: GUARANTEEING PERSONAL DATA PROTECTION AND SECURING DASSAULT SYSTÈMES’ CUSTOMER’S
DATA
AC1 – Potential negative
impact on privacy due to data
leaks, notably health and
financial personal data
Negative
impact
Communities’ economic,
social and cultural rights
Security‑related impacts
Cybersecurity (Entity‑specific)
Lever 1: Cybersecurity certifications
Lever 2: Due diligence
Lever 3: Awareness‑raising and training
AC2 – Potential reputation
and market risks linked to
personal data leaks (citizens &
patients)
Risk
Communities’ economic,
social and cultural rights
Security‑related impacts
Cybersecurity (Entity‑specific)
STRATEGIC MATTER 10: IMPROVE PATIENT HEALTH PROVIDING INNOVATIVE AND SECURED SOLUTIONS FOR A FASTER AND
MORE EFFICIENT ACCESS TO TREATMENT AND CARE
AC4 – Positive impact on
patients through acceleration
of introduction of new drugs,
vaccines, treatments and
improvement of medical
devices and medical practices
Positive
impact
Communities’ economic,
social and cultural rights
Security‑related impacts
Lever 1: Improving the patient and
physician experience
Lever 2: Better access to healthcare for
everyone, everywhere in the world
Lever 3: Accelerating medical research
through technology
AC3 – Financial opportunity
linked to Dassault Systèmes’
solutions enabling accelerated
introduction of drugs, vaccines
and medical treatments and
improvement of medical
devices and medical practices,
meeting Life Sciences &
Healthcare industry challenges
Opportunity
Communities’ economic,
social and cultural rights
Security‑related impacts
2.2.3.3.2
Management of Strategic Matter 9:
Guaranteeing Personal Data Protection
and securing Dassault Systèmes’
Customer’s Data
As
a
scientific
and
technological
Company,
Dassault Systèmes places the key issues of cybersecurity
and data protection, including personal data, at the heart
of its concerns, placing great importance on the trust of
its employees, customers and partners, and taking into
consideration the potential negative risks of personal data
leakage, particularly of a financial and health nature, which
can have an impact on reputation and market. To this end,
Dassault Systèmes integrates the protection of personal
data into its risk and compliance management, securing data
via security controls with particular attention to “Security
in Depth” in accordance with national regulations and
standards.
The material IROs related to this strategic matter are:
—
AC1 – Potential negative impact on privacy due to data
leaks, notably health and financial personal data:
Personal data leaks are likely to entail high risks for the
rights, freedoms, reputation, health or financial situation of
the people concerned. The Company considers the protection
of personal data collected, used, disclosed and transferred via
its software solutions as a major issue; as such, the impact it
could have on employees, users including patients and other
business relations is considered material.
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—
AC2 – Potential reputation and market risks linked to
personal data leaks (citizens & patients):
The negative impact of any leaks of personal data,
particularly of a financial or health nature, creates a significant
reputational and market risk. Indeed, the disclosure of citizen
or patient data, hosted by Dassault Systèmes or some of its
service providers as part of its cloud offerings, may engage
its liability. It increases the risk of investigations and legal
proceedings, which can be long and costly, disrupt the
Company’s operations, damage its reputation and employer
brand, and have a negative impact on its sales and results.
These two IROs address, within strategic matter 9, the
guarantee of personal data protection in general and those of
the Company’s customers in particular.
A)
Policies relating to Strategic Matter 9:
Guaranteeing Personal Data Protection and
securing Dassault Systèmes’ Customer’s Data
Management of strategic matter 9 is based on the “Personal
data protection” policy, which is structured into three
sections: Compliance, Certification and Training.
Compliance
Dassault Systèmes’ “Personal data protection” policy
aims to ensure its compliance with applicable laws and to
continuously improve its offers, sites and communications
to enable its customers and partners to comply with
regulations, in particular the General Data Protection
Regulation (GDPR). The policy applicable to employees is
available to them on the Company’s intranet site. As regards
the other affected communities, the policies are available
at
the
following
addresses:
https://discover.3ds.com/
privacy-policy and in the context of recruitment: https://
www.3ds.com/careers/privacy-policy-for-applicants.
For
suppliers, Dassault Systèmes also ensures that they comply
with applicable regulations within the framework of the
Sustainable Charter with Suppliers.
Thanks in particular to the implementation of a recurring
review process as part of the Company’s legal watch (see also
paragraph 2.2.3.3.4 “Human rights in relation to Affected
Communities”), these policies are regularly updated to take
into account new laws or the development of new activities.
In addition, Dassault Systèmes has appointed a Group
Data Protection Officer and set up a cross‑functional team
responsible for ensuring compliance with data protection
laws, both internally and with regard to its partners and
customers.
Certification
As
part
of
its
security
and
privacy
approach,
Dassault Systèmes has set up certification programs related
to cybersecurity and additional controls specific to personal
data, as detailed in paragraph 2.2.3.4.2.B “Key Actions
relating to Strategic Matter 9: Guaranteeing Personal Data
Protection and securing Dassault Systèmes’ Customer’s
Data”.
The policy covers all the Company’s legal entities, with the
exception of CENTRIC PLM subsidiaries. It is proposed by the
Group Data Protection Officer, under the responsibility of the
Vice-President, Group General Counsel, and approved by the
Executive Vice-President, Chief Financial Officer.
Awareness and Training
As the protection of personal data is everyone’s business,
Dassault Systèmes has set up a mandatory annual program
to train all employees in their obligations in this area.
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B)
Key actions relating to Strategic Matter 9: Guaranteeing Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data
All actions taken to prevent, mitigate or remedy negative impacts in 2024 are described in the table of levers and actions below.
Policies
Key actions
LEVER 1: CYBERSECURITY CERTIFICATIONS (AC1/AC2)
“Personal data protection”
policy
—
Certification
—
Certifications relating to the protection of personal data are listed in the table of certifications
in paragraph 2.2.3.4.2.A “Policies relating to Strategic Matter 9: Guaranteeing Personal Data
Protection and securing Dassault Systèmes’ Customer’s Data” in topic S4, IRO EU1
They were renewed in 2024
LEVER 2: DUE DILIGENCE (AC1/AC2)
“Personal data protection”
policy
—
Compliance
—
Policy update: the components of the “Personal data protection” policy and internal
procedures were updated in 2024 with regard to regulatory developments, in particular with
the consideration of data protection laws applicable, in particular, in certain states of the
United States, South Korea and China
—
Incident handling: as part of its recurring review process to ensure that it maintains and
improves its compliance, the Company’s personal data processing record of processing
activities and all its procedures (including in the event of a security breach impacting data
subjects, or a request from public authorities) have been reviewed
LEVER 3: AWARENESS‑RAISING AND TRAINING (AC1/AC2)
“Personal data protection”
policy
—
Awareness and
Training
In 2024, as in previous years, Dassault Systèmes continued to strengthen control and
awareness measures by:
—
The maintenance of a mandatory online training course related to personal data protection
—
Specific training initiatives tailored to different roles (see paragraph 2.2.3.4.2.B “Key Actions
relating to Strategic Matter 9: Guaranteeing Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data”)
Dassault Systèmes adopts a rigorous and proactive approach
to the protection of personal data, ensuring regulatory
compliance and anticipating the risks associated with their
processing:
—
annual risk assessment and management: in particular
through its certifications, the Company carries out
a review of the risks associated with its activities,
including an analysis of the various categories of personal
data, including health data (see paragraph 2.2.3.4.2.B
“Key
Actions
relating
to
Strategic
Matter
9:
Guaranteeing Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data”);
—
prevention and security: to minimize risks, Dassault Systèmes
is constantly strengthening its personal data protection
policies, particularly with its suppliers, improving security
measures and raising awareness among its employees;
—
responsiveness and support: in the event of an
incident, immediate corrective action is taken, including
investigations, corrective measures and information to
the impacted parties, as applicable. Dassault Systèmes
guarantees affected individuals accessible means of
redress for any complaint or request for assistance,
in particular via the internet form for contacting the
Company’s Data Protection Officer, referenced in
paragraph 2.2.3.3.2.C “Processes for engaging with
Affected Communities about Impacts” below;
—
continuous
improvement
and
transparency:
Dassault Systèmes has structured its assessment of
personal data protection risks around certifications,
impact assessments and stakeholders’ involvement.
Risks are prioritized according to their severity, and
then dealt with via the 3DEXPERIENCE platform.
Adopting a transparent, collaborative approach, the
Company identifies potential impacts on communities
and measures the effectiveness of its actions through
performance metrics, and audits as part of a continuous
improvement approach. It communicates its initiatives via
public forums (Swym communities) and the Trust Center,
and collaborates with experts and research institutes to
ensure sustainable solutions, particularly in sensitive
areas such as health (MEDITWIN project). The results of
Dassault Systèmes’ monitoring enable the Company to
adapt its risk mitigation strategies on an ongoing basis;
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—
anticipation and responsibility: each new processing
operation involving personal data is subject to a prior
assessment to limit negative impacts;
—
all
personal
data
collected,
used,
disclosed
and
transferred are managed in accordance with the
laws, regulations and practices of the countries in
which Dassault Systèmes operates, as well as its
“Personal data protection” policy. In particular, in the
context of transferring personal data to third parties,
Dassault Systèmes ensures that they comply with
applicable regulations within the framework of the
Sustainable Charter with Suppliers.
By ensuring the compliance of its practices, the training of
its employees and rigorous monitoring, Dassault Systèmes
guarantees responsible management of personal data,
minimizing risks and strengthening the trust of its customers
and partners.
Finally, the key actions and policies described above are
financed within the framework of the annual budgets and
medium‑term plans of the functions in charge.
C)
Processes for engaging with Affected Communities
on Impacts (Strategic Matter 9)
Dassault Systèmes is responsible for protecting the personal
data entrusted to it, either directly or via its partners, in
particular its customers. To this end, the data subjects may
contact the Company through various channels. They may:
—
exercise their rights via an online form (https://www.3ds.
com/privacy-policy/contact);
—
access
user
communities
(https://www.3ds.com/
support/user-communities);
—
contact Dassault Systèmes’ support services.
The protection of personal data is at the heart of
Dassault Systèmes’ activities, which apply strict principles
such as legality, transparency, security and fairness in
the use of personal data. It adopts the Privacy by Design
and Privacy by Default approaches, ensures that explicit
consent is obtained when required, and implements
dedicated cross‑functional governance. In compliance with
applicable regulations, Dassault Systèmes carries out impact
assessments, particularly on sensitive data such as health
data, in order to limit the risks to data subject’s right to
privacy.
The effectiveness of the Group’s commitment to affected
communities is ensured by audits carried out both internally
and through its certifications (see paragraph 2.2.3.4.2.B “Key
Actions relating to Strategic Matter 9: Guaranteeing Personal
Data Protection and securing Dassault Systèmes’ Customer’s
Data”) and the regular review of its processes.
D)
Processes to remediate negative Impacts and
Channels for Affected Communities to raise
concerns
To ensure that personal data is protected, Dassault Systèmes
has set up internal processes, particularly in the event of a
security breach, which are assessed against applicable laws
and reviewed as part of its certifications. In addition, incident
logs are kept in compliance with data protection laws
including the GDPR. Resources allocated to the management
of material impacts are integrated into Dassault Systèmes
governance in terms of personal data protection.
The risks associated with the protection of personal data
are mainly related to cybersecurity issues. In order to inform
those who may be impacted, Dassault Systèmes provides
them with a number of documents, available via its Trust
Center
(https://www.3ds.com/trust/3dexperience-trust-
center) and user communities.
Users can also contact Dassault Systèmes via public
forums (Swym communities) and contact forms (see
paragraph 2.2.4.1.2.A.1.b “Whistleblowing Procedure” in the
strategic matter 12).
E)
Metrics and Targets relating to Strategic Matter 9:
Guaranteeing Personal Data Protection and
securing Dassault Systèmes’ Customer’s Data
Dassault Systèmes monitors and evaluates the ability of all
these actions and initiatives to produce the expected results
through the metrics detailed below, covering both the need
to process requests, and to train employees on the sensitive
nature of the personal data of affected communities that
they may be required to process.
2024
2023
Variation
2024‑2023
COMPANY‑SPECIFIC DATAPOINTS
Number of requests relating to personal data processed and resolved within the legal
timeframe
625
495
130
26.3%
Share of employees trained on personal data protection
95.4%
98.5%
(3.1) pts
-
The metrics relating to the protection of personal data are reasonably reliable. They cover the entire Dassault Systèmes scope,
with the exception of certain newly‑acquired companies or those in the process of being integrated and CENTRIC PLM for the
metrics related to training on personal data protection.
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Metrics and Targets
In 2024, the Group Data Protection Officer’s teams processed
625 requests relating to individual rights within the legal
deadlines, compared with 495 requests the previous year,
an increase of 26.3%. This increase is linked to the increased
awareness of individuals, who are better informed of their
rights, and to the implementation by Dassault Systèmes of
simplified procedures to facilitate the requests submitted.
The Company has set itself the target of having at least 95%
of its employees attend and pass the annual training course
on the protection of personal data. The mandatory nature of
the training does not imply any consultation of stakeholders,
particularly employees, in setting the target. This training
is part of the Company’s combined ethics and compliance
training target, which comprises three training courses
including this one.
Annual performance against this target is reported in
the Company’s sustainability statement, and is regularly
monitored internally by employees and managers.
2.2.3.3.3
Management of Strategic Matter 10:
Improve Patient Health providing
innovative and secured Solutions for
a faster and more efficient access to
Treatment and Care
For over fifteen years, Dassault Systèmes has been
developing a strategy in Life Sciences & Healthcare to serve
all actors and participants in the sector, including patients.
In 2020, Dassault Systèmes has announced its ambition to
create a virtual twin experience of the human body. This
representation, which combines the virtual and the real,
integrates modeling, simulation and data analysis. It brings
together biosciences, material sciences and information
sciences to exploit data from an object in a virtual model
that can be configured and simulated. Industry, researchers,
doctors and patients can, for example, visualize, test,
understand and predict what they can’t see – from the effect
of a drug on disease to the results of surgery – even before
the patient begins treatment.
The material IROs related to this strategic matter are:
—
AC4 – Positive impact on patients through acceleration
of introduction of new drugs, vaccines, treatments and
improvement of medical devices and medical practices:
The Company’s Life Sciences & Healthcare software
solutions and strategy aim to improve the experience
of patients and practitioners, enable better access to
healthcare for everyone, everywhere in the world,
and accelerate medical research through technology.
In this respect, the Company estimates that it has a
potential positive impact on patients, with around
70% of molecules approved by the Food and Drug
Administration (FDA) in 2024 clinically tested on the
MEDIDATA platform.
The positive impact is reinforced when it comes to
treating or preventing potentially serious pathologies
such as COVID-19, 60% of whose vaccines have been
the subject of clinical trials managed on the MEDIDATA
platform. The aim is to boost immunity and treat
pathologies more rapidly, while improving diagnosis and
medical practice for greater safety and efficiency.
—
AC3 – Financial opportunity linked to Dassault Systèmes’
solutions enabling accelerated introduction of drugs,
vaccines and medical treatments and improvement of
medical devices and medical practices, meeting Life
Sciences & Healthcare industry challenges:
The positive health impacts linked to the acceleration of
new drugs, vaccines and treatments on the market, and
to the improvement in medical devices and practices
for patients previously explained (see IRO AC4) create a
material financial opportunity stemming from the sales
prospects they open up. The Life Sciences product line
accounts for 20% of IFRS software revenue.
The impact on Dassault Systèmes’ revenue and operating
income could be material.
These IROs are specifically addressed to the affected
patient and health professional community. They are
detailed in paragraph 2.2.1.4.3 “Material Impacts, Risks
and Opportunities and their Interaction with Strategy and
Business Model”.
A)
Policies relating to Strategic Matter 10: Improve
patient Health providing innovative and secured
Solutions for a faster and more efficient access to
Treatment and Care
The management of strategic matter 10 is based on four
policies and strategies:
—
“Clinical trial transformation” strategy;
—
“Developing virtual twin experience” strategy;
—
“Supporting innovative startups” policy;
—
“Philanthropy” policy.
“Clinical trial transformation” Strategy
Dassault Systèmes, through its MEDIDATA brand, has the
ambition to transform clinical research and, ultimately,
healthcare for patients worldwide. Today, MEDIDATA
brand’s purpose centers on transforming clinical research
through advanced technology and data analytics, aiming
to accelerate the development of smarter treatments and
medical devices for patients. To achieve this, MEDIDATA’s
strategy is threefold:
—
patient experience: breaking with the transactional
nature of patient engagement and delivering longitudinal
engagement throughout a patient’s life, leveraging
decentralized trials;
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—
study experience: with AI at core, connect and accelerate
trial design (including patient diversity), planning and
execution in a unified workflow;
—
data experience: from capture to insights, an AI-powered
experience eliminating data silos, shortening data review
cycles and accelerating signal detection.
This strategy is the responsibility of the MEDIDATA brand,
is proposed by the brand’s Managing Director to the
Company’s Sector Board Life Sciences & Healthcare, and has
a global scope.
“Developing virtual twin experience” Strategy
Since 2020, Dassault Systèmes has decided to invest
strongly in the Life Sciences & Healthcare sector, with the
objective to provide Life Sciences & Healthcare companies
with a scientific and business platform to imagine
sustainable innovations, capable of improving patient and
physician experience in the age of precision medicine, thanks
to virtual twin experiences. These virtual twin experiences
are comprehensive digital representations:
—
of a patient or population;
—
of a product, whether a drug or a medical device;
—
or even of a manufacturing process and plant.
The ability to create virtual twin experiences from real‑world
data allows Dassault Systèmes’ customers to visualize,
model and simulate “what if” scenarios in order to make
better‑informed decisions and to predict outcomes, not only
within their organization, but also with their entire value
networks; thus, patients benefit more quickly from safer,
higher‑quality treatments.
The “Developing virtual twin experience” strategy for Life
Sciences & Healthcare is reviewed and approved within
the framework of Company governance. The Lifesciences
& Healthcare Sector Board is responsible for guiding
Dassault Systèmes’ strategy, investments and innovation
in this sector. This board is instrumental in aligning the
Company’s technologies, such as virtual twin experiences,
with the needs of patients, practitioners, pharmaceutical
companies and medical device manufacturers. The board
oversees Dassault Systèmes’ strategic initiatives, industry
partnerships and market expansion worldwide. The strategy
is designed to evolve regularly in line with market needs.
The Life Sciences & Healthcare Sector Board is made up of
members of the Dassault Systèmes Executive Committee,
representatives of the MEDIDATA, BIOVIA and DELMIA
brands, and other Life Sciences & Healthcare experts from
within the Company. It is chaired by the founder of the
MEDIDATA brand and by the Executive Vice-President,
Corporate Research & Sciences, who reports to the
Company’s CEO.
“Supporting innovative startups” Policy
This policy is described in detail in paragraph 2.2.2.2.2.A.1.a
“Policies (IROs C5 and C6)” in the strategic matter 1.
“Philanthropy” policy
Dassault
Systèmes’
“Philanthropy”
policy,
described
in detail in paragraph 2.2.3.4.3.A “Policies relating to
Strategic Matter 8: Developing Skills of Business Partners
and Education Networks, and supporting Innovation
and Scientific Ecosystems contributes”, via La Fondation
Dassault Systèmes and MEDIDATA’s philanthropy program,
to scientific research by supporting innovative medical
application projects. La Fondation Dassault Systèmes
supports innovative medical application projects by granting
its partners skills sponsorship and cash donations, for
example, to finance theses.
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B)
Key actions relating to Strategic Matter 10: Improve patient Health providing innovative and secured Solutions
for a faster and more efficient access to Treatment and Care
In 2024, these policies and strategies will be implemented through the levers and key actions described below. This reinforces
the expected positive impact on patient communities, while providing sources of commercial and financial opportunities.
Policies
Key actions
LEVER 1: IMPROVING THE PATIENT AND PHYSICIAN EXPERIENCE (AC3/AC4)
“Clinical trial
transformation” strategy
—
Strategy to
decentralize clinical
trials closer to patients
and their daily lives,
by providing software
solutions on the cloud
Partnership – Strategic alliances: in November 2024, at the NEXT trade fair, MEDIDATA
announces strategic partnerships:
—
MEDIDATA and Cogstate: partnering to reshape clinical trials and outcomes measurement
for central nervous system (CNS) diseases across neurodegenerative, psychiatric, motor and
rare neurodevelopmental disorders, among others
—
MEDIDATA and Click Therapeutics: accelerating digital therapeutic development, engaging
patients, changing standards of care and improving outcomes through lifelong patient data
collection
Expert patient advisory committee:
—
In 2024, members of the Patient Insight advisory board (described in more detail below)
led by MEDIDATA on clinical trials and SiteTech met at a summit in New York, to evaluate
Dassault Systèmes’ solutions that integrate into patients’ daily lives
—
Launch of the MEDITWIN Expert patient advisory committee
“Supporting innovative
startups” policy
—
Life Sciences &
Healthcare sector
The 3DEXPERIENCE Lab collaborates with different medical startups to develop innovative
virtual experiences with the objective of improving patients and healthcare professionals
experience:
—
Continuation of the VORTHEx project, a virtual reality experience simulating a stereotactic
radiotherapy procedure (CyberKnife machine) offered to patients before their first hospital
session, to help them prepare better and reduce their stress levels. The experiment was
developed in close collaboration with the Hartmann Institute in Paris, and is the subject of
a clinical trial designed to demonstrate the benefits for patients. A comparative analysis
shows a significant reduction in the level and state of anxiety before and after the virtual
reality experience. A randomized study using MyMedidata solutions has been launched in
2024 to confirm these results
—
New project launched in 2024 in collaboration with a paramedical training institute (AP-HP
hospitals) to develop a new training program based on a virtual experience that will be used
to train students in radiotherapy operations on typical equipment (CyberKnife)
“Developing virtual twin
experience” strategy
—
Virtual twin of the
human body
—
Official launch of the MEDITWIN consortium, announced in December 2023, comprising
seven university hospital institutes (IHU), Nantes University Hospital, Inria, startups and
Dassault Systèmes. MEDITWIN will offer virtual twins for medical practice, helping to
improve the quality of care for safer, more accessible healthcare for all. The MEDITWIN
project will offer personalized virtual twins of organs, metabolism and cancer, for better
diagnosis and treatment. In particular, MEDITWIN will enable doctors to simulate future
scenarios for a patient
—
In June 2024, first workshops on the virtualization of medical practices, bringing together
over 100 experts from research, engineering and medical backgrounds at the 3DS Paris
Campus. With governance rooted in science, excellence in care, patient empowerment,
privacy and ethics, the Company is strategically positioned to drive innovation and achieve
transformative outcomes
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Policies
Key actions
LEVER 2: BETTER ACCESS TO HEALTHCARE FOR EVERYONE, EVERYWHERE IN THE WORLD (AC3/AC4)
“Clinical trial
transformation” strategy
—
Strategy to
decentralize clinical
trials closer to patients
and their daily lives,
by providing software
solutions on the cloud
Remote monitoring using wearables and other devices and sensors opens up new possibilities
for advancing clinical research. Patients who live further away from a clinical site can now enroll
in clinical trials more easily:
—
Demonstration that voice biomarkers are a non‑invasive method for monitoring cognitive
decline, as part of the development of the MEDIDATA Sensor solution integrating over
50 validated measurements and algorithms for episodic and continuous sensors
—
Validation that digital biomarkers for cardiac effort (heartbeats per distance traveled)
show statistically significant consistency between in‑clinic reference tests and home
assessments, validating the targets for remote assessments
—
Investment in the vertical integration of several medical devices into the MEDIDATA
platform to improve the work of clinicians and the patient experience
“Clinical trial
transformation” strategy
—
Framework for setting
up clinical trials,
ensuring diversity of
patient profiles
—
MEDIDATA’s diversity program supports pharmaceutical and medical device companies, as
well as clinical research organizations (CROs). This program addresses common systemic
and clinical barriers to achieving a good diversity of patient profiles within a clinical trial.
In June 2024, the FDA published a guide to help pharmaceutical companies meet the
requirements for submitting diversity action plans under FDORA Section 3601
—
In 2024, expansion of the MEDIDATA diversity module to provide information on
country‑level diversity in order to better understand the performance of different countries
in recruiting certain demographic subgroups
—
Partnership signed with BioNJ, a non‑profit organization in New Jersey, USA, to evaluate
the performance of New Jersey clinical trial sites in recruiting diverse patients compared to
other states. The results led to the proposal of initiatives to improve access to clinical trials
“Developing virtual twin
experience” strategy
—
Virtual twin of a drug
production plant and
associated industrial
process
The COVID-19 pandemic has revealed problems of supply and production sovereignty within
the pharmaceutical industry. Over the past two years, the pharmaceutical industry has invested
heavily in the construction and renovation of drug production plants to meet global demand:
—
The virtual twin technology offered by Dassault Systèmes enables plant managers to model
and simulate the plants’ operations, production lines and manufacturing processes before
it is even built. The plant’s virtual twin can also be used to anticipate quality and yield
problems, as well as to optimize plant performance and costs, enabling it to meet global
demand more quickly and efficiently
—
In 2024, Dassault Systèmes continued to perfect its virtual twin solutions, delivering new
software functionalities to meet the needs of its existing and future customers, notably in
the context of reindustrialization initiatives in certain territories to ensure greater autonomy
and sovereignty in the event of a health crisis, as illustrated by the SANOFI Group project
“Supporting innovative
startups” policy
—
Life Sciences &
Healthcare sector
—
Acceleration by the 3DEXPERIENCE Lab of the startup FemTherapeutics, which aims to
help women at every stage of their gynecological life, by developing pessaries customized
according to the specific morphology and conditions of each woman. Thanks to the
3DEXPERIENCE platform, FemTherapeutics has been able to design and study the pressure
distribution and deformations of the models in relation to each other, ensuring that the
pessary is perfectly adaptable to the woman
—
Acceleration by the 3DEXPERIENCE Lab of the startup Lattice Medical, which aims to
provide tissue reconstruction solutions for bio‑resorbable breast implants, based on
biomaterials, tissue engineering and 3D printing technologies
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Key actions
LEVER 3: ACCELERATING MEDICAL RESEARCH THROUGH TECHNOLOGY (AC3/AC4)
“Developing virtual twin
experience” strategy
—
Virtual twin of a
medical device or
molecule
—
Continued development of virtual twins that can help design and validate medical devices
using virtual models, based on physical test data and industry standards, thus reducing the
need for physical testing as well as the cost and time of new product development
For example, as medical devices become more complex and multidisciplinary with
integrators, Novo Nordisk wanted to increase its virtual product development and testing
capabilities to stimulate innovation, optimize design and accelerate time‑to‑market. Novo
Nordisk was thus able to obtain an initial proof of concept (PoC) with the 3DEXPERIENCE
platform, and highlighted the levers for accelerating product development
—
Proposed use of virtual twins to model and simulate drug candidates in relation to a target.
These models are built using experimental data captured with the Company’s software
solutions. These simulations enable scientists to optimize drug efficacy and stability,
predict potential downstream manufacturing problems and propose the best formula, thus
speeding up the time‑to‑market
As an example, the Institute of Cancer Research (IOCR) in Ontario, Canada, used BIOVIA’s
generative therapeutic design solution to accelerate the discovery of new small molecules
that could enable the design of new drugs. After using the solution for a challenging
9‑parameter multi‑parameter optimization (MPO), they were able to identify hundreds of
components very quickly
—
In 2024, investment in Generative AI technology for therapeutic design, enhanced
experimental design and lab execution on the cloud powers new virtual twin experiences in
therapeutics
“Developing virtual twin
experience” strategy
—
On‑time completion in 2024 of the FDA ENRICHMENT project, a five‑year collaboration led
by Dassault Systèmes and the US Food and Drug Administration, resulting in a complete
description of how to use virtual twins to demonstrate the safety or efficacy of a new
medical device for regulatory approval, as well as a comprehensive methodology for creating
and analyzing an entire patient population in a “trial before trial”
“Supporting innovative
startups” policy
—
Life Sciences &
Healthcare sector
—
3DEXPERIENCE Lab campaign to support innovative startups in the Life Sciences &
Healthcare sector. Of the two presentation sessions organized, a third of the startups
selected are positioned in the Life Sciences & Healthcare sector. In 2024, for example,
FemTherapeutics, DENOVICON and BrightMind joined the accelerator program
“Philanthropy” policy
—
In 2024, support for eight projects in this field, including a lung modeling project and a
project to develop an endoscopic diagnostic device in the United States, as well as improving
the clinical treatment of scoliosis and detecting retinal diseases in India. In Europe, support
for the VIVID-Spine research project at the University of Heilbronn in Germany, and a
research project on interactions between the human body and prostheses
Action Effectiveness
The effectiveness of Dassault Systèmes’ strategy is
measured by the satisfaction rate of customers and patients
using the Company’s solutions in clinical trials on a daily basis
and by the number of patients enrolled annually in clinical
trials supported by the MEDIDATA platform. The associated
commercial and financial opportunities are assessed by the
growth in revenues from the Life Sciences & Healthcare
product lines, and by the market share of Dassault Systèmes’
solutions in this field.
Resources
The main actions and policies described above are
financed within the framework of the annual budgets
and medium‑term strategic plans of the brand functions
supporting the Life Sciences & Healthcare strategy, in
particular research & development for MEDIDATA and
BIOVIA.
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C)
Processes for engaging with Affected Communities
about Impacts (Strategic Matter 10)
Integration from the Patient’s Point of View
Dassault Systèmes’ commitment to patients is total. It is
reflected in the existence of several patient partner advisory
boards. For example, in 2019, MEDIDATA created an advisory
board called Patient Insight. This committee is made up of
patients who have already participated in clinical trials,
with a wide variety of backgrounds and experiences. The
Advisory Board’s targets are to listen to patients’ needs in
order to design and improve the software solutions offered
by MEDIDATA.
Throughout 2024, members of the Patient Insight Advisory
Board were invited to take part in internal meetings, and
external events such as the annual MEDIDATA NEXT event.
In addition, a new advisory committee was launched in 2024
around the MEDITWIN project.
This commitment is overseen by the Life Sciences &
Healthcare Sector Board.
The effectiveness of this commitment to patients was
recognized in 2024 with several awards. Further information
is available on the Company’s website (https://www.
medidata.com/en/about-us/medidata-awards-and-
recognition/).
Initiatives aimed at understanding the Point of View of
particularly vulnerable or marginalized Patients
In its clinical trials business, Dassault Systèmes, through its
MEDIDATA brand, is strongly committed to actions aimed at
ensuring the fair representation of under‑represented groups
such as women and ethnic minorities, as presented in the
actions table above.
D)
Metrics and Targets relating to Strategic Matter 10:
Improve patient Health providing innovative and
secured Solutions for a faster and more efficient
access to Treatment and Care
Metrics
—
AC3 – Financial opportunity linked to Dassault Systèmes’
solutions enabling accelerated introduction of drugs,
vaccines and medical treatments and improvement of
medical devices and medical practices:
The Company is tracking the development of this
opportunity through the evolution of its software
revenue in the Life Sciences product line. In 2024, non-
IFRS revenue will amount to €1,144million, virtually
unchanged from 2023;
—
AC4 – Positive impact on patients through acceleration
of introduction of new drugs, vaccines, treatments and
improvement of medical devices and medical practices:
The Company tracks the evolution of its positive impact
though the metric of the number of patients enrolled
annually in clinical trials supported by the MEDIDATA
platform.
Targets
Dassault Systèmes does not publish quantitative targets for
metrics relating to the positive impacts of its Life Sciences &
Healthcare activities, for reasons of confidentiality vis‑à‑vis
competitors, and does not involve patient communities in
setting these targets. The Group comments on the progress
and opportunities of its Life Sciences & Healthcare activities
in its quarterly publications, and at Capital Market Day.
2.2.3.3.4
Human rights in relation to Affected
Communities
A)
Human rights relating to the Protection of Personal
Data and the Security of Customer Data
The affected communities identified by the Company are
essentially the individuals, citizens, employees, patients and
workers in its value chain who could be negatively impacted
by a personal data leak. The right to protection of personal
data is a fundamental right covered in paragraph 2.2.3.3.2
“Management of Strategic Matter 9: Guaranteeing Personal
Data Protection and securing Dassault Systèmes’ Customer’s
Data”. This issue is particularly important with regard to
the community of patients who use MyMedidata solutions
as part of clinical trials, and for whom it is fundamental to
ensure the confidentiality of the data collected. Furthermore,
access to healthcare without discrimination on the basis of
gender or race is an important right that Dassault Systèmes
defends for its customers when setting up clinical trial
cohorts. When the customer is unable to ensure that the
cohorts are fairly representative by origin, MEDIDATA, via its
philanthropic program, is able to integrate patients meeting
these non‑discrimination criteria at its own expense.
The Code of Business Conduct makes explicit reference to
Dassault Systèmes’ commitment to comply with applicable
data protection laws and more specifically with the General
Data Protection Regulation (GDPR), the basis of which is
Article 8 paragraph 1 of the Charter of Fundamental Rights
of the European Union. Dassault Systèmes also publishes
a general commitment on the protection of personal data
in the Trust Center on its website (https://www.3ds.com/
personal-data-protection/).
The “Personal data protection” policies are described in
paragraph 2.2.3.3.2.A “Policies relating to Strategic Matter 9:
Guaranteeing Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data”. They are published
and are intended to apply to all individuals with whom
the Company interacts in its capacity as data controller,
and whose personal data processing is necessary for the
performance of its activities. They are intended to inform all
stakeholders about:
—
the types of personal data that Dassault Systèmes may
collect;
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—
how personal data is collected;
—
the purposes and legal basis for processing personal
data (for example, to comply with the law, for marketing
purposes with the consent of individuals);
—
the rights of the persons concerned and their choices, in
particular by allowing them to contact Dassault Systèmes
(Who to contact? https://www.3ds.com/privacy-policy/
contact).
These published “Personal data protection” policies enable
individuals to obtain information about the processing
of their personal data and, in particular, to contact
Dassault Systèmes in order to exercise their rights under
applicable laws on the protection of personal data (Who to
contact? https://www.3ds.com/privacy-policy/contact).
Dassault Systèmes’ Whistleblowing procedure enables all
stakeholders to report any breaches of Human rights and
fundamental freedoms to the Ethics Committee, which
is responsible for investigating cases of non‑compliance
brought to its attention. This procedure is described in detail
in paragraph 2.2.4.1.2 “Management of Strategic Matter 12:
Ensuring ethical and transparent Business Conduct” and is
available on the Company’s website (https://www.3ds.com/
fr/about/corporate-responsibility/ethics-compliance).
Lastly, in accordance with applicable data protection laws,
Dassault Systèmes has set up procedures for notifying the
relevant authorities, such as the CNIL, its reference authority
in Europe, in the event of any leakage of personal data
impacting the privacy of individuals.
The “Personal data protection” policies take into account
the various applicable laws as mentioned in the specific
provisions for certain countries or regions.
They are regularly updated, thanks in particular to an annual
review process as part of Dassault Systèmes’ legal watch.
In 2024, no cases of non‑compliance with the UN Guiding
Principles on Business and Human Rights, the ILO
Declaration on Fundamental Principles and Rights at Work
or the OECD Guidelines for Multinational Enterprises, nor
any serious Human rights incidents, were brought to the
Company’s attention in relation to affected communities.
B)
Other Human rights considerations
Dassault Systèmes’ commitment to Human rights is
formalized in policies and procedures relating to corporate
governance, in particular through the Code of Business
Conduct, the Corporate Social Responsibility Principles and
the Sustainable Charter with Suppliers. These policies and
procedures are described in detail in paragraph 2.2.4.1.2
“Management of Strategic Matter 12: Ensuring ethical and
transparent Business Conduct“.
The Dassault Systèmes’ Whistleblowing procedure, also
available on the Company’s website (https://www.3ds.
com/about3ds/what-drives-us/ethics-compliance/
whistleblowingalert-procedure.), enables all stakeholders
to report any ethical, compliance, social or environmental
issues to the Ethics Committee, which is responsible for
investigating cases of non‑compliance brought to its
attention. It is described in detail in paragraph 2.2.4.1.2
“Management of Strategic Matter 12: Ensuring ethical
and transparent Business Conduct“ and is available on
the Company’s website (https://www.3ds.com/fr/about/
corporate-responsibility/ethics-compliance).
This commitment is based on recognition of and respect for
applicable local laws and regulations, as well as international
standards relating to social rights and environmental
protection, such as the International Bill of Human Rights,
the International Labor Organization (ILO) Declaration on
Fundamental Principles and Rights at Work, the OECD
Guidelines for Multinational Enterprises and the Convention
on the Rights of the Child adopted by the United Nations
General Assembly.
2.2.3.4
S4 – Consumers and End-Users
2.2.3.4.1
List of material Impacts, Risks and
Opportunities and Strategic Matters
relating to Consumers and End-Users
The consumers and end‑users impacted for each of the
material IROs are:
—
EU1 – Potential reputation and financial risks linked to
penetration of Dassault Systèmes’ systems or its value
chains’: companies (corporate customers), employees of
Dassault Systèmes but also upstream and downstream
stakeholders (customers, suppliers, partners);
—
EU2 – Positive impact on engineers’ lifelong learning
thanks to Dassault Systèmes’ education offers, and
support to innovation ecosystems: individuals/citizens
in civil society as a whole, engineering learners of all
ages and particularly young people (middle school, high
school, university students), disadvantaged communities,
women through education on subjects such as academic
awareness and science, technology, engineering and
mathematics (STEM), and innovative startups.
Dassault Systèmes believes that its impact on the
employability of engineers can be materially positive, given
the recognized quality of the academic offerings it provides.
In addition, the Company believes it has a positive impact on
its innovation ecosystems through its collaborations with
research and education partners, the ecosystem of startups
it supports, and its philanthropic actions to support research
and the dissemination of scientific culture.
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In addition, in a context of increasing cyberattack attempts
and the emergence of cyberterrorism, Dassault Systèmes
or its value chain could be subject to computer intrusions
that could interfere with the proper functioning of its
systems and cause delays or major damage to its activities
or those of its customers. The growing use of remote access
to Dassault Systèmes’ environments and the exchange of
necessary data between Dassault Systèmes and its entire
ecosystem tend to increase the risks of unauthorized access.
Such attacks can significantly reduce Dassault Systèmes’
ability to carry on its business as usual, and thus damage its
reputation.
The way in which all impacts, risks and opportunities are
determined is described in detail in paragraph 2.2.1.5.1
“IRO_1 – Description of the Process to identify and assess
material Impacts, Risks and Opportunities”.
In this paragraph, only the impact linked to academic
partners and innovation and research ecosystems is dealt
with under strategic matter 8. Those linked to employees
in the networks of commercial partners and integrators are
dealt with in part S2 – strategic matter 8.
Material IROs
IRO Type
Sub‑topic
Sub‑sub‑topic
Levers
STRATEGIC MATTER 9: GUARANTEEING PERSONAL DATA PROTECTION AND SECURING DASSAULT SYSTÈMES’ CUSTOMER’S DATA
EU1 – Potential reputation
and financial risks
linked to penetration of
Dassault Systèmes’ systems or
its value chains’
Risk
Information‑related impacts
for consumers and/or
end‑users
Privacy
Cybersecurity (Entity‑specific)
Lever 1: Robust security systems
Lever 2: Certifications
Lever 3: Training and awareness‑raising
STRATEGIC MATTER 8: DEVELOPING SKILLS OF BUSINESS PARTNERS AND EDUCATION NETWORKS, AND SUPPORT
INNOVATION AND SCIENTIFIC ECOSYSTEMS
EU2 – Positive impact on
engineers’ lifelong learning
thanks to Dassault Systèmes’
education offers, and support
to innovation ecosystems
Positive
impact
Information‑related impacts
for consumers and/or
end‑users
Access to (quality) information
Lever 1: Forging partnerships with
academies and associations
Lever 2: Strengthening interactions
between academia and industry
Lever 3: Encouraging the development
of scientific and technical skills through
competitions and contests
Lever 4: Supporting and mentoring a
startup ecosystem
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2.2.3.4.2
Management of Strategic Matter 9:
Guaranteeing Personal Data Protection
and securing Dassault Systèmes’
Customer’s Data
The material IRO linked to strategic matter 9 is the IRO:
—
EU1 Potential reputation and financial risks linked to
penetration of Dassault Systèmes’ systems or its value
chains’:
Against a backdrop of increasing cyberattack attempts
and the emergence of cyberterrorism, Dassault Systèmes
or its value chain could be subject to hackings that could
interfere with the correct performance of its systems
and cause delays or major damage to its business or that
of its customers. The growing use of remote access to
Dassault Systèmes’ environments and the exchange of
necessary data between Dassault Systèmes and its entire
ecosystem tend to increase the risks of unauthorized
access.
Such
attacks
can
significantly
reduce
Dassault Systèmes’ ability to properly run its business
and damage its reputation.
Within strategic matter 9, this IRO specifically addresses data
and system security.
As a scientific and technological Company, Dassault Systèmes
puts the key challenges of cybersecurity and data protection
at the heart of its concerns, placing great importance on the
trust of its employees, customers and partners.
Securing Data and Systems
In line with national and international cybersecurity
regulations
and
standards
and
their
evolutions,
Dassault Systèmes continues to implement its action plan.
The Company pursues to strengthen its approach to all its
activities, including those of newly‑acquired companies, and
regularly updates its security and data protection policies.
Dassault Systèmes takes great care to ensure the security
of its own data and that of its customers, which in SaaS
mode is hosted and processed on Dassault Systèmes
environments. The Company has placed security at the core
of the development and deployment of its 3DEXPERIENCE
platform, in order to guarantee several levels of security
control, with a particular focus on “Security in Depth”. At
Dassault Systèmes, this concept is based on the conjunction
of several independent security mechanisms to deal with a
single risk. In this context, a malicious action that would have
caused the failure of one of these mechanisms will not be a
threat, since it will be blocked by another mechanism.
Cybersecurity
Dassault Systèmes faces increasing security threats from a
wide range of sources. Its systems and networks can become
the target of a series of serious and protean threats, such as
computer related fraud, espionage, vandalism, cybercrime
and social engineering activities. The Company believes that
these cybersecurity threats to data, including personal data,
will become increasingly widespread, complex, elaborate and
sophisticated. Consequently, the security requirements and
solutions deployed by the Company to address these threats
will continue to evolve in order to minimize the impacts and
risks for Dassault Systèmes, its customers and users. For
the sake of transparency, the Company has set up a Trust
Center
(https://www.3ds.com/trust/3dexperience-trust-
center) which provides access to relevant information for all
its customers and partners, notably concerning the security
of its 3DEXPERIENCE and MEDIDATA cloud offerings.
It has also published a description of Computer Security
Incident Response Teams (CSIRTs) in accordance with the
RFC 2350 standard, as well as information on vulnerability
testing and the possibility of reporting such vulnerabilities
to Dassault Systèmes. In addition, the Company publishes
security notices based on published vulnerabilities in
accordance with MITRE CNA policies and guidelines.
Diligences
Cybersecurity at Dassault Systèmes is a Company‑wide
effort,
overseen
by
the
Executive
Committee.
A
Cybersecurity Committee has been set up. Comprising
cybersecurity officers reporting to the Executive Committee
members in charge of IT Infrastructure and Research &
Development,
the
Cybersecurity
Committee
oversees
the security of operations across all the Company’s
organizations, including IT infrastructure, 3DEXPERIENCE
cloud infrastructure and Life Sciences SaaS services. It also
assesses emerging cyber risks, as well as the effectiveness
of the control tools and processes implemented by
Dassault Systèmes.
A)
Policies related to Strategic Matter 9: Guaranteeing
Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data
Strategic matter 9 is managed by two policies:
—
Dassault Systèmes’ “Cybersecurity” policy;
—
“Personal data protection” policy.
“Cybersecurity” Policy
It is available to all the Company’s employees and is
constantly improved. It is aligned with industry standards
such as ISO, the American National Institute of Standards
and Technology (NIST) referentials, the international risk
management methods (NIST RMF and ANSSI EBIOS) and
the MITRE ATT&CK Enterprise Framework. Its objectives
are to specify, define and establish the information security
requirements used by Dassault Systèmes to secure its
systems and information. By implementing these policies
and standards, Dassault Systèmes is able to prevent and/or
limit the impacts of security incidents on its business, and
thus guarantee the continuity of its operations.
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Dassault Systèmes has implemented robust cybersecurity
policies to protect consumers and end‑users against data
security risks. These policies include structured incident
management, regular risk assessments, as well as technical
measures such as data encryption and intrusion detection.
In addition, training and awareness‑raising programs are
deployed to help employees adopt data protection best
practices.
These policies reinforce the Company’s commitment to
digital security, consumer confidence and the protection
of end‑users’ rights, while effectively managing the
opportunities arising from cybersecurity innovations.
Dassault Systèmes adopts a proactive and responsible
approach to engaging with consumers and end‑users,
particularly in the area of IT security, by protecting their
data, informing them of their rights and offering them a
secure digital environment. This approach is based on the
following principles:
—
transparency and communication of clear and transparent
information on IT security practices, including how
data is protected, the security measures in place, and
confidentiality and data protection rights;
—
active user participation through user communities or
Dassault Systèmes support services;
—
training and awareness;
—
communication mechanisms in the event of a security
incident affecting end‑users, providing information
on the incident, the actions taken and the corrective
measures put in place to protect data;
—
respecting users’ choices in term of control of their
personal information, by offering them clear options to
manage their confidentiality and security settings;
—
certifications to reinforce security practices and offer
better protection for users, as part of a continuous
improvement process to ensure optimum data protection
and a quality user experience.
All the identified material IROs apply across the entire
Dassault Systèmes downstream value chain.
“Personal data protection” Policy
This policy is described in detail in paragraph 2.2.3.3.2.A.
“Policies relating to Strategic Matter 9: Guaranteeing
Personal Data Protection and securing Dassault Systèmes’
Customer’s Data”.
B)
Key Actions related to Strategic Matter 9: Guaranteeing Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data
These policies are being implemented in 2024 through the levers and action plans described below:
Policies
Key actions
LEVER 1: ROBUST SECURITY SYSTEMS (EU1)
“Cybersecurity” policy
—
Cybersecurity policies are regularly updated as part of the Company’s continuous
improvement process
—
The Trust Center has also been updated to communicate with stakeholders
LEVER 2: CERTIFICATIONS (EU1)
“Cybersecurity” policy
—
Certifications
—
New certifications in 2024, mainly in IT and renewal of 3DEXPERIENCE certification
—
Certifications (cybersecurity and personal data protection): see complete list of certifications
below
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Policies
Key actions
LEVER 3: TRAINING AND AWARENESS‑RAISING (EU1)
“Personal data protection”
policy
—
Awareness & Training
—
Specific training initiatives tailored to different roles (see paragraph 2.2.3.1.2 “Management
of Strategic Matter 5: Attracting and preparing the Skills for the Future in a Competitive
Talent Market”). Training courses are offered for developers on Security by Design,
covering code, architecture and the secure software lifecycle; all Information & Technology
department staff receive training in the fundamentals of network and system security
—
All cybersecurity specialists can obtain internationally‑recognized certifications
—
In a context where the cybersecurity threat is increasingly high and demanding for all
companies, Dassault Systèmes has implemented a multi‑year cybersecurity‑related training
program tailored to each role since 2021
—
Targets for compliance with Company policies, for mandatory training and application of
cybersecurity rules are included in the annual performance review process
—
Cybersecurity training (updated in 2024): Mandatory training for all employees trains them
to recognize and avoid the pitfalls associated with the digitalization of communications. It
must be renewed every two years
Further Information about Actions
A proactive and structured approach is based on a
combination of preventive measures, corrective action and
ongoing assessment of effectiveness:
—
risk identification and assessment;
—
risk management (actions planned or on‑going to
mitigate risks):
– reinforcement of secure infrastructures (technological
improvements),
– prevention (employee training and Trust Center),
– support;
—
monitoring and evaluating the effectiveness of actions
(key performance indicators, certifications, RCA (Root
Cause Analysis).
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Certifications
The table below lists all certifications obtained by
Dassault Systèmes in terms of securing data and systems
(as described in section 2.2.3.4.2 “Management of Strategic
Matter 9: Guaranteeing Personal Data Protection and
securing Dassault Systèmes’ Customer’s Data”) and data
protection (see paragraph 2.2.3.3.2 “Management of
Strategic Matter 9: Guaranteeing Personal Data Protection
and securing Dassault Systèmes’ Customer’s Data”):
Domain
Perimeter
Type of Certification/Report
3DEXPERIENCE
SaaS
Design, development, delivery, cloud operations and support of
the 3DEXPERIENCE platform SaaS.
ISO 27001:2017
(Information Security Management
System)
Data privacy management when Dassault Systèmes acts as
controller for handling personal data provided in this context,
and as processor for personal data under a control of a customer
ISO 27701:2019
(Personal data protection
management system)
BIOVIA
ScienceCloud
Information Security Management System (ISMS), for the
BIOVIA ScienceCloud offering which includes the security
and business processes required to support and manage the
ScienceCloud platform.
ISO 27001:2017
(Information Security Management
System)
Privacy Information Management System (PIMS) addressing
Dassault Systèmes’ role as a processor of personal data
ISO 27701:2019
(Personal data protection
management system)
Principles of trust in terms of security, availability and
confidentiality on the Information Security Management
System (ISMS) of the BIOVIA ScienceCloud offering.
SOC 2 Type 1
CENTRIC
SOFTWARE
Centric C8 offerings, Centric Visual Innovation Platform (VIP),
Centric Planning, services and business activities that include
internal IT activities, cloud hosting, HR practices, legal services
and information security management system.
ISO 27001:2013
(Information Security Management
System)
ISO 27017:2015
(Information security management
system in the cloud)
ISO 27018:2019
(Information security management
for the protection of personal data in
the public cloud)
Trusted principles of security, availability and confidentiality for
all PLM environments and SaaS services.
SOC 2 Type 2
SOC 3 Type 2
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Domain
Perimeter
Type of Certification/Report
MEDIDATA
Information Security Management System (ISMS) of
the Medidata Clinical Cloud (MCC), including relevant
business processes that develop, support, and manage the
MCCMEDIDATA Clinical Cloud (MCC) Information Security
ISO 27001:2013
(Information Security Management
System)
ISO 27017:2015
(Information security management
system in the cloud)
ISO 27018:2019
(Information security management
for the protection of personal data in
the public cloud)
Information Security Management System (ISMS) of the
MEDIDATA Clinical Cloud (MCC), including relevant business
processes that develop, support, and manage the MCC;
including the Privacy Information Management System (PIMS)
addressing MEDIDATA’s role as a processor of personal data.
ISO 27701:2019
(Personal data protection
management system)
Payment solutions
SOC-1 Type 2
Security and privacy trust principles over all MEDIDATA
environments, including physical and software‑based IT hosting
operations, such as system monitoring and disaster recovery, as
well as data integrity.
SOC-2+ Type 2
DELMIA Quintiq
Hosting Services
Information Security Management System (ISMS) relating to the
operational processes (infrastructure and delivery) of managed
hosted services, augmented with software development and
software maintenance servicing the operational processes
ISO 27001:2017
(Information Security Management
System)
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Domain
Perimeter
Type of Certification/Report
OUTSCALE
Software development, sales, marketing and communications
activities in relation to infrastructure hosting activities and
managed services, including the hosting of health data
SecNumCloud qualified service.
ISO 27001:2017
(Information Security Management
System)
Managed services (IaaS and SaaS) are provided:
—
all over the world in third‑party environments managed by
customers;
—
all over the world in selfmanaged environments
Software development, sales, marketing and communications
activities in relation to infrastructure hosting activities and
management services, including the hosting of health data and
the SecNumCloud qualified service.
ISO 27017:2015
(Information security management
system in the cloud)
ISO 27018:2019
(Information security management
for the protection of personal data in
the public cloud)
The provision and maintenance service of (i) physical sites
hosting information system material infrastructure used
to process health data (ii) information system material
infrastructure used to process health data, (iii) information
system application hosting platform and (iv) information system
virtual infrastructure used for processing health data.
Health Data Hosting certification
issued by the French health data
supervisory agency ASIP Santé
“Cloud On demand”, IaaS service
SecNumCloud qualification from
the French Information Systems
Security Agency (ANSSI).
Dassault Systèmes IT
Development, maintenance, operation and support of the
Dassault Systèmes work environment and IT&IS applications
aiming to deliver services to all internal users.
ISO 27001:2022 (Information
security management system)
C)
Metrics and Targets for Strategic Matter 9: Guaranteeing Personal Data Protection and securing
Dassault Systèmes’ Customer’s Data
The effectiveness of actions and initiatives to control this risk is measured by the following metrics, among others:
2024
2023
Variation
2024‑2023
COMPANY‑SPECIFIC DATAPOINTS
Share of cybersecurity incidents managed according to Dassault Systèmes’ Incident
Response Plan
100.0%
100.0%
0 pts
-
Share of employees trained on cybersecurity
96.5%
99.5%
(3.0) pts
-
The cybersecurity metrics have a moderate level of reliability.
They cover the entire Dassault Systèmes perimeter, with the
exception of certain newly‑acquired companies or those in
the process of being integrated and CENTRIC PLM for the
metrics related to training on cybersecurity.
The targets set by the Company with regard to this strategic
matter are the followings:
—
handle 100% of incidents in accordance with the
Dassault Systèmes Incident Response Plan;
—
train at least 95% of its employees in cybersecurity.
The 2024 results are in line with the targets set.
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2.2.3.4.3
Management of Strategic Matter 8:
Developing Skills of Business Partners
and Education Networks, and supporting
Innovation and Scientific Ecosystems
The material IRO linked to strategic matter 8 is:
—
EU2 – Positive impact on engineers’ lifelong learning
thanks to Dassault Systèmes’ education offers, and
support to innovation ecosystems:
As with IRO V2, the Company believes that its impact on the
employability of engineers can be materially positive, given
the recognized quality of the academic offerings it provides.
In addition, the Company believes it has a positive impact on
its innovation ecosystems through its collaborations with
research and education partners, the ecosystem of startups
it supports, and its philanthropic actions to support research
and the dissemination of scientific culture.
Within
strategic matter
8,
this
IRO
addresses the
development of skills in education networks, as well as
support for innovation and scientific ecosystems.
A)
Policies relating to Strategic Matter 8: Developing
Skills of Business Partners and Education
Networks, and supporting Innovation and
Scientific Ecosystems
The strategy for developing innovation and research
ecosystems is based on 3 main policies and strategies:
—
“Academia & Education” strategy;
—
“Philanthropy” policy;
—
“Supporting innovative startups” policy.
“Academia & Education” Strategy
The
3DEXPERIENCE
Edu
organization
is
responsible
for defining and implementing programs designed to
give current and future generations the key skills that
industry needs to transform itself, and build a sustainable
future for all. To achieve this, the 3DEXPERIENCE Edu
organization works closely with academic and educational
establishments, as well as with industry actors, to offer
learners the opportunity to develop their skills throughout
their lives. The strategy is developed by the 3DEXPERIENCE
Edu organization, under the responsibility of the Executive
Vice-President, Industry, Marketing & Sustainability. It is
available worldwide on the Company’s website (https://
www.3ds.com/edu/).
“Philanthropy” Policy
Philanthropy at Dassault Systèmes focuses on three main
areas:
—
education: build, develop and train the next generation
of engineers. Improve awareness of science, technology,
engineering and mathematics (STEM) fields and career
paths, both for the younger generation and for lifelong
learners;
—
research: supporting research for a sustainable future.
Encourage scientific research in all fields in line with
Dassault Systèmes’ mission, including heritage;
—
communities:
strengthening
Dassault
Systèmes’
commitment to society, notably through mentoring in
the development of non‑profit projects contributing to
the improvement of people’s health and the protection of
the Company’s environment.
Philanthropic action aims to strengthen the Company’s
positive
social
impact.
To
achieve
these
targets,
Dassault Systèmes supports schools, universities, research
centers, museums and other organizations of interest.
This policy is essentially carried out by the organization La
Fondation Dassault Systèmes under the responsibility of
the Company’s General Secretary. Its scope of application is
worldwide. The actions of La Fondation Dassault Systèmes
are communicated through a dedicated website (https://
www.lafondation3ds.org/).
“Supporting innovative startups” Policy
It is described in detail in paragraph 2.2.2.2.2.A.1.a “Policies
(IROs C5 and C6)” in strategic matter 1.
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B)
Key Actions relating to Strategic Matter 8: Developing Skills of Business Partners and Education Networks, and
supporting Innovation and Scientific Ecosystems
These policies are being implemented in 2024 through the levers and action plans described below:
Policies
Key actions
LEVER 1: FORGING PARTNERSHIPS WITH ACADEMIES AND ASSOCIATIONS (EU2)
“Academia & Education”
strategy
With more than ten million learners using its solutions, Dassault Systèmes is strengthening its
commitment to research and education via 3DEXPERIENCE Edu, by forging partnerships with:
—
Universities and schools, including CESI (France), Aachen University (Germany), University
of Adelaide (Australia), Cranfield University (UK), and the ISAE Group (France)
—
Centers of excellence operated by universities, consortia or companies, using the
3DEXPERIENCE platform. These local hubs enable students and professionals to acquire
key skills (virtual twins, materials science, data‑driven manufacturing). Over 25 institutions
are involved, with the addition in 2024 of Kaunas University of Technology in Lithuania,
UniLassalle through “APEX” (France) and Werk‑150, the factory school of Reutligen
University of Applied Sciences in Germany
—
Scientific associations such as the American Society for Engineering Education (ASEE),
the European Society for Engineering Education (SEFI), the International Federation of
Engineering Education Societies (IFEES), the Global Engineering Deans Council (GEDC), the
International Society for Engineering Pedagogy (IGIP) and UNESCO’s Center of Problem
Based Learning
“Philanthropy” policy
La Fondation Dassault Systèmes has supported 52 projects led by academies and associations:
—
The partnership with York University and Clarkson to use Dassault Systèmes’ cutting‑edge
technologies to design and evaluate assistive devices for the elderly
—
Cordées de la Réussite, a partnership with the Normandy education authority, which
enabled 900 students from rural areas to explore technological sites and meet innovation
professionals
—
The ImmerSea Rade program at the Université de Bretagne Occidentale, integrating virtual
environments into education, research and awareness‑raising. It develops new teaching
units, internships and collaborative projects
—
The Apprentice Researcher program, offering middle and high school students the
opportunity to take part in research projects at Dassault Systèmes sites in France.
Supervised by engineers, they learn about scientific methodology and approach. On June 12,
2024, they presented their work at the Apprentis Chercheurs conferences on the 3DS Paris
Campus
LEVER 2: STRENGTHENING INTERACTIONS BETWEEN ACADEMIA AND INDUSTRY (EU2)
“Academia & Education”
strategy
Dassault Systèmes supports universities in developing the skills needed for industrial
transformation. As a result, companies can find the talent they need to make this transition a
success:
—
Launch of seven Education Experiences, solutions combining cutting‑edge software,
ready‑to‑use teaching resources and certifications. These experiences support teachers
in effective teaching, stimulating student autonomy and engagement throughout their
educational journey
—
Introduction of virtual twins and ready‑to‑use industrial case studies that can be customized
to teachers’ needs through Education Experiences, to accelerate learning by doing
“Philanthropy” policy
—
In partnership with the CGénial Foundation, La Fondation Dassault Systèmes enables
secondary school teachers to visit its sites in France to better guide their students in their
career choices. In 2024, 80 teachers were welcomed at 9 sites by 38 employees sharing
their experiences
—
In India, La Fondation Dassault Systèmes continues to roll out ConnectNext, its flagship
program to prepare students for careers in industry. In 2024, 23 engineering schools were
networked with companies, offering students the opportunity to work on real‑life problems
under the supervision of industry experts
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LEVER 3: ENCOURAGING THE DEVELOPMENT OF SCIENTIFIC AND TECHNICAL SKILLS THROUGH COMPETITIONS AND CONTESTS (EU2)
“Academia & Education”
strategy
—
3DEXPERIENCE Edu encourages students from all over the world to take part in
international competitions. In 2024, the Company supported more than 132 competitions
for science and technology students worldwide (3DEXPERIENCE product development
solutions (SOLIDWORKS, SIMULIA, CATIA, DELMIA etc.))
“Philanthropy” policy
—
Support for the FIRST Robotics competition, where French middle and high school students
take on their American and Canadian peers in a robotic construction challenge. To win, they
call on their 3D modeling, coding and programming skills
LEVERAGE 4: SUPPORTING AND MENTORING A STARTUP ECOSYSTEM (EU2)
“Supporting innovative
startups” policy
—
Extension of the 3DEXPERIENCE Lab incubator ecosystem via three new partnerships
signed in 2024 in three different geographies: LACI (Los Angeles, USA); PIT (Sao Jose dos
Campos, Brazil); Strascheg Center for Entrepreneurship (Germany)
—
Organization of two presentation sessions to welcome ten new international startups to its
acceleration program, with disruptive innovations that address the challenges facing the
United Nations
—
Mentoring of 10 new projects in 2024 with the support of some 2,350 mentors,
Dassault Systèmes employees, bringing the number of innovative projects in
the 3DEXPERIENCE Lab portfolio to 80 since its creation in 2015. As a reminder,
Dassault Systèmes employees can allocate up to 10% of their working time to mentoring
projects supported by the 3DEXPERIENCE Lab; thus, startups benefit from the technical and
marketing expertise of Dassault Systèmes employees
Resources
The action plans and policies described above are funded
within the annual budgets and medium‑term plans of the
functions in charge.
C)
Processes for engaging with Consumers and End-
Users about Impacts (Strategic Matter 8)
C.1) The Academic Ecosystem (Universities, Students,
Teachers)
As part of its commitment to developing academic
knowledge
and
strengthening
research
ecosystems,
Dassault Systèmes has set up a number of initiatives to
encourage exchanges with students, teachers and its own
experts.
Firstly, dedicated collaborative platforms are made available
to students and teachers, offering a space for exchange
with Dassault Systèmes experts. These communities enable
future engineers and researchers to access cutting‑edge
know‑how, to benefit from feedback and to acquire skills
essential to their academic and professional development.
This community of students plays a key role in strengthening
the relationship of proximity and trust between the
Company and its users. By conducting regular surveys and
direct exchanges, Dassault Systèmes gathers invaluable
feedback that enables the Company to better understand
their expectations and identify areas for improvement.
These interactions help Dassault Systèmes not only to adapt
its solutions to users’ real needs, but also to co‑construct
relevant and sustainable innovations with them.
In addition, communities of excellence have been created
around key disciplines linked to virtualization and digital
modeling. In these spaces, teachers and Dassault Systèmes
employees work closely together to co‑construct adapted
pedagogical content, such as courses and training modules.
The Company is careful to take account of feedback from
teachers, so that content can be adjusted to meet academic
requirements and changing curricula.
In addition, testimonials from customers in the education
sector are regularly collected to illustrate how academic
institutions are integrating the 3DEXPERIENCE platform into
their curricula. This feedback highlights how these tools are
helping to prepare students for the challenges of tomorrow
by providing them with innovative, immersive solutions.
Finally, Dassault Systèmes maintains a regular dialogue
with schools and academic bodies, including educational
inspectors, to promote the integration of engineering
sciences
and
digital
modeling
into
curricula.
This
collaboration aims to ensure that students can develop skills
in line with technological developments and industry needs.
C.2) The Innovation Ecosystem
By working closely with startups, entrepreneurs, designers
and students, the 3DEXPERIENCE Lab fosters the development
of innovative projects that respond to today’s societal
challenges. This collaborative approach leverages the
varied expertise and perspectives of each participant in this
ecosystem, enriching the innovation process.
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In
addition,
the
3DEXPERIENCE
Lab
encourages
co‑innovation by providing a forum via the 3DEXPERIENCE
platform
where
stakeholders
can
share
knowledge,
collaborate on projects and benefit from a support network to
accelerate the development of their ideas. This collaborative
approach strengthens the innovation ecosystem and enables
the Company to effectively tackle the complex challenges
facing society.
D)
Metrics and Targets relating to Strategic Matter 8: Developing Skills of Business Partners and Education
Networks, and supporting Innovation and Scientific Ecosystems
Metrics
The effectiveness of actions and initiatives relating to this
positive impact is measured, among other things, by the
metric representing the number of students using or having
used one or more of the Company’s solutions, thus reflecting
the impact of Dassault Systèmes on scientific training
courses.
At the end of 2024, 10.5 million students are using or
have used one or more of the Company’s solutions. This
figure is estimated on the basis of installed base data and
assumptions about the number of users per license. It
therefore has a limited level of reliability.
Targets
Dassault Systèmes has not set itself any quantitative targets
for the positive impact linked to academic, innovation and
research ecosystems, given the diversity of the stakeholders
involved. Nevertheless, Dassault Systèmes tracks the
efficiency of its policies and actions through the metrics
presented above.
2.2.3.4.4
Human rights in relation to Consumers
and End-Users
Policies
Dassault Systèmes’ commitment to ethical and sustainable
growth is based on respect for Human rights and
fundamental freedoms within its own operations and value
chain. It is formalized in policies and procedures relating to
corporate governance, in particular through:
—
Code of Business Conduct;
—
Corporate Social Responsibility Principles;
—
the Sustainable Charter with Suppliers.
These policies and procedures are described in detail in
paragraph 2.2.4.1.2 “Management of Strategic Matter 12:
Ensuring ethical and transparent Business Conduct”.
Dassault Systèmes is firmly committed to respecting
and promoting Human rights in all its interactions with
consumers and end‑users, as set out in its Code of Business
Conduct. This commitment is based on recognition of and
respect for applicable local laws and regulations, as well
as international standards relating to social rights and
environmental protection, such as the International Bill of
Human Rights, the International Labor Organization (ILO)
Declaration on Fundamental Principles and Rights at Work,
the OECD Guidelines for Multinational Enterprises and the
Convention on the Rights of the Child adopted by the United
Nations General Assembly. This includes:
—
protection of personal data;
—
the right to equitable access to products and services
marketed through its various distribution channels;
—
the right to information for consumers and users through
various user documentation and, in terms of safety, via
the Trust Center;
—
commitment to combating harmful practices and
constant consideration of new safety practices;
—
redress mechanisms, with accessible and effective
processes in place to deal with consumer complaints and
concerns about possible violations of their rights.
Dassault Systèmes integrates respect for Human rights into
its IT security strategy in order to guarantee the protection
of consumers and end‑users by creating a secure digital
environment that respects fundamental rights, in particular
confidentiality, data integrity and equitable access to its
offers and services. This approach is based on the following
principles:
—
data protection: application of advanced security
protocols to protect user information from unauthorized
access, misuse or cyberattack. This includes technologies
such as data encryption, rigorous access management
and regular security audits;
—
prevention of security breaches: implementation of
intrusion detection and prevention systems, as well
as firewalls and real‑time monitoring tools, to quickly
identify any threat affecting the security of users and
consumers;
—
respect for privacy and data security through rigorous
management of personal data;
—
training and awareness: implementation of good IT
security practices, such as the use of secure passwords,
recognition of threats (phishing, malware) and data risk
management;
—
response to security incidents: in the event of a security
incident affecting consumer data, application of a
clear process for notifying affected users, conducting
an in‑depth analysis of the causes and implementing
corrective measures;
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—
transparency and communication concerning the IT
security measures put in place to protect consumer data
and the way in which their rights are respected in the
digital environment, notably via the Dassault Systèmes
Trust Center;
—
compliance with international security standards such
as those defined by the NIST Cybersecurity Framework,
to guarantee the security and protection of end‑users’
Human Rights in the context of Dassault Systèmes’
online activities.
Vigilance Approach
Dassault Systèmes’ Whistleblowing procedure enables all
stakeholders to report any breaches of Human rights and
fundamental freedoms to the Ethics Committee, which
is responsible for investigating cases of non‑compliance
brought to its attention. This procedure is described in detail
in paragraph 2.2.4.1.2 “Management of Strategic Matter 12:
Ensuring ethical and transparent Business Conduct” and is
available on the Company’s website (https://www.3ds.com/
about/corporate-responsibility/ethics-compliance).
In 2024, no cases of non‑compliance with the UN Guiding
Principles on Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work or the OECD
Guidelines for Multinational Enterprises, nor any serious
Human rights incidents, were brought to the attention of the
Company in relation to consumers and end‑users.
2.2.3.5
Social and Societal – Voluntary
Non-Material Disclosures
Certain actions or policies, even if not material in terms
of Dassault Systèmes’ double materiality assessment and
the strategic matters and material IROs identified, are
nonetheless important for the Company, particularly in
terms of the information required by ESG rating agencies, or
regulatory requirements outside the CSRD framework.
These voluntary, non‑material disclosures are grouped
together in a dedicated section within each of the
environment, social and business conduct topics.
2.2.3.5.1
Voluntary Non-Material Disclosures
relating to Social and Societal Matters
Contributing to a Collective Effort: taking a Stand at times of
a Major Crisis
Since circumstances sometimes call for stepping outside
one’s field of expertise to contribute to the collective
effort and make a difference for future generations,
Dassault Systèmes also lends its support, during major
crises, to initiatives that it deems relevant.
2.2.3.5.2
Voluntary Non-Material Metrics relating to Social and Societal Matters
The following Dassault Systèmes‑specific datapoints are required by ESG rating agencies:
2024
2023
Variation
2024‑2023
ESRS DATAPOINTS
Percentage People managers certified
75.8%
82.0%
(6.2) pts
-
Percentage of women in R&D
23.7%
23.1%
0.6 pts
-
Percentage of women in Sales, Marketing and Services
30.0%
29.9%
0.1 pts
-
Percentage of women in Company’s General Administration
47.0%
46.7%
0.3 pts
-
Percentage absenteeism – Illness
2.4%
-
-
-
Percentage absenteeism – Occupational accidents
0.0%
-
-
-
Percentage absenteeism – Maternity and paternity leave
0.7%
-
-
-
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2.2.4
Corporate Governance Information
Business ethics are a central pillar of Dassault Systèmes’
commitment
to
integrity,
transparency
and
social
responsibility. The Company’s mission is not limited to
technological innovation, but also includes promoting
best practices and irreproachable conduct throughout its
ecosystem. This makes it possible to positively transform
Dassault Systèmes’ socio‑economic and environmental
environment. It is a dynamic process of continuous
improvement. By integrating these principles at the heart
of its strategy and operations, Dassault Systèmes actively
contributes to the creation of sustainable value, not only for
the Company, but also for future generations.
For Responsible Social Practices
Dassault Systèmes’ approach is based on a fundamental
conviction:
sustainable
performance
and
responsible
innovation go hand in hand with a strong ethical culture.
Dassault Systèmes recognizes that the world is made up
of constraints, contingencies and interdependencies, and
seeks to develop with integrity, reconciling innovation,
performance and ethical values. Every interaction – with
its employees, partners or communities – reflects this
commitment to understanding and responding to the
real needs and tangible challenges it faces. In particular,
Dassault Systèmes ensures that the principles of corporate
social responsibility are at the heart of its practices and
those of its partners. The Corporate Social Responsibility
(CSR) Principles explicitly prohibit child labor, forced labor
and all forms of discrimination, and guarantee safe and
decent working conditions, as well as respect for freedom
of association and the right to collective bargaining. Further
information on Human rights is provided in sections S1, S2,
S3 and S4.
A rigorous Framework for Best Practices
Dassault Systèmes’ ethical commitments are based on clear
policies and guiding principles, such as its Code of Business
Conduct, CSR principles and “Anti-Corruption” policy.
These documents help to guide the actions and decisions
of employees worldwide. In addition, a global compliance
program incorporating innovative tools and rigorous control
mechanisms has been established to prevent and correct any
non‑compliant behavior.
Dassault Systèmes is also committed to establishing business
relationships based on transparency and responsibility.
This commitment extends to its partners, suppliers and
other stakeholders. Through continuous assessment of its
partners’ performance on ethical and environmental criteria,
the Company reinforces the credibility of its value chain
while encouraging mutual improvement. It invests in tools,
training and governance structures designed to maintain
high standards and meet the growing expectations of its
stakeholders.
As part of its double materiality assessment, Dassault Systèmes
has identified two strategic matters related to business
conduct, presented in the following sections:
—
strategic matter 11: Promoting sustainable procurement;
—
strategic matter 12: Ensuring ethical and transparent
business conduct.
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2.2.4.1
G1 – Business Conduct
2.2.4.1.1
Management of Strategic Matter 11: Promoting Sustainable Procurement
Dassault Systèmes relies on a large ecosystem of suppliers
with whom it wishes to maintain ethical and responsible
business relationships. To this end, the Company wishes
to promote transparency and trust, notably by respecting
payment deadlines and all the principles of ethics and social
responsibility, as set out in the Sustainable Charter with
Suppliers. This is included in the Company’s “Responsible
procurement” policy described below.
At the end of the double materiality assessment,
Dassault Systèmes selected an IRO for relations with
suppliers, corresponding to the potential negative impact on
their cash flow.
—
G1 – Potential negative impact on treasury capacity
of suppliers if not respecting suppliers’ contractual
payment terms:
Payment terms play a crucial role in a company’s financial
health. Failure to meet contractual payment terms with
suppliers could have a negative impact on their cash flow.
Material IROs
IRO Type
Sub‑topic
Levers
STRATEGIC MATTER 11: PROMOTING SUSTAINABLE PROCUREMENT
G1 – Potential negative
impact on treasury capacity
of suppliers if not respecting
suppliers’ contractual
payment terms
Negative
impact on
value chain
partners
Management of relationships
with suppliers including
payment practices
Lever 1: Monitor the efficiency of the
procurement process, from the creation of
the supplier to the payment of invoices, via
a controlled and integrated process
Lever 2: Contractualize with suppliers the
reciprocal expectations in terms of social,
environmental and societal responsibility
A)
Information on the “Responsible procurement” Policy
Dassault Systèmes’ “Responsible procurement” policy is part
of a long‑established global strategy aimed at integrating
principles of sustainability, ethics and compliance into
its procurement processes. The implementation of the
“Responsible procurement” policy is based on the system
described below and is broken down by purchasing category
(e.g. IT equipment purchases, real estate, hosting services) as
detailed in paragraphs 2.2.2.2.3 “ Management of Strategic
Matter 2: Limiting Carbon Footprint of Dassault Systèmes’
Operations and its Value Chain in a Growth Context”,
2.2.2.3.2 “ Management of Strategic Matter 3: Limiting
Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources” in topic E3 and 2.2.2.4.3 “ Management of
Strategic Matter 3: Limiting Dassault Systèmes’ Value Chain
Pressure on Earth’s Resources” in topic E5.
The policy applies to all Dassault Systèmes subsidiaries,
with the exception of its CENTRIC PLM subsidiaries, which
account for less than 8% of the Company’s expenditure. It is
proposed by the Company’s Procurement Director under the
responsibility of the Executive Vice-President, Chief Financial
Officer. The policy was updated in 2024.
The award in 2024 of the RFAR (Relations Fournisseurs et
Achats Responsables) label, supported by public authorities
and backed by the ISO 20400 standard, confirms that
Dassault Systèmes has aligned its procurement practices
with demanding sustainability standards. Awarded after
an independent audit, this label testifies to the Company’s
commitment to sustainable development, and strengthens
the
confidence
of
stakeholders
such
as
customers,
suppliers and investors in its business relationships. In
addition, Dassault Systèmes is committed to reflecting
the expectations of its business partners in its Sustainable
Charter with Suppliers (as described in Pillar 2 of the
responsible procurement approach below).
The responsible procurement approach is based on several
pillars:
Pillar 1: “Responsible procurement” Policy
The expectations of the Responsible procurement and
Risk Management policy and procedures have been
enriched by highlighting key sustainability principles
aimed at strengthening the integration of ESG criteria into
procurement practices. These include:
—
the obligation to allocate a weighting to environmental,
social and societal criteria in the main public tenders,
with a greater weighting of decarbonization criteria;
—
the importance of selecting suppliers with decarbonization
trajectories that are aligned with the Paris Agreement
and science‑based;
—
the need to integrate best practices in circular economy
and reduction of resource use into procurement.
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Pillar 2: Sustainable Charter with Suppliers
The Sustainable Charter with Suppliers completes the
environmental component by imposing clear commitments
on its partners in terms of Human rights and anti‑corruption:
—
it clarifies the Company’s expectations of its suppliers,
service providers and subcontractors in terms of
Corporate Social Responsibility, by setting out a number
of commitments. It is characterized by the fact that it
involves reciprocal commitments: Dassault Systèmes also
makes commitments to its suppliers, notably in terms
of payment deadlines. The Charter deals with expected
ethical and compliance behavior on both sides:
– in business relations: combating corruption, conflicts
of interest, gifts and hospitality, compliance with
competition law, handling confidential information,
protection of personal data,
– working conditions and Human rights: prohibition
of child labor, prohibition of forced labor, respect for
the right to freedom of association and collective
bargaining, prohibition of all forms of discrimination,
guarantee of a safe and healthy working environment,
and working conditions that protect people’s health
and safety,
– on the environmental impacts of our activities, in
particular limiting greenhouse gas emissions;
—
the Charter was updated in 2024 to include additional
commitments, in particular the prohibition of harassment
and abusive behavior;
—
the Social Responsibility clause is now an integral part of
almost all contract models, and worldwide deployment
currently is being finalized (with the exception of
CENTRIC PLM subsidiaries);
—
acceptance of this Charter is a prerequisite for registration
in the suppliers database. The Charter is displayed
on the back of purchase orders, and published on the
Company’s website (https://www.3ds.com/suppliers/
sustainable-procurement). Thanks to all these measures,
Dassault Systèmes ensures that its suppliers are aware of
the requirements and reciprocal duties laid down in this
Charter.
Pillar 3: Upstream Value Chain Decarbonization Program (Scope 3)
The Company’s aim is to interact with an ecosystem that
is itself committed to a monitored and communicated
Transition plan towards a more decarbonized economy,
with a horizon of more than five years. The Company
wishes to involve its main suppliers in its SBTi approach,
and has set itself the target that at least 50% of its suppliers
should themselves have a decarbonization trajectory
that is science‑based. Numerous SBTi webinars have
also been organized with suppliers over the past three
years to facilitate understanding of the approach and the
methodology for submitting targets. The contribution of the
Procurement function is described in paragraph 2.2.2.2.3
“Management of Strategic Matter 2: Limiting Carbon
Footprint of Dassault Systèmes’ Operations and its Value
Chain in a Growth Context”.
Pillar 4: Supplier Risk Management
—
Dassault Systèmes has set up a supplier risk management
system that complies with the requirements of the duty
of vigilance and aims to secure critical supplies;
—
supplier risk mapping was carried out in 2018 with the
help of an external firm, and was reviewed internally
in 2022, then in 2024 with the double materiality
assessment. It remains relevant;
—
the “Responsible procurement” policy sets out the steps
to be taken prior to procurement, such as due diligence
during competitive bidding, to manage these risks
effectively;
—
the Procurement department performs due diligence to
identify risks related to Human rights and fundamental
freedoms within its supplier ecosystem, using a
compliance platform (due diligence databases) to search
sanctions lists and unfavorable media;
—
the Sustainable Charter with Suppliers has been
enhanced
to
encourage
internal
and
external
stakeholders to report any shortcomings or incidents;
—
a supply disruption watch, particularly for critical
IT equipment, is being drawn up, with procurement
strategies adjusted to ensure continuity of operations.
Other Responsible Procurement Practices
—
listening to stakeholders: in addition to the dialogue
with certain suppliers referred to in paragraph 2.2.1.4.2
“ SBM_2 – Interests and Views of Stakeholders”, the
Procurement department conducts every two years
various surveys among its suppliers and internal
stakeholders to assess the quality of relations with
suppliers, as well as the efficiency of the procurement
process, from competitive bidding to order taking
through to invoice payment;
—
involvement of buyers: the training of procurement
teams remains essential. In recent years, buyers have
been trained in environmental issues through several
initiatives: Climate and Digital Collage (La Fresque du
climat, La Fresque du numérique) in 2022, the Circular
Economy Collage (La Fresque de l’économie circulaire) in
2023, and carbon accounting training and “Sustainability
for Procurement” e‑learning in 2024. In addition, part of
buyers’ individual and collective targets is linked to the
roll‑out of the supplier due diligence framework, and
the promotion of sustainability best practices, including
decarbonization actions and the SBTi program;
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—
development of positive externalities: in parallel to
reducing its negative impacts, Dassault Systèmes strives
to generate positive externalities, notably by increasing
its use of the sheltered employment sector, contributing
to the professional integration of people with disabilities.
By integrating these collaborations into its ESG
strategy, the Company amplifies its social impact, while
stimulating greater inclusion in its value chain.
B)
Policies and Key Actions relating to Strategic Matter 11: Promoting Sustainable Procurement
In its Sustainable Charter with Suppliers, Dassault Systèmes
is committed to respecting contractual payment terms.
Supplier payment policies are based on the practices of the
supplier’s country. Compliance with supplier payment terms
is a central target for the Company’s procurement teams,
who are managing purchases from order taking to supplier
payment. This policy is implemented globally. The rigorously
managed operational process is described in the table below.
Dassault Systèmes pays particular attention to SMEs,
especially in France, where they are often financially more
fragile than large groups.
In each country, contractual payment terms are set
irrespective of supplier category, applying the standard
terms in force, which vary from 30 to 60 days depending on
the country. Nevertheless, in view of the delicate liquidity
situation of certain suppliers during financial or health crises
(COVID-19), particularly SMEs, the Company has been able to
set up, on an exceptional basis, advance payment cycles.
Policies
Key actions
LEVER 1: MONITOR THE EFFICIENCY OF THE PROCUREMENT PROCESS, FROM THE CREATION OF THE SUPPLIER TO THE
PAYMENT OF INVOICES, VIA A CONTROLLED AND INTEGRATED PROCESS (G1)
“Responsible
procurement” policy
In 2024, the process of ensuring on‑time payment to suppliers focused on the following actions:
—
Reinforced communication with suppliers and internal customers, to remind them of the
importance of sending invoices directly to the accounting teams
—
Weekly, systematic and comprehensive reminders to internal customers, to ensure that
goods and services are received in the systems and invoices are validated
—
Specific reminders to suppliers to identify and process invoices over 30 days overdue
(services performed without an invoice received)
—
Increased number of monthly payment campaigns to reduce the time between payments (in
Europe, from three monthly campaigns in 2018 to a maximum of six in 2024, depending on
the country)
—
Regular reviews with key operational teams to resolve temporary difficulties that may affect
the relationship with a supplier
LEVER 2: CONTRACTUALIZE WITH SUPPLIERS THE RECIPROCAL EXPECTATIONS IN TERMS OF SOCIAL, ENVIRONMENTAL AND
SOCIETAL RESPONSIBILITY (G1)
Sustainable Charter with
Suppliers
—
The Sustainable Charter with Suppliers specifies that suppliers are required to send their
invoices within a few days after their issue date, so that they can be paid on time
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C)
Metrics and Targets relating to Strategic Matter 11: Promoting Sustainable Procurement
The Company regularly monitors the overall satisfaction of its suppliers, as well as the efficiency of its supplier settlement process.
2024
2023
Variation
2024‑2023
ESRS DATAPOINTS
Average number of days to pay an invoice from invoice date
37
35
2
6%
Number of outstanding legal proceedings for late payments (*)
0
-
-
-
COMPANY‑SPECIFIC DATAPOINTS
Percentage of payments done on‑time
89%
85%
4 pts
-
(*)
Data not reported in 2023.
In 2024, supplier payment cycle performance is stable, with
an average payment lead time of 37 days, 2 days more than
the average lead time of 35 days in 2023.
The on‑time payment rate is 89%, an improvement of
+4 points compared with 2023.
In 2024, two surveys measured supplier satisfaction with
the procurement process, concerning the sourcing and
expenditure commitment stages. The Net Promoter Score
(NPS) measures supplier satisfaction and loyalty, on a scale
from -100 to +100:
—
supplier satisfaction with the sourcing process: 96%
(NPS of 64) compared with in 2023;
—
satisfaction rate for the expenditure commitment
process: 92% (NPS of 60) compared with 90% in 2023.
Methodology
Supplier payment metrics are highly reliable. They cover
the entire Dassault Systèmes perimeter, with the exception
of newly‑acquired companies or those in the process of
integration, which account for 15% of the Company’s
purchases.
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2.2.4.1.2
Management of Strategic Matter 12:
Ensuring ethical and transparent
Business Conduct:
This section covers the following two IROs:
—
G2 – Reputation risk linked to business conduct and
company culture breach:
Although
Dassault
Systèmes
has
implemented
a
program to ensure that its employees and partners
comply with all applicable regulations, including the
highest ethical standards, export control regulations,
sanctions programs or competition law, violation of
local or international regulations could generate a risk
for Dassault Systèmes’ business or reputation. Actual
or suspected non‑compliance with these regulations
could have a negative impact on Dassault Systèmes’
reputation.
—
G3 – Reputation and financial risks linked to potential
fraud and corruption cases:
Although Dassault Systèmes has implemented a program
to ensure that its employees and partners comply with
the highest ethical standards, violation of these rules, as
evidenced by cases of fraud or corruption, could generate
a risk for the Company’s business or reputation. Actual
or suspected cases of fraud or corruption could lead to
inspections or investigations by the relevant authorities,
or even to fines or sanctions, as well as an increase
in the risk of litigation and thus a negative impact on
Dassault Systèmes’ business, revenue, employer brand
or reputation. However, this risk would only have a
temporary impact due to the Company’s mitigation
policies and measures.
Material IROs
IRO Type
Sub‑topic
Sub‑sub‑topic
Levers
ENJEU STRATEGIQUE 12: ENSURING ETHICAL AND TRANSPARENT BUSINESS CONDUCT
G2 – Reputation risk linked to
business conduct and company
culture breach
Risk
Corporate culture
Protection of whistle‑blowers
Political engagement and
lobbying activities
Lever 1: Risk management: Prevention
Lever 2: Risk management: Detection
Lever 3: Risk management: Remediation
G3 – Reputation and financial
risks linked to potential fraud
and corruption cases
Risk
Corruption and bribery
Prevention and detection
including training
2
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A)
Policies and Key Actions relating to Strategic
Matter 12: Ensuring ethical and transparent
Business Conduct
A.1) Business Ethics at Dassault Systèmes
Since its creation, Dassault Systèmes has promoted a culture
of trust and integrity, fostering lasting relationships with
its stakeholders, including employees, customers, business
partners, suppliers, investors, as well as public authorities
and regulators. The Company strives to ensure an ethical and
compliant working environment, aligning its actions with
high standards of responsibility.
The Company regularly supports this culture through
awareness‑raising and training initiatives, designed to
reinforce the understanding and integration of these values
into professional practices. Metrics and evaluation processes
are used to measure employees’ adherence and to adjust
Dassault Systèmes’ actions to the ethical and compliance
challenges identified, as part of a continuous improvement
process.
Policies
LEVER 1: RISK MANAGEMENT PREVENTION (G2/G3)
Main policies:
—
Code of Business Conduct;
—
Corporate Social Responsibility Principles;
—
Sustainable Charter with Suppliers;
—
“Anti-Corruption” policy.
Complementary policies;
—
Recommendations for interaction with Dassault Systèmes’ intermediaries;
—
Recommendations for Gifts and Invitations with Third Parties (and declaration procedure);
—
Dassault Systèmes’ Recommendations on conflicts of interest;
—
Charter for Responsible Public Affairs.
LEVER 2: RISK MANAGEMENT DETECTION (G2/G3)
—
Dassault Systèmes’ Whistleblowing procedure.
LEVER 3: RISK MANAGEMENT REMEDIATION (G2/G3)
—
Code of Business Conduct.
The ethics and compliance rules described below apply to all
Dassault Systèmes subsidiaries and may apply specifically
to business relationships within the value chain. The Code
of Business Conduct, the “Anti-Corruption” policy and the
Social Responsibility Principles are proposed by the director
of Business Ethics and compliance, under the responsibility
of the General Counsel and approved by the Executive
Vice-President, Chief Financial Officer. The Charter for
Responsible Public Affairs is the responsibility of the General
Secretary, a member of the Executive Committee.
Dassault
Systèmes’
business
ethics
are
based
on
fundamental international texts relating to Human and Social
Rights and environmental protection, such as the United
Nations International Bill of Human Rights, the International
Convention on the Rights of the Child, the Organization for
Economic Cooperation and Development (OECD) Guidelines
for Multinational Enterprises, and the various fundamental
conventions of the International Labor Organization.
Dassault Systèmes’ commitment to professional ethics
and corporate responsibility is reflected in the ethics and
compliance rules applicable to all its employees and its
ecosystem, as well as ethics and compliance governance,
notably through the management of the Whistleblowing
procedure and employee awareness and training.
A.1.a) Ethics and Compliance Rules applicable at
Dassault Systèmes
Dassault Systèmes’ commitment to professional ethics
and corporate responsibility is formalized in policies and
procedures relating to corporate governance, in particular
in the Code of Business Conduct, the Corporate Social
Responsibility Principles and the Sustainable Charter with
Suppliers.
Code of Business Conduct
The Code of Business Conduct, introduced in 2004,
applies to all Company employees. It describes how the
Company intends to conduct its business. It covers, in
particular, (i) compliance with regulations applicable to
Dassault Systèmes’ activities, (ii) the interactions of each
individual within the Company and with its ecosystem, and
(iii) the protection of the Company’s assets, in particular its
intellectual property and that of its customers and partners.
It is supplemented by dedicated policies, notably in the areas
of anti‑corruption and influence peddling, personal data
protection, conflicts of interest, public affairs management
and the protection of confidential information, including
insider information.
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This Code also includes references to the Company’s policies
on social responsibility and business ethics, as well as a
pedagogical presentation of the Whistleblowing procedure.
Corporate Social Responsibility Principles
The Corporate Social Responsibility Principles are based on
the above‑mentioned fundamental international texts. They
provide for:
—
the prohibition of work by children of compulsory school
age (and, in any case, children under 15), forced labor and
all other forms of modern slavery;
—
the prohibition of all forms of discrimination in
recruitment, career development and at the end of
employment relationships;
—
guaranteeing a safe and healthy working environment to
ensure the hygiene, safety and health of employees;
—
compliance
with
legal
and
regulatory
minimum
remuneration requirements;
—
respect for freedom of association and the right to
collective bargaining;
—
zero tolerance of corruption and influence peddling;
—
compliance with regulations on personal data protection
and environmental protection.
Sustainable Charter with Suppliers
The
Charter
is
described
in
paragraph
2.2.4.1.1.A.
“Information on the 'Responsible procurement' policy”.
These documents are intended to serve as a reference for
the Company’s employees, to guide their behavior and
interactions in their day‑to‑day activities, and to ensure
the commitment of the Company’s partners and suppliers.
They are available on the Dassault Systèmes website
(https://www.3ds.com/about-3ds/what-drives-us/ethics-
compliance) and on its internal 3DEXPERIENCE platform.
A.1.b) Whistleblowing Procedure
Any case of non‑compliance with applicable laws and
regulations, notably in terms of anti‑corruption, duty
of vigilance or the Dassault Systèmes’ Code of Business
Conduct, may be reported via the Dassault Systèmes
Whistleblowing procedure. This procedure is available in
18 languages on the Company’s 3DEXPERIENCE platform, as
well as to all stakeholders on its website https://www.3ds.
com/about3ds/what-drives-us/ethics-compliance/
whistleblowingalert-procedure.
Dassault Systèmes encourages bona fide whistleblowers
to make a report by guaranteeing the confidentiality of
their identity, the absence of reprisals and by protecting
their anonymity. The Whistleblowing procedure has been
modified in 2023 and 2024, notably to reinforce it with the
new provisions on whistleblower protection resulting from
European Directive 2019/1937 of October 23, 2019 and its
transposition by European Union member countries.
Whistleblowers have the opportunity to report a breach:
—
by writing to people.ethicscommittee@3ds.com;
—
via an online form on the Company’s website
under
the
following
link:
https://www.3ds.com/
about/corporateresponsibility/ethics-compliance/
whistleblowing-form/;
—
by leaving a telephone message on the dedicated
voicemail box, the numbers of which for each country
where the Company is present are published on its
website under the following link: https://www.3ds.
com/about-3ds/what-drives-us/ethics-compliance/
whistleblowing-alert-procedure/how-make-alert-
telephone;
—
by requesting an interview.
In order to promote the Whistleblowing procedure,
Dassault Systèmes conducts specific training courses and
actively develops awareness‑raising initiatives. These actions
are aimed at informing Dassault Systèmes’ employees
and partners of the reporting procedures available, thus
reinforcing the accessibility and effectiveness of the
procedure throughout the Company and its ecosystem.
The Dassault Systèmes’ Ethics Committee ensures that
employees comply with the rules set out in the Code of
Business Conduct. Its mission is to systematically investigate
any cases of non‑compliance brought to its attention,
in particular through the Whistleblowing procedure. It
meets once a month. Its members are two members of the
Company’s General Secretariat (amongst which the General
Secretary), the Executive Vice-President, Chief People &
Information Officer, the General Counsel, the Internal Audit
Director, the Director in charge of Personal Ethics, and the
Company’s Director of Business Ethics and Compliance.
Reports received by Dassault Systèmes are handled
impartially and with the utmost care by Business Ethics
& People Ethics managers under the authority of the
Ethics Committee. These reports are thoroughly checked,
investigated if necessary, and any action deemed necessary
is taken, in compliance with applicable regulations. In
addition, all Dassault Systèmes employees likely to be
involved in an internal investigation receive specific training
in the conduct of such investigations.
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A.1.c) Raising Awareness and Training Employees
All the Company’s employees attend the mandatory Code
of Business Conduct training course, which covers the
topics of ethics and compliance as developed in the Code of
Business Conduct. Employees must systematically declare
that they are familiar with the Code of Business Conduct
and undertake to comply with it at. It is available in eleven
languages and comprises a theoretical part followed by
practical applications in the form of questions and answers
for each topic covered.
Employees are also made aware of business ethics issues
through online training, presentations at seminars held
within the Company, face‑to‑face training or webinars
on specific subjects, for employees who are particularly
exposed or subject to a legal training obligation in their
country. Finally, awareness‑raising articles and instructional
videos are regularly published on the Company’s internal
3DEXPERIENCE platform.
A.2) Responsible Governance
In its management of public affairs, Dassault Systèmes
is committed to responsible lobbying, applying rigorous
transparency in accordance with current regulations and
best practices. The Company thus reaffirms its commitment
to the Corporate Responsibility Principles enshrined in the
United Nations Global Compact, of which it is a signatory.
In accordance with the Charter for Responsible Public Affairs,
Dassault Systèmes employees must not engage in public
affairs activities without the approval of their superiors.
They report to their superiors and to the General Secretariat
for the most important issues. Employees representing
Dassault Systèmes in organizations likely to become involved
in public affairs must report this to the General Secretariat.
To support these practices, Dassault Systèmes implements
dedicated
policies
and
applies
rigorous
transparency
practices. Monitoring by the Board of Directors ensures
transparent management in line with the Company’s
fundamental values.
The Dassault Systèmes’ Charter for Responsible Public
Affairs is available on the Company’s website (https://
www.3ds.com/about/corporate-responsibility/ethics-
compliance/charter-responsible-public-affairs).
Dassault Systèmes does not make political contributions or
provide benefits to promote or support a particular political
party or public official.
As a scientific company specializing in the research and
development of innovative software, Dassault Systèmes
focuses its lobbying activities to a limited extent on subjects
of strategic importance to the Company, such as industrial
and digital sovereignty, sustainable innovation, and policies
relating to Life Sciences & Healthcare. These activities are
aligned with the Company’s values of trust and transparency.
Interest representation activities are organized as follows:
—
for the European Union, interest representation activities
are identified and published in the European Union
Transparency Register, in which Dassault Systèmes
is registered under number 454608238523‑04. The
activities carried out and the budgets allocated by
Dassault Systèmes are easily accessible from the
following
link:
https://transparency-register.europa.
eu/searchregister-or-update/organisation-detail_
en?id=454608238523-04; Dassault Systèmes follows
the rules of the Code of Conduct of this European Union
transparency register in its relations with the European
institutions;
—
in France, Dassault Systèmes is listed in the Répertoire
français des représentants d’intérêts kept by the Haute
Autorité de la Transparence de la Vie Publique (HATVP)
(https://www.hatvp.fr/le-repertoire/). Employees likely
to be in contact with public officials are identified and
their list is reviewed each year; they are asked to declare
their activities via a dedicated form. An annual activity
report, including allocated budgets, is produced and
published by the HATVP, and accessible on its website:
https://www.hatvp.fr/fiche-organisation/?organisati
on=322306440.
No
member
of
the
administrative,
management
or
supervisory bodies appointed in 2024 has held a comparable
position in a public administration for the two years prior to
his or her appointment.
A.3) Anti-Corruption Program
Dassault Systèmes has a zero‑tolerance policy towards
corruption and influence peddling. The Company is
committed to complying with all applicable anti‑corruption
laws, in particular the US Foreign Corrupt Practices Act
(FCPA), the UK Bribery Act and the French Sapin 2 law.
This commitment by the Company’s senior management is
reflected in the implementation of a rigorous anti‑corruption
program structured around a specific risk mapping system,
dedicated training courses, assessment procedures, a
system of controls and audits, and policies dedicated to
anti‑corruption. Dassault Systèmes’ Business Ethics and
Compliance department, which reports to the General
Counsel and is supported by a network of Compliance
Ambassadors, is responsible for defining and deploying the
Company’s ethics and compliance program in conjunction
with the Ethics Committee. This program includes the
fight against corruption. It is based on the following three
principles: prevent, detect and remedy. The implementation
and development of the anti‑corruption program and its key
metrics are presented annually to the Board of Directors.
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A.3.a) Preventing
The prevention of corruption at Dassault Systèmes is
based on the dissemination of policies, procedures and
recommendations
to
the
Company’s
employees
and
partners. These include:
—
the Code of Business Conduct: it reiterates Dassault Systèmes’
zero‑tolerance policy towards corruption and influence
peddling, including bribes and facilitation payments,
regardless of local custom or commercial pressure, and
even if this results in the loss of business opportunities;
—
the Dassault Systèmes “Anti-Corruption” policy (updated
in December 2017 and July 2019, available on the
Dassault Systèmes website at https://www.3ds.com/
assets/invest/2022-05/anticorruption-policy-fr-2020-2.
pdf), which describes the behavior to be adopted in the
professional context, to prevent and detect any form
of corruption or bribery within the Company or during
interactions with third parties;
—
the Sustainable Charter with Suppliers, which defines
the Company’s expectations of its suppliers in terms of
compliance with applicable regulations and prevention of
corruption and conflicts of interest;
—
Dassault
Systèmes’
Whistleblowing
procedure,
a
mechanism enabling employees and stakeholders to
confidentially report any breach of applicable laws
and regulations – notably anti- corruption – or of
Dassault Systèmes’ Code of Business Conduct without
fear of reprisal;
—
“Recommendations
for
interaction
with
Dassault Systèmes’ intermediaries”, which establish
guidelines on how employees should manage their
relationships with agents, distributors, consultants
or
other
intermediaries
working
with
or
for
Dassault Systèmes, in order to ensure that these
activities comply with applicable regulations and the
Company’s “Anti-Corruption” policy;
—
Dassault Systèmes’ “Recommendations on conflicts
of interest”, which aim to help employees identify,
manage and avoid situations likely to generate conflicts
of interest;
—
“Recommendations for Gifts and Invitations with third
parties” (and the corresponding operating “external
guests” procedure), which govern the exchange of gifts
and invitations between the Company’s employees and
third parties, ensuring that these practices comply with
applicable laws and the “Anti-Corruption” policy.
These policies, procedures and recommendations are made
available to the Company’s employees and partners on
its internal 3DEXPERIENCE platform, as well as on the
Dassault Systèmes website for some of them.
Preventing
corruption
also
relies
on
training
and
awareness‑raising for the Company’s employees and
partners, through online, face‑to‑face or webinar training
delivered by the Business Ethics and Compliance department
or by members of the Compliance Ambassadors community
made up of legal, financial and operational experts.
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The nature, content and depth of the training programs developed by Dassault Systèmes to combat corruption and bribery are
presented in the table below:
Type of Training
Main Targets
Key Content
Target Audience
Status
1 – Basic training:
Code of Business
Conduct
Understanding
ethical and
compliance rules
Presentation of the different forms of
corruption, dedicated internal policies,
rules applicable to gifts and invitations,
and the Whistleblowing procedure.
All the
Company’s
employees
Mandatory
Recurring
2 – Intermediate
training:
“Understanding
the principles of
anti‑corruption”
A deeper
understanding of
corruption risks
Additional content:
Presentations of anti‑corruption
legislation, identification of the different
forms of corruption, analysis of the risks
associated with partners and practical
case studies.
All the
Company’s
employees
Mandatory
3 – In‑depth training:
“In‑depth training on
anti‑corruption”
Preventing and
managing complex
situations
Additional content:
Presentation of the Compliance
organization, analysis of risk mapping,
identification of complex corruption
schemes, detection of red flags and
adoption of the right compliance reflexes.
Exposed
functions
Periodical
The functions identified as being most exposed to the risk
of corruption and bribery are in particular those involved
in the development of business opportunities, located in
countries classified as “at risk” according to the Transparency
International index, as well as those dealing with public
entities.
In addition to training on the Code of Business Conduct and
anti‑corruption, these employees are required to complete a
specific session covering the risks associated with their area
of activity. In this way, 100% of the functions identified as
being most exposed to the risks of corruption and bribery are
covered by corruption prevention training.
Members of the Company’s administrative and supervisory
bodies benefit from dedicated anti‑corruption training,
provided either as part of their mandatory training as
employees, or during annual presentations to the Board
of Directors. Awareness is also raised throughout the year
through the various initiatives undertaken as part of the
Company’s compliance program.
Dassault Systèmes’ system for preventing corruption is also
based on the implementation of due diligence procedures
with regard to third parties. These assessments aim to
identify potential risks of non‑compliance, Human rights
violations and corruption, and to ensure that the Company’s
business relationships are aligned with its values of
responsibility and integrity. Third parties are thus assessed
using specialized databases and advanced analysis tools,
enabling the necessary controls to be targeted according to
the activities and geographical areas concerned.
A.3.b) Detecting
The detection of corruption at Dassault Systèmes is based on
several complementary mechanisms. In particular, it relies
on alerts received as part of the Whistleblowing procedure,
due diligence carried out when selecting intermediaries, and
accounting controls carried out by the teams concerned. It
also includes specific audits carried out by the Internal Audit
department as part of its internal control assessment, as
well as one‑off audits aimed at preventing or detecting any
cases of fraud or non‑compliance with the Company’s rules
and procedures. Finally, the implementation of the various
levels of control linked to the anti‑corruption program is an
essential lever in this detection system.
In the event of allegations or suspicions concerning ethical
business issues, particular attention is paid to appointing
independent investigators from outside the management
chain involved, in order to guarantee the impartiality and
integrity of investigations.
Dassault Systèmes also has limited lobbying activities,
mainly in Europe. The estimated annual cost of activities
covered by the European Union’s Transparency Register
(https://transparency-register.europa.eu/)
ranges
from
500,000 to 599,999 euros.
A.3.c) Remediating
The Ethics Committee deals with cases of non‑compliance
with the Code of Business Conduct, including possible cases
of corruption. It takes the necessary measures to put an end
to cases of non‑compliance, and makes recommendations
as to the appropriate sanctions. As part of the continuous
improvement process for its ethics and compliance program,
the Company incorporates the lessons learned from the
analysis of key performance metrics, including training
completion rates, the results of controls carried out or the
nature of cases examined, to enrich its anti‑corruption tools
(policies, controls, procedures, training, awareness‑raising).
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B)
Metrics and Targets relating to Strategic Matter 12: Ensuring ethical and transparent Business Conduct
All the procedures and due diligence described in paragraph 2.2.4.1.2.A “ Policies and Key Actions relating to Strategic
Matter 12: Ensuring ethical and transparent Business Conduct” lead the Company to monitor the following metrics:
2024
2023
Variation
2024‑2023
Target
2025
ESRS DATAPOINTS
Number of convictions for violation of anti‑corruption and anti‑bribery laws (1)
0
-
-
-
Amount of fines for violation of anti‑corruption and anti‑bribery laws (1)
0
-
-
-
Amount of financial political contributions made (1)
0
-
-
-
COMPANY‑SPECIFIC DATAPOINTS
Number of suppliers subject to due diligence
1,650
1,432
218
15.2%
Number of due diligence of third parties (business partners, resellers,etc.)
484
367
117
31.9%
Number of cases examined by the ethics Committee following suspicions
of non‑compliance
46
58
(12)
(20.7%)
Percentage of disciplinary sanctions in cases of non‑compliance
100.0%
100.0%
0.0 pts
-
Percentage of employees trained on anti‑corruption
99.8%
99.5%
0.3 pts
-
Percentage of employees trained on Code of Business Conduct
94.7%
98.6%
(3.9) pts
-
Percentage of employees trained on ethics and compliance(2)
96.6%
98.9%
(2.3) pts
-
95%
(1)
Data not reported in 2023.
(2)
Average percentage of permanent employees who completed mandatory trainings on Code of Business Conduct, personal data protection and anti‑corruption.
The target for the percentage of employees trained on ethics
and compliance is 95% by the year 2025.
Metrics relating to ethics and transparency are monitored by
Dassault Systèmes’ Business Ethics and Compliance or Legal
departments, and are highly reliable. They cover the entire
scope of the Company. With regard to the training metric,
certain newly‑acquired or integrating companies are not
covered, including CENTRIC PLM.
2.2.4.1.3
For a Responsible and Transparent Tax Policy
Dassault Systèmes’ commitment to ethical and sustainable
growth is underpinned by a responsible and transparent Tax
policy in all countries where the Company operates.
Dassault Systèmes’ Tax policy complies with current
regulations and the principles derived from European Union
law and OECD recommendations. Its implementation is in line
with the Company’s operational targets. By keeping abreast
of tax developments and any interpretative discrepancies
that may arise, the Company always ensures that it complies
with the tax regulations in force in the countries in which it
operates. It also complies with its annual country‑by‑country
reporting obligations (CBCR).
Dassault Systèmes’ Tax policy is based on three main
principles: tax compliance, tax transparency and tax
responsibility.
Tax Compliance
The Company ensures that it prepares and files the required
tax returns on time, and pays the taxes due accordingly. It
also provides all accurate and adequate information required
by tax authorities. Dassault Systèmes applies the arm’s
length principle by setting its prices in accordance with
OECD recommendations and national laws. Taxes are paid in
the countries in which they are due. The Company is eligible
for certain tax benefits designed to support investment,
particularly in research and development, employment and
economic development. These advantages are implemented
in compliance with the legal, regulatory or administrative
framework and are aligned with Dassault Systèmes’
operational targets.
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Tax Transparency
Dassault Systèmes is open with tax authorities and strives,
wherever possible, to build relationships of trust based on
transparency and cooperation in mutual respect. With this in
mind, Dassault Systèmes SE signed a partnership agreement
with the French tax authorities in November 2023. This
partnership is based on the principle of transparency
vis‑à‑vis the authorities, and aims to establish a long‑term
working relationship between Dassault Systèmes SE and the
dedicated referent within the administration’s partnership
department. In the context of tax audits, certain positions
taken by the Company may be challenged by a tax authority,
particularly in cases where a provision of national or
international law gives rise to difficulties of interpretation.
When such a situation arises, it may lead to litigation if
Dassault Systèmes considers it justified. In the event of
uncertainty as to the applicable tax treatment, the Company
can secure its position by initiating a rescrit procedure.
In this way, it can use the advance pricing agreement
procedure to apply its transfer prices. Dassault Systèmes, as
part of a voluntary initiative, joined the ICAP (International
Compliance Assurance Program) in 2019, an OECD pilot
program in which taxpayers and tax authorities cooperate
multilaterally to assess the international tax practices of
participating groups in order to determine the associated
level of tax risk. Dassault Systèmes was the first French
company to join this program. The collaboration was
a success, and helped to increase cooperation and
transparency with the various tax authorities involved in
the program. The majority of participating tax authorities
have validated Dassault Systèmes’ transfer pricing policies,
helping to secure tax positions in the event of tax audits. In
addition, the Company participates in several OECD working
groups, notably on the subject of “Tax Security” and Pillar
2, and in certain national initiatives within professional
organizations.
Tax Liability
Dassault Systèmes is committed to responsible Tax
policy. All legal entities of the Company are operated
according to commercial and operational considerations,
and have economic substance. Dassault Systèmes has no
non‑operational legal entities in Non-Cooperative States and
Territories (tax havens) as defined by French and European
tax law, and is committed to maintaining this practice. In the
context of its external growth, the Company carries out tax
due diligence and may have to modify certain practices that
are not in line with the tax policy set out above. Finally, it
is Dassault Systèmes’ policy not to encourage or promote
tax evasion. The tax policy applies to all Dassault Systèmes
entities. It is proposed by the Company’s Tax department
under the responsibility of the Executive Vice-President,
Chief Financial Officer. It has been approved by the
Sustainability Steering Committee and is discussed annually
by the Audit Committee. It is made available to stakeholders
on the Company’s website (https://www.3ds.com/fr/about/
corporate-responsibility/sustainability-commitment/esg-
management/governance).
The Company’s total tax charge and effective tax rate for
2024 are disclosed in Note 10 Income Taxes in Chapter 3
“Financial Review and Prospects”.
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2.2.5
Appendix – Glossary of abbreviations
Meaning
AI
Artificial Intelligence
CAD/CAM
Computer Aided Design/Computer Aided Manufacturing
CBCR
Country‑by‑country reporting
CCM
One of the six EU Taxonomy objectives: Climate Change Mitigation
CDP
Carbon Disclosure Project: ESG rating agency
CE
One of the six EU Taxonomy objectives: Circular Economy
CNA
CVE Numbering Authority (with CVE = Common Vulnerabilities & Exposures)
COSO
Committee Of Sponsoring Organization: internal control framework
CSR
Corporate Social Responsibility
CSRD
Corporate Sustainability Reporting Directive, directive proposed by the European Commission to impose and
provide a better framework for companies’ non‑financial reports linked to sustainable development.
DMA
Double Materiality Assessment
DNSH
Do No Significant Harm: In the context of the EU Taxonomy, this means not causing significant harm to any of
the six environmental objectives set by the European Union
DPEF
Déclaration des Performances Extra Financières: French law regarding to the declaration of non‑financial
performance
EAC
Energy Attribute Certificate: renewable energy certificates such as Guarantees of Origins (GoOs) and the
Renewable Electricity Certificates (REC)
EEA
European Economic Area
EECONE
European ECOsystem for greeN Electronics: wide project for electronic waste reduction
EGDC
European Green Digital Coalition: EU declaration signed by 26 leaders of High‑tech companies aiming to commit
to the fight against climate change
ERM
Enterprise Risk Management
ESG
Environmental, Social and Governance
ESRS
European Sustainability Reporting Standards
FCPA
Foreign Corrupt Practices Act: American law on corruption practices
GDPR
General Data Protection Regulation
GHGs
Greenhouse Gases: GHG emissions are used in an equivalent way with carbon emissions or CO2 emissions, all
through sections 1.8 “Non-Financial Summary” and chapter 2 “Environmental, Social, Societal and Governance
Responsibility”
HATVP
Haute Autorité de la Transparence de la Vie Publique: French body to notably promote exemplarity and integrity
of public authorities
IaaS
Infrastructure as a Service
ICT
Information and Communication Technologies
IEA
International Energy Agency
IPCC
Intergovernmental Panel on Climate Change
IRO
Impacts, Risks, Opportunities (as defined by CSRD)
ITAD
Information Technology Asset Disposition
LCA
Life Cycle Assessment
MSCI
ESG rating agency (ex – Morgan Stanley Capital International)
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n/a
Non applicable
OECD
Organization for Economic Co‑operation and Development
PLM
Product Lifecycle Management
PUE
Power Usage Effectiveness
RCP
Representative Concentration Pathways
RFAR
Relation Fournisseurs Achats Responsables: French label rewarding companies or French public entities for
sustainable relationships with their suppliers
SASB
Sustainability Accounting Standards Board
SBTi
Science-Based Targets initiative
SDG
Sustainable Development Goals, defined by the United Nations
SDS
Sustainable Development Scenario: a transitional climate scenario aligned with the target of “below 2°C” set by
the Paris Agreement
SSP
Shared Socio‑economic Pathways
STEPS
Stated Policies Scenarios (from the IEA): scenarios designed to provide insight into the progress of the energy
system based on a detailed review of the policy landscape. This is a sector‑by‑sector assessment of the policies
that have been put in place to achieve energy‑related objectives.
TCFD
Task Force on Climate‑related Financial Disclosures, a working group on the publication of climate‑related financial
information, which aims to improve the financial transparency of companies in matters relating to climate.
tCO2-eq
Ton of CO2 equivalent, a unit created by the IPCC to compare the impact of different GHGs in terms of global
warming and to add up their emissions.
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Auditor’s Report and Attestations
2
2.3
Auditor’s Report and Attestations
2.3.1
Auditor’s Report on Consolidated Sustainability Statement
and on control of disclosure requirements of information as
set out in article 8 of regulation (UE) 2020/852 (CSRD)
To the General Meeting,
This report is issued in our capacity as Statutory Auditor
of Dassault Systèmes SE. It covers the sustainability
information and the information required by Article 8 of
Regulation (EU) 2020/852, relating to the year ended
December 31, 2024 and included in paragraph 2.2 of
chapter 2 “Environmental, social, societal and governance
responsibility” of the Group management report and
presented in the Universal registration document (hereafter
“the Group sustainability statement”).
Pursuant to Article L. 233‑28‑4 of the French Commercial
Code, Dassault Systèmes SE is required to include the
above mentioned information in a separate section of the
Group’s management report. This information has been
prepared in the context of the first‑time application of the
aforementioned articles, characterized by uncertainties
over the interpretation of the texts, the use of significant
estimates, the absence of established practices and
frameworks, notably for the double materiality assessment,
and by an evolving internal control system. It enables
to understand the impact of the activity of the Group
on sustainability matters, as well as the way in which
these matters influence the development of its business,
performance and position. Sustainability matters include
environmental, social and governance matters.
Pursuant to II of Article L. 821‑54 f the aforementioned Code
our responsibility is to carry out the procedures necessary to
issue a conclusion, expressing limited assurance, on:
—
compliance with the sustainability reporting standards
adopted pursuant to Article 29 ter of Directive (EU)
2013/34 of the European Parliament and of the Council
of 14 December 2022 (hereinafter ESRS for European
Sustainability Reporting Standards) of the process
implemented by Dassault Systèmes SE to determine
the information reported, and compliance with the
requirement to consult the Social and Economic
Committee provided for in the sixth paragraph of Article
L. 2312‑17 of the Labor Code;
—
compliance of the sustainability information included in
the Group sustainability statement with the requirements
of article L. 233‑28‑4 of the French Commercial Code,
including the ESRS; and
—
compliance with the reporting requirements set out in
Article 8 of Regulation (EU) 2020/852.
This engagement is carried out in compliance with the ethical
rules, including independence, and quality control rules
prescribed by the French Commercial Code.
It is also governed by the H2A guidelines on “Limited
assurance engagement on the certification of sustainability
information and verification of disclosures requirements set
out in Article 8 of Regulation (EU) 2020/852”.
In the three separate parts of the report that follow, we
present, for each of the parts of our engagement, the nature
of the procedures that we carried out, the conclusions that
we drew from these procedures and, in support of these
conclusions, the elements that to which we paid particular
attention and the procedures that we carried out with regard
to these elements. We draw your attention to the fact that
we do not express a conclusion on any of these elements
taken in isolation and that the procedures described should
be considered in the overall context of the formation of the
conclusions issued in respect of each of the three parts of our
engagement.
Finally, where deemed necessary to draw your attention
to one or more disclosures of sustainability information
provided by Dassault Systèmes SE in the Group management
report, we have included an emphasis of matter paragraph
hereafter.
The limits of our engagement
As the purpose of our engagement is to provide limited
assurance, the nature (choice of techniques), extent (scope)
and timing of the procedures are less than those required to
obtain reasonable assurance.
Furthermore, this engagement does not provide guarantee
regarding the viability or the quality of the management
of Dassault Systèmes SE, in particular it does not provide
an assessment, of the relevance of the choices made by
Dassault Systèmes SE in terms of action plans, targets,
policies, scenario analyses and transition plans, which
would go beyond compliance with the ESRS reporting
requirements.
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It does, however, allow us to express conclusions regarding
the process for determining the sustainability information
to be reported, the sustainability information itself, and the
information reported pursuant to Article 8 of Regulation
(EU) 2020/852, as to the absence of identification or, on
the contrary, the identification of errors, omissions or
inconsistencies of such importance that they would be likely
to influence the decisions that readers of the information
subject to this engagement might make.
Our engagement does not cover any comparative data.
Compliance with the ESRS of the process
implemented by Dassault Systèmes SE to determine
the information reported, and compliance with the
requirement to consult the Social and Economic
Committee provided for in the sixth paragraph of
Article L. 2312‑17 of the Labor Code
Nature of procedures carried out
Our procedures consisted in verifying that:
—
the
process
defined
and
implemented
by
Dassault Systèmes SE has enabled, in accordance with
the ESRS, to identify and assess its impacts, risks and
opportunities related to sustainability matters, and to
identify the material impacts, risks and opportunities,
that are disclosed in the Group sustainability statement;
and
—
the information provided on this process also complies
with the ESRS.
We also checked the compliance with the requirement to
consult the Social and Economic Committee.
Conclusion of the procedures carried out
On the basis of the procedures we have carried out, we
have not identified any material errors, omissions or
inconsistencies regarding the compliance of the process
implemented by Dassault Systèmes SE with the ESRS.
Concerning the consultation of the Social and Economic
Committee provided for in the sixth paragraph of Article
L. 2312‑17 of the Labor Code, we inform you that, at the
date of this report, it has not yet taken place.
Elements that received particular attention
We set out below the elements that have been the
subject of particular attention on our part as regards the
compliance with the ESRS of the process implemented
by Dassault Systèmes SE to determine the information
reported.
Concerning the identification of stakeholders
Information on the identification of stakeholders is set out
in paragraph 2.2.1.4.2 “SBM_2 –Interests and Views of
Stakeholders” of the Group sustainability statement.
We reviewed the analysis conducted by the entity to identify:
—
stakeholders, who can affect or be affected by
the entities within the scope of the information,
through their activities and direct or indirect business
relationships across the value chain;
—
the primary users of sustainability statements (including
the primary users of the financial statements).
We interviewed management and the persons we deemed
appropriate and examined the available documentation. Our
work consisted primarily in:
—
assessing the relevance of the main stakeholders
identified by the entity in view of the nature of its
activities and its geographical location, taking into
account its business relationships and value chain;
—
exercising professional skepticism in assessing the
representative nature of the stakeholders identified by
the entity;
—
assessing the appropriateness of the description given in
paragraph 2.2.1.5.1 “IRO_1 –Description of the Process
to identify and assess material Impacts, Risks and
Opportunities” of the Group sustainability statement,
in particular with regard to the procedures put in place
by the entity to collect information on the interests and
views of stakeholders.
Concerning the identification of impacts, risks and
opportunities (“IROs”)
Information on the identification of impacts, risks and
opportunities is provided in paragraph 2.2.1.5.1 “IRO_1 –
Description of the Process to identify and assess material
Impacts, Risks and Opportunities” of the Group sustainability
statement.
We gained an understanding of the process implemented
by the entity to assess actual or potential impacts – both
negative and positive – risks and opportunities (“IROs”), in
relation to the sustainability matters mentioned in paragraph
AR 16 of ESRS 1 “Application requirements”.
In particular, we assessed the approach taken by the entity
to determine its impacts and dependencies, which may be a
source of risks or opportunities.
We also assessed the completeness of the activities included
in the scope used to identify IROs.
We familiarized ourselves with the entity’s matrix of
identified IROs, including a description of their distribution
within the entity’s own operations and value chain, as well
as their time horizon (short, medium or long term), and
assessed the consistency of this matrix with our knowledge
of the entity and, where applicable, with the risk analyses
conducted by Group entities.
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We carried out the following procedures:
—
assessed the entity has taken into account the list of
sustainability matters set out in ESRS 1 (AR 16) in its
analysis;
—
assessed the consistency of the actual and potential
impacts, risks and opportunities identified by the entity,
with our knowledge of the entity;
—
assessed how the entity has taken into account the
different time horizons, particularly with regard to
climate issues;
—
assessed whether the entity has taken into account its
dependence on natural, human and/or social resources in
identifying risks and opportunities.
Concerning the assessment of impact materiality and
financial materiality
Information on the assessment of impact materiality and
financial materiality is provided in paragraph 2.2.1.5.1
“IRO_1 – Description of the Process to identify and assess
material Impacts, Risks and Opportunities” of the Group
sustainability statement.
Through interviews with management and the examination
of available documentation, we obtained an understanding
of the process implemented by the entity to assess impact
materiality and financial materiality, and assessed its
compliance with the criteria defined in ESRS 1.
In particular, we assessed the way in which the entity
established and applied the materiality criteria defined in
ESRS 1, including those relating to the setting of thresholds,
in order to determine metrics relating to material IROs
identified in accordance with the relevant ESRS standards.
Compliance of the sustainability information
included in the Group sustainability statement with
the requirements of article L .233‑28‑4 of the French
Commercial Code, including the ESRS
Nature of procedures carried out
Our procedures consisted in verifying that, in accordance
with legal and regulatory requirements, including the ESRS:
—
the disclosures provided enable to understand the
general basis for the preparation and governance of
the sustainability information included in the Group
sustainability
statement,
including
the
basis
for
determining the information relating to the value chain
and the exemptions from disclosures used;
—
the presentation of this information ensures its
readability and understandability;
—
the scope chosen by Dassault Systèmes SE for providing
this information is appropriate; and
—
on the basis of a selection, based on our analysis of the
risks of non‑compliance of the information provided
and the expectations of users, this information does not
contain any material errors, omissions or inconsistencies,
i.e. that are likely to influence the judgement or decisions
of users of this information.
Conclusion of the procedures carried out
Based on the procedures we have carried out, we have not
identified material errors, omissions or inconsistencies
regarding the compliance of the sustainability information
included in the Group sustainability statement, with
the requirements of Article L. 233‑28‑4 of the French
Commercial Code, including the ESRS.
Emphasis of matter
Without
qualifying
the
conclusion
expressed
above,
we draw your attention to the information provided in
paragraph 2.2.1.2.3 “Changes in Preparation or Calculation
Method” of the Group sustainability statement which
specifies the methodological changes applied relating in
particular to the calculation of scope 3 greenhouse gas
emissions.
Elements that received particular attention
We set out below the elements that have been the subject
of particular attention on our part as regards the compliance
of the sustainability information included in the Group
Sustainability statement, with the requirements of Article
L. 233‑28‑4 of the French Commercial Code, including the
ESRS.
Information provided in application of environmental
standards (ESRS E1 to E5)
Information reported in relation to climate change (ESRS E1)
is mentioned in paragraph 2.2.2.2 “E1 – Climate Change” of
the Group sustainability statement.
We set out below the elements that have been the subject of
particular attention on our part as regards the compliance of
this information with the ESRS.
With regard to the information published on the greenhouse
gas emissions assessment:
—
we assessed the consistency of the scope considered for
the greenhouse gas emissions assessment with the scope
of the consolidated financial statements, activities under
operational control and upstream and downstream value
chain;
—
we familiarized ourselves with the greenhouse gas
emissions inventory protocol used by the entity to
draw up its greenhouse gas emissions assessment, and
checked its application, for a selection of emissions
categories and sites, for Scope 1 and Scope 2;
—
with regard to Scope 3 emissions, we assessed:
– the justification for the inclusion and exclusion of
the various categories and the transparency of the
disclosures provided in this respect,
– the process of gathering information;
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—
we assessed the appropriateness of the emission factors
used and the calculation of the related conversions, as
well as the calculation and extrapolation assumptions,
taking into account the uncertainty inherent in the state
of scientific or economic knowledge and the quality of
the external data;
—
we met with management to understand the main
changes in the entity’s activities during the financial
year that could have an impact on the greenhouse gas
emissions assessment;
—
for physical data (such as energy consumption), we
reconciled, using sampling techniques, the underlying
data used to draw up the greenhouse gas emissions
assessment with supporting documents;
—
we performed analytical procedures;
—
with regard to the estimates that we considered to be
critical, used by the entity to prepare its greenhouse gas
emissions assessment:
– through interviews with management, we obtained
an understanding of the method used to calculate the
estimated data and the information sources on which
the estimates were based,
– we assessed whether the methods were applied
consistently or whether there were any changes since
the previous period, and whether these changes were
appropriate, in particular concerning the calculation
of greenhouse gas emissions from Scope 3 “Use of
the solutions sold” in paragraph 2.2.1.2.3 “Changes
in Preparation or Calculation Method” of the Group
sustainability statement;
—
we verified the accuracy of the calculations used to
prepare this information.
With regard to our procedures regarding the Transition plan
for climate change mitigation, our work mainly consisted of:
—
assessing whether the information published in the
transition plan meets ESRS E1 requirements with an
appropriate description of the plan’s underlying key
assumptions, it being understood that we are not
required to express a conclusion on the appropriateness
or the level of ambition of the transition plan’s objectives;
—
assessing the consistency of the transition plan with the
(aligned) indicators published under the EU Taxonomy
regulation;
—
verifying that the entity has carried out a qualitative
assessment of locked‑in GHG emissions and that it has
taken this into account in its adaptation plan.
Information provided in application of social standards
(ESRS S1 to S4)
Information reported in relation to own workforce (ESRS S1)
is mentioned in paragraph 2.2.3.1 “S1 –Own Workforce” of
the Group sustainability statement.
With regard to our procedures regarding workforce, gender
breakdown and training metrics, our work mainly consisted
of:
—
evaluating the process of collecting and compiling social
data in order to evaluate the completeness and accuracy
of the information collected, and setting up procedures
to verify the correct consolidation of this data;
—
assessing whether the methods and assumptions used
by Dassault Systèmes SE to determine the information
disclosed are appropriate with regard to ESRS S1,
including the change in method relating to the workforce;
—
verifying the arithmetical accuracy of calculations
used to prepare disclosed information, and reconciling,
on a sample basis or by other selection methods, the
underlying data with supporting documents;
—
implementing analytical procedures to identify unusual
variations, and where necessary, requesting explanations
from management concerning the unusual items
identified.
Compliance with the reporting requirements set out
in Article 8 of Regulation (EU) 2020/852
Nature of procedures carried out
Our
procedures
consisted
in
verifying
the
process
implemented by Dassault Systèmes SE to determine the
eligible and aligned nature of the activities of the entities
included in the consolidation.
They also involved verifying the information reported
pursuant to Article 8 of Regulation (EU) 2020/852, which
involves checking:
—
the compliance with the rules applicable to the
presentation of this information to ensure that it is
readable and understandable;
—
on the basis of a selection, the absence of material errors,
omissions or inconsistencies in the information provided,
i.e. information likely to influence the judgement or
decisions of users of this information.
Conclusion of the procedures carried out
Based on the procedures we have carried out, we have not
identified any material errors, omissions or inconsistencies
relating to compliance with the requirements of Article 8 of
Regulation (EU) 2020/852.
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Emphasis of matter
Without
qualifying
the
conclusion
expressed
above,
we draw your attention to the information provided in
paragraph 2.2.2.1.9.A.2. “Main Methodological Steps in
identifying Aligned Revenue” of the Group sustainability
statement, relating in particular to the degree of uncertainty
inherent in the methodological choices, assumptions and
estimates applied by Dassault Systèms SE to identify aligned
turnover.
Elements that received particular attention
We set out below the elements that have been the subject
of particular attention on our part as regards the compliance
with the reporting requirements set out in Article 8 of
Regulation (EU) 2020/852.
Concerning the eligibility of activities
Information
on
eligible
activities
is
provided
in
paragraph 2.2.2.1 “EU Taxonomy” of the Group sustainability
statement.
We assessed, through interviews and an examination of
the related documentation, the compliance of the entity’s
analysis of the eligibility of the revenue of the economic
activities included in the scope of consolidation, its capital
expenditure or its operating expenditure based on the criteria
set out in the annexes to the delegated acts supplementing
Regulation (EU) 2020/852 of the European Parliament and of
the Council.
Concerning the alignment of eligible activities
Information on the alignment of activities is set out in
paragraph 2.2.2.1 “EU Taxonomy” of the Group sustainability
statement.
As part of our procedures, we primarily:
—
analyzed, on a sample basis, the elements on which
management based its judgement when assessing
whether eligible economic activities met the cumulative
conditions, derived from the EU Taxonomy Regulation,
needed to qualify as aligned and particularly that
they “do no significant harm” to any of the other
environmental objectives;
—
assessed the analysis conducted regarding compliance
with the minimum safeguards, primarily in light of the
information gathered when obtaining an understanding
of the entity and its environment;
—
concerning
the
second
criterion
of
substantial
contribution to climate change mitigation of activity 8.2:
– reviewed the case studies selected and verified by the
independent auditor, and their results,
– assessed, through interviews with the independent
auditor, the consistency of the conclusion with the
scope of the work he has carried out;
—
concerning the criteria of substantial contribution to the
transition to circular economy of activity 4.1:
– familiarized ourselves with the case studies selected
and their results,
– assessed the consistency of the conclusion with the
scope of the work carried out by Dassault Systèmes SE.
Key performance indicators and accompanying information
The
key
performance
indicators
and
accompanying
information are set out in paragraph 2.2.2.1 “EU Taxonomy”
of the Group sustainability statement.
With regard to total revenue, CapEx and OpEx (the
denominators) presented in the regulatory tables, we verified
the entity’s reconciliations with the accounting data used to
prepare the financial statements.
With regard to the other amounts making up the various
indicators
of
eligible
and/or
aligned
activities
(the
numerators), we:
—
implemented analytical procedures;
—
assessed these amounts based on a selection of
case studies and projects that we determined to be
representative, based on the activity to which they relate
and their contribution to the indicators.
Lastly, we assessed the consistency of the information
set out in paragraph 2.2.2.1 “EU Taxonomy” of the Group
sustainability statement with the other sustainability
information in this report.
Neuilly‑sur-Seine, March 12,2025.
The Statutory Auditor
PricewaterhouseCoopers Audit
Richard Béjot
Aurélie Castellino
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2.3.2
Statutory Auditor’s Attestation on the information
communicated under article /.225‑115 5° of the French
Commercial Code relating to the Dassault Systèmes SE’s total
amount paid for sponsorship, pursuant to articles 238bis 1
to 5 of the French General Tax Code
Statutory Auditor’s Attestation on the information relating to the Dassault Systèmes SE’s total amount paid
for sponsorship
For the Year ended December 31, 2004
To the Annual General Meeting of Dassault Systèmes S.E.,
In our capacity as statutory auditors of your Company and
in accordance with the requirements Article L. 225-115 5° of
the French Commercial Code (Code de commerce), we have
prepared this attestation on the information relating to
the total amount of payments made in compliance with
paragraphs 1 to 5 of Article 238 bis of the French Tax Code
(Code général des impôts) for the year ended December 31,
2024, contained in the attached document.
This information was prepared under your CEO’ responsibility.
Our role is to attest this information.
In the context of our role as statutory auditors (Commissaires
aux comptes), we have audited your Company’s annual
financial statements for the year ended December 31, 2024.
Our audit was conducted in accordance with professional
standards applicable in France and was planned and
performed for the purpose of forming an opinion on the
annual financial statements taken as a whole and not on
any individual component of the accounts used to determine
the total amount of payments made in compliance with
paragraphs 1 to 5 of Article 238 bis of the French Tax Code
(Code général des impôts). Accordingly, our audit tests and
samples were not carried out with this objective, and we do
not express any opinion on any components of the accounts
taken individually.
We performed those procedures which we considered
necessary to comply with professional guidance issued by
the by the French Institute of statutory auditors (Compagnie
nationale des commissaires aux comptes). These procedures,
which constitute neither an audit nor a review, consisted in
performing the necessary reconciliations between the total
amount of payments made in compliance with paragraphs
1 to 5 of Article 238 bis of the French Tax Code (Code général
des impôts) and the accounting records from which it
derived, and verifying that it is consistent with the data used
to prepare the annual financial statements for the year ended
December 31, 2024.
On the basis of our works, we have no matters to report on
the reconciliation of the total amount of payments made
in compliance with paragraphs 1 to 5 of Article 238 bis of
the French Tax Code (Code général des impôts), contained in
the attached document and amounting to €2,750,000 with
the accounting records used to prepare the annual financial
statements for the year ended December 31, 2024.
This attestation shall constitute certification as accurate
of the total amount of payments made in compliance with
paragraphs 1 to 5 of Article 238 bis of the French Tax Code
(Code général des impôts), within the meaning of Article
L. 225-115 5° of the French Commercial Code (Code de
commerce).
This attestation has been prepared solely for your attention
within the context described above and may not be used,
distributed or referred to for any other purpose.
The Statutory Auditors
French original signed by
Paris La Défense, March 12, 2025
KPMG S.A.
Neuilly‑sur-Seine, March 12, 2025
PricewaterhouseCoopers Audit
Jacques Pierre
Partner
Xavier Niffle
Partner
Richard Béjot
Partner
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Vélizy-Villacoublay, March 12, 2025
Certification related to the global amount of sums paid for sponsorship on 2024
The global amount of sums paid for sponsorship, which are referred to at article 238 bis of the General Tax Code is €2,750,000
for 2024.
The global amount giving rise to fiscal deductions in 2024, is €2,750,000.
Pascal DALOZ
Chief Executive Officer
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2.4
Maintain a Vigilance Plan
Dassault Systèmes is committed to conducting its business
in compliance with the laws in force in the countries where
the Company operates and in accordance with international
standards.
In accordance with the French law of March 27, 2017
relating to the duty of care of parent companies and ordering
companies, Dassault Systèmes establishes and implements
a vigilance plan (the “vigilance plan”) aimed at identifying
risks and preventing serious harm to Human rights and
fundamental freedoms, the health and safety of individuals
and the environment, resulting from its activities as well as
from the activities of subcontractors or suppliers with whom
the Company has an established business relationship.
The content of the vigilance plan meets the five obligations
laid down by law:
—
risk mapping;
—
procedures for regularly assessing the situation of
subsidiaries, subcontractors and suppliers;
—
measures to prevent and mitigate the risks identified in
the risk map;
—
whistleblowing procedure;
—
and a system for monitoring measures and evaluating
their effectiveness.
Vigilance
measures,
adapted
and
proportionate
to
Dassault Systèmes’ risk profile, can be implemented in the
short and medium term.
Dassault Systèmes’ vigilance is also exercised through its
recurring and ongoing actions in relation to:
—
raising awareness among employees, such as monitoring
and
updating
online
training
courses
on
ethics,
compliance, health and safety, crisis management,
sustainable
development
and
publications
on
its
3DEXPERIENCE platform;
—
the Company’s Whistleblowing procedure;
—
the use of specialized due diligence databases and,
where appropriate, a risk assessment method dedicated
to Human Rights issues, as well as monitoring for the
detection of risk situations;
—
the implementation of control points by the Internal
Audit department.
2.4.1
Governance
The vigilance plan is implemented by various stakeholders
within the Company, principally the Business Ethics and
Compliance department, the Human Resources department,
the Procurement & Travel department, the Sustainable
Development department and the Internal Audit department,
functions also represented on the Risk Management Steering
Committee.
A Duty of Vigilance Steering Committee (“the Steering
Committee”), made up of representatives from these
departments and Dassault Systèmes’ General Counsel,
regularly assesses and monitors the plan. It is responsible
for examining and validating the procedures for drawing
up and updating the map of risks associated with the duty
of vigilance. It also oversees the implementation of action
plans defined by the various departments, thus ensuring the
effectiveness of the measures deployed.
In 2024, the Steering Committee met three times. At the
same time, the Business Ethics and Compliance department
organized around ten workshops, focusing mainly on the
risks mapping exercise and the follow‑up of specific actions.
The Company’s vigilance approach is part of a continuous
improvement process, incorporating contributions and
feedbacks from internal and external stakeholders. With this
in mind, Plan 2024 has been drawn up taking into account
exchanges with suppliers, employee representative bodies,
trade associations and civil society organizations involved
in the environment, Human rights and personal data
protection.
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2.4.2
Risk mapping
The Company has drawn up a risk map in accordance with
the requirements of French law on the duty of vigilance.
Risks are assessed according to two criteria: their potential
impact and their likelihood. This analysis enables to establish
a “raw” rating for each risk, and to prioritize them. Priority
risks are thus identified, facilitating the definition and
implementation of appropriate measures, drawn up in
consultation with the stakeholders concerned. An additional
assessment, based on an analysis of the maturity of risk
management systems, results in a “net” rating.
The risk assessment conducted at global level and reviewed
in 2024 by the Steering Committee highlights the following
risks, which may arise both from the Company’s activities
and business model, and from those of its suppliers and
subcontractors:
Type of risk
Description of gross risk
Environment
Uncontrolled increase in greenhouse gas emissions*.
Pressure on natural resources, from the production of electronic equipment to waste management*.
Degradation and overconsumption of freshwater
Health & Safety
Damage to people’s health and physical integrity
Human rights
and fundamental
freedoms
Infringement of privacy and personal data protection*.
Discrimination and harassment
Undermining social dialogue
Misuse of Dassault Systèmes solutions
Risks related to the activities of suppliers and subcontractors
*
These risks have been identified as priorities.
As a major company in sustainable innovation offering
software solutions, Dassault Systèmes benefits from low
intrinsic exposure to the risks of serious harm associated with
the duty of vigilance. Unlike some industries where complex
supply chains can give rise to social, environmental or
health and safety risks, the intangible nature of its activities
significantly reduces its direct exposure to serious breaches
of these types of risks. The Company is, however, aware
that these risks may emerge through its interactions with
third parties, particularly when purchasing IT equipment or
technological infrastructures, which is why it maintains a
strict vigilance framework to prevent and manage them.
Following the mapping exercise, three risks were identified
as priorities. The urgency of climate change means that
greenhouse gas emissions must be brought under control,
while the growing pressure on natural resources, particularly
during the production of electronic equipment or the
management of associated waste, raises critical issues for
the sustainability of technology chains. Last but not least,
risks relating to the protection of personal data and privacy
remain central to guaranteeing stakeholder confidence
and ensuring the Company’s regulatory compliance in an
environment of rapid digital innovation.
2.4.3
Risk Assessment and Prevention
2.4.3.1
Environmental Risks
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.
As such, and as a responsible company, Dassault Systèmes is
committed to minimizing the impact of its activities on the
environment, and to encouraging its partners and suppliers
to follow the same path.
2.4.3.1.1
Uncontrolled Increase in Greenhouse Gas
Emissions
Dassault Systèmes has adopted a two‑pronged approach
to combat the uncontrolled increase in greenhouse gas
emissions:
—
developing solutions for its customers to accelerate their
transition to a low‑carbon economy;
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—
reducing its internal carbon footprint with targets
aligned with the Science-Based Targets initiative (SBTi)
to achieve carbon neutrality by 2040.
This plan was validated by the general management and the
Sustainability Steering Committee in 2021, and is the subject
of annual presentations to the Board of Directors. Measures
to mitigate GHG emissions are as follows:
—
Dassault Systèmes’ carbon footprint reduction targets:
– 35% reduction in Scope 1 and 2 emissions by 2027
(baseline 2019),
– 20% reduction in Scope 3 emissions for business travel
and employees’ commute by 2027 (baseline 2019),
– 50% of suppliers (in emissions) committed to an SBTi
trajectory by 2025;
—
main decarbonization levers:
– limitation and reduction of the energy consumption of
the Company’s equipment (data centers and offices),
and optimization of the energy efficiency of its
infrastructures,
– responsible mobility, thanks to the limitation of
business travel and electrification of its car fleet;
—
support for decarbonization of customer industries:
– virtual twins and simulation to help customers
optimize their energy efficiency and reduce emissions,
– solutions aligned with the EU Taxonomy, with a target
of 40% of revenue by 2027,
– development of new functionalities adapted to the
challenges of decarbonization, particularly in the
Transportation & Mobility and Industrial Equipment
industries;
—
sustainable cloud and responsible digital:
– support for migration to the OUTSCALE cloud, which
optimizes energy efficiency and reduces customer
emissions,
– supply renewable energy to as many data centers as
possible.
Results and outlook:
—
78% reduction in Scope 1 and 2 emissions since 2019;
—
45% reduction in business travel and employees’
commute emissions by 2019;
—
increase in revenue aligned with the EU Taxonomy, from
33.4% in 2023 to 35% in 2024.
Dassault Systèmes thus pursues a proactive approach
by integrating climate change mitigation and adaptation
strategies into its business model. Its efforts are reflected
in technological innovations and a transformation of
operational practices aimed at a sustainable future.
Policies and actions concerning the control of greenhouse
gas emissions are described in the Sustainability Statement
in paragraph 2.2.2.2.3 “Management of Strategic Matter 2:
Limiting Carbon Footprint of Dassault Systèmes’ Operations
and its Value Chain in a Growth Context”.
2.4.3.1.2
Pressure on Natural Resources, from the
Production of Electronic Equipment to
Waste Management
Dassault Systèmes takes a systemic approach to reducing
pressure on natural resources by promoting the circular
economy in industry and optimizing the management of its
own electronic equipment.
Key Targets
—
development
of
software
solutions
to
promote
eco‑design and circularity of products;
—
optimizing IT equipment lifecycle management, from
procurement to recycling;
—
integration of environmental criteria in procurement
(low‑carbon footprint equipment, recycled materials);
—
extending the life of IT equipment;
—
reduction and recovery of electronic waste, with targets
to increase recycling and reuse rates.
Key Actions
—
“Digital responsibility”: rational procurement, server
virtualization, management and control of electronic
waste and development of an equipment management
tool;
—
“Responsible procurement”: encourage the purchase of
reconditioned equipment, include ESG criteria in public
tenders and encourage suppliers to join the SBTi;
—
strategic partnerships: participation in European projects
on battery management and e‑waste recycling (e.g.
REINFORCE project);
—
training
and
awareness‑raising:
circular
economy
learning modules for employees and environmental
criteria training for buyers.
Results and Outlook
—
optimizing the recycling and reuse of IT equipment;
—
improved traceability of resources and waste;
—
the circular approach to be made a permanent part of
industrial strategy, with gradual alignment on the EU
Taxonomy.
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Thanks to these initiatives, Dassault Systèmes is controlling
its ecological footprint while helping its customers to
integrate sustainable practices.
Policies and actions concerning risks related to pressure
on natural resources, from the production of electronic
equipment to waste management, are described in
paragraph 2.2.2.4.3 “Management of Strategic Matter 3:
Limiting Dassault Systèmes’ Value Chain Pressure on Earth’s
Resources”.
2.4.3.1.3
Degradation and Overconsumption of
Freshwater
In order to moderate the pressure on resources resulting
from the activities of its suppliers, particularly in the
manufacture of micro‑processors and the supply of cooling
systems for data centers, Dassault Systèmes has put in place
measures to prevent and mitigate the risks of degradation
or overconsumption of fresh water. For its direct activities,
freshwater consumption is limited to sanitary use and the
upkeep of a few green spaces.
This
reflects
the
Company’s
commitment
to
more
responsible water management. Dassault Systèmes works to
better assess its impacts, collaborate with its partners and
implement optimization levers. Since 2024, this approach
has been extended to the Company’s hosting service
providers, as part of a continuous improvement process.
—
to this end, the Company has introduced a “Responsible
data centers” policy aimed at integrating environmental
criteria into the choice of data center providers, with
particular emphasis on the type of cooling technology
offered and water management. By 2025, this policy will
include specific requirements for sites in water‑stressed
areas, notably via public tenders incorporating questions
on water impact. For new sites, an analysis of the impact
on local resources will be recommended, in order to favor
partners who limit their ecological footprint;
—
in addition, the “Responsible procurement” policy
integrates sustainability criteria into the selection of
IT equipment and data hosting services, currently
representing at least 20% of the choice criteria, with
a target of 30% for hosting. It assesses environmental
impact through three aspects: resource consumption,
energy consumption and water impact where data is
available;
For more information on Dassault Systèmes’ policies
and actions regarding the risks associated with water
degradation and overconsumption, see the paragraphs in
the Sustainability Statement 2.2.2.3.2 “Management of
Strategic Matter 3: Limiting Dassault Systèmes’ Value Chain
Pressure on Earth’s Resources”.
2.4.3.2
Personal Health and Safety Risks
As set out in the Code of Business Conduct and the Corporate
Social Responsibility Principles, Dassault Systèmes is
committed to providing all employees with working
conditions that ensure their health and safety, in compliance
with applicable laws and regulations.
Four major policies formalize the scope of application,
arrangements and procedures, as well as the responsibilities
of all contributors. These policies cover employees in the
course of their professional activities, as well as customers,
partners and service providers when they are present
on Company sites or at events organized on behalf of
Dassault Systèmes:
—
safety standards are defined, and their implementation
is assessed by means of a questionnaire completed in
collaboration with site managers. Where necessary,
these assessments are used to draw up action plans.
These standards are supplemented by site maintenance
procedures designed to ensure compliance with current
safety standards;
—
safety policies and instructions applicable to the
organization of internal and external events are shared
with all employees, and define in particular the roles and
responsibilities of internal and external participants;
—
our business travel policy provides all the necessary
recommendations,
depending
on
the
destination,
as well as a list of high‑risk countries requiring prior
authorization. Employees also benefit from international
medical and security assistance before, during and
on their return from business trips, depending on the
situation;
—
in addition, a crisis management protocol defines the
procedures for initiating, organizing and communicating,
under the responsibility of a specific committee. This
system is completed by the use, if necessary, of a mass
communication tool enabling emergency information to
be transmitted to employees.
In 2024, the Company continued its efforts to raise
awareness of first aid through an online training course,
already taken by over 5,300 employees. Site health, safety
and security issues are assessed annually via a questionnaire
completed jointly with site managers. In France, a new
e‑learning program on fire evacuation has also been made
available to employees. In addition, a practical guide for site
managers, providing clear recommendations and guidelines
on what to do in the event of an incident, will be rolled out
in 2025 in every country where Dassault Systèmes operates.
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In terms of people’s health, Dassault Systèmes launched an
initiative in October 2021 aimed at taking better account of
the issues surrounding cancer and chronic illnesses in the
workplace. On January 7, 2022, the Company signed the
Cancer@Work charter in France to advance knowledge and
representations related to these pathologies, and improve
consideration of their impacts in the workplace. Formalized
within the framework of a socially innovative program
called We Care for Your Health, this initiative is steered by
representatives from the Human Resources, Health and
Safety, Legal, Finance and Communication departments, as
well as volunteer employees. It is based on four pillars:
—
support for patients and caregivers, with two platforms
for listening and providing support for all, three guides
for sharing advice and information with employees
affected by the disease as well as with managers and
caregivers in order to support them in the best possible
conditions, and the organization of support events
between colleagues, supervised by trained contacts;
—
prevention, with conferences organized throughout the
year on topics such as cancer, cardiovascular disease,
diabetes and vaccination campaigns;
—
the promotion of physical activities associated with
prevention campaigns, notably with participation in
the Odyssea race as part of the “Pink Octobe” (Octobre
Rose)r campaign, the Course du Coeur to raise awareness
of organ, bone marrow and tissue donation, the Course
des Lumières in aid of the Institut Curie and the Les
Bacchantes race as part of Movember to combat male
pathologies and cancers;
—
the contribution of Dassault Systèmes’ Life Sciences &
Healthcare solutions shared through a series of videos for
employees on different topics, such as the discovery and
development of drug candidates, improving patient care
and preparing for the fight against pandemics, thanks to
the virtual twin.
Dassault Systèmes has been awarded the highest level of
the Cancer@Work label, aligned with the Global Reporting
Initiative’s social responsibility standards, for its actions
in France to reconcile illness and work. Dassault Systèmes
is also a member of the Working with Cancer initiative,
which aims to create a favorable working environment for
employees affected by cancer, and a culture that supports
their recovery and the resumption of their professional
careers.
In 2024, Dassault Systèmes began rolling out prevention,
awareness and support initiatives in its various countries of
operation, including in particular the We Care for Your Health
initiative in the UK.
The effectiveness of the Company’s actions is assessed
annually by measuring absenteeism rates linked to sickness
and workplace accidents. These metrics are monitored on a
quarterly basis to identify any potential variations that could
lead the Company to take additional remedial or preventive
measures.
2.4.3.3
Risks relating to Human Rights and
fundamental Freedoms
Dassault
Systèmes’
commitment
to
ethical
and
sustainable growth is based on the fundamental value
of respect for Human rights and fundamental freedoms.
Dassault Systèmes’ commitments in this respect are
formalized in various policies, declarations and charters,
all of which refer to the international standards to which
the Company adheres, and are available on the Company’s
website
(https://www.3ds.com/about-3ds/what-drives-
us/ethicscompliance): The Code of Business Conduct, the
Corporate Social Responsibility Principles, the Sustainable
Charter with Suppliers, the annual statement of the measures
taken to combat modern slavery and human trafficking as
required by the UK’s Modern Slavery Act. Dassault Systèmes
is also a member of the United Nations Global Compact.
2.4.3.3.1
Infringement of Privacy and Protection
of Personal Data
Data protection, including personal data, is a core concern
for Dassault Systèmes, which attaches major importance
to the trust of its employees, customers and partners.
The Company is committed to ensuring the security of the
information it processes, in line with regulatory requirements
and the expectations of its stakeholders.
In carrying out its activities, Dassault Systèmes – as data
controller or subcontractor as the case may be – faces two
key challenges related to personal data protection and risk
management:
—
protection of personal data as part of rigorous governance
of risks and compliance throughout the Company;
—
securing sensitive data, through the implementation of
several levels of security control, in line with national
regulations and international standards, with specific
attention paid to the “Security‑in-Depth” principle.
The risk of personal data leakage is considered a priority,
particularly when it comes to sensitive data such as
financial and health information. This risk is inherent to the
Company’s technological activities, and is mainly linked to
cybersecurity issues.
Communities likely to be affected by this risk include:
—
Dassault Systèmes’ employees, whose internal data
could be compromised;
—
employees in business relationships, including partners
and subcontractors, exposed through interactions in the
value chain;
—
end‑users, such as patients participating in clinical trials
managed by MEDIDATA, a brand specializing in medical
technologies;
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—
citizens,
when
technological
projects
involve
the
collection and processing of personal data.
This risk concerns the entire Dassault Systèmes value
chain, from upstream activities to downstream operations.
Particular attention is therefore paid to data management,
securing digital infrastructures and cooperation with
technology partners, in order to limit vulnerabilities and
strengthen resilience in the face of potential threats.
With the aim of mitigating the above‑mentioned risks and
ensuring the Company’s compliance with applicable laws
and regulations, a set of measures has been put in place.
These include, but are not limited to, the identification
of risks (supported by internal and external audits), the
implementation of mitigation actions (risk treatment plan),
the establishment of partnerships with stakeholders, the
monitoring and evaluation of the effectiveness of the risk
prevention program, and the continuous improvement of the
program.
In order to ensure that the use of personal data complies with
the principles of legality, transparency, security, fairness
and, in particular, the principles of “Privacy By Design” and
“Privacy by Default”, the following actions have been taken:
—
implementation of dedicated governance: A Personal
Data Protection Officer and her team ensure internal
compliance
with
personal
data
protection
laws
and regulations. She also ensures the continuous
improvement of Dassault Systèmes’ offerings so that
the Company and its customers comply with applicable
national and international legislation including the GDPR
(with particular attention paid to the USA, China and
South Korea);
—
Company process certifications: available from the Trust
Center: https://www.3ds.com/trust/3dexperience-trust-
center;
—
creation of policies, charters and training courses: Code
of Business Conduct; “Cybersecurity” and “Personal data
protection” policies; Sustainable Charter with Suppliers;
awareness campaigns;
—
establishing points of contact in the event of an incident:
– online
form:
https://www.3ds.com/privacy-policy/
contact,
– user community: https://www.3ds.com/support/user-
communities,
– service support,
– Dassault Systèmes’ Whistleblowing procedure for
reporting breaches of Human rights and fundamental
freedoms to the Ethics Committee;
—
establishment of an incident management procedure
(remediation):
– contact with the persons concerned,
– application
of
corrective
measures:
involving
stakeholders and prioritizing measures according to
severity, urgency and feasibility of solutions, with the
aim of mitigating and resolving negative impacts, and
maintaining the confidence of users and customers.
In the event of an incident, Dassault Systèmes informs
the relevant data protection authorities and the persons
concerned of any personal data breaches, in accordance
with the regulations in force. Operational measures are also
deployed to ensure an appropriate response to legal and
administrative requests.
2.4.3.3.2
Discrimination and Harassment
Dassault
Systèmes
formally
prohibits
all
forms
of
harassment and discrimination in work relations, in particular
at the recruitment stage and throughout the duration of the
contract, and assesses situations likely to fall within this
category on a case‑by‑case basis according to the specific
facts and circumstances and their legal classification.
All accepted reports are subject to disciplinary action,
proportionate to the seriousness of the facts. The Code of
Business Conduct provides definitions and examples, notably
of sexual harassment and discrimination. The risk is also
measured annually through the results of the fairness‑related
questions contained in the annual satisfaction survey.
Dassault Systèmes promotes inclusion through a structured
approach based on three pillars: professional equity between
women and men, generations and people with disabilities.
As a preventive measure, in line with the Company’s
commitment and the expectations expressed by employees,
Dassault Systèmes has taken the following measures:
—
providing managers with a guide to make them aware
of the unconscious biases that can come into play in
their decisions concerning employees’ professional
development;
—
the management target, integrated by default into
the annual performance review, includes professional
equity that shall govern decisions concerning employee
recognition and the contribution to better representation
of women among People managers;
—
a review of the system and content of training courses
on discrimination and harassment in 2024, with a view to
making them compulsory for all employees in 2025. This
initiative has been presented to employee representative
bodies in Europe.
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The Company’s feminization program, 3DS WIN (Women
Initiative), relies on a team of contributors, including
members of the Human Resources department and the
Internal Communications department, and leads the 3DS
WIN community, made up of employees mobilized to
encourage, inspire and support the development of women
within Dassault Systèmes. The program’s priorities are to:
—
balanced representation of men and women in the
composition of management bodies: on the date of
publication of this Universal registration document, the
proportion of women directors on the Board of Directors
is 50% (excluding directors representing employees),
and the proportion of women members of the Executive
Committee is 38.5%;
—
supporting female talent in their career development
projects,
particularly
towards
management
responsibilities, through participation in events, specific
programs to promote access to positions of responsibility,
and by recommending their profile when a job vacancy
arises;
—
pay equity at the time of hiring and during the annual
salary review campaign;
—
the acquisition of new female talent, a major challenge
in a context where women are still in the minority
worldwide in fields related to Science, Technology,
Engineering and Mathematics (STEM). Dassault Systèmes
therefore works with various stakeholders to promote
these fields and careers, and ensures that women are
represented in the recruitment process.
The development of an inclusive culture targets all
diversities regardless of age or experience. Capitalizing
on local initiatives carried out over the past two years,
Dassault Systèmes is currently reflecting on the principles to
be adopted, to ensure that:
—
employees are involved in fulfilling professional projects
and are recognized for their contribution throughout
their careers;
—
intergenerational collaboration encourages the mutual
enrichment of knowledge and know‑how.
Dassault Systèmes is also committed to the recruitment,
onboarding and integration; career management and job
retention of people with disabilities. Finally, the Company
contributes to the training and professionalization of
students with disabilities, enabling them to acquire
knowledge and skills in the new digital professions.
Any case of non‑compliance with the principles of
discrimination and harassment may be reported via the
Whistleblowing procedure. The number of reports and cases
accepted is monitored by the Dassault Systèmes Ethics
Committee, enabling to measure the effectiveness of the
actions taken and to identify any situations that could lead
the Company to take additional remedial or preventive
measures, if necessary.
2.4.3.3.3
Social Dialogue
Dassault
Systèmes
is
committed
to
a
continuous
improvement approach based on open communication,
an integral part of its culture for imagining, inspiring and
creating new experiences for employees. Given the disparities
in applicable laws and regulations within the 45 countries in
which the Company operates, Dassault Systèmes has formal
and informal channels for social dialogue.
As set out in the Company’s Corporate Social Responsibility
Principles, Dassault Systèmes is committed to respecting
the right of its Own Workforce to organize freely into trade
unions and to be represented by the organizations of their
choice, as well as to bargain collectively in accordance with
applicable regulations. The Company also ensures that
employee representatives and union members are not
discriminated against.
Dassault Systèmes has an employee representative body:
—
at local level, in the form of representatives elected by
employees, or shop stewards;
—
at supranational level, through the European Company
Committee covering all the countries in the European
Economic Area (EEA), as well as the United Kingdom, as
Committee members voted to maintain it in the scope of
application. The European Company Committee is able
to exchange views with the Executive team, notably on
the Company’s strategy, its policies relating to human
capital development and its approach to sustainable
development;
—
on the Dassault Systèmes’ Board of Directors, through
the presence of two directors representing employees,
appointed in accordance with the Company’s bylaws.
Employees are covered by independent staff representation
in 20 countries, including 3 outside the EEA, and benefit from
collective agreements in 12 countries, including one outside
the EEA. Depending on the country, these locally‑applicable
agreements cover a wide range of subjects, including
compensation policy, measures to promote equality in the
workplace, compliance with working hours rules, health and
safety at work, and the right to disconnect.
Dassault Systèmes offers employee representatives various
means of communicating with employees. Depending on the
country, these can take the form of leaflets, which can be
shared in a secure online space, e‑mails, exchange spaces on
the 3DEXPERIENCE platform, or the possibility of organizing
meetings with employees.
In addition to these formal channels, Dassault Systèmes
communicates with all employees through:
—
quarterly
meetings
to
present
in
particular
the
Company’s strategy, projects and results, as associated
with a community forum;
—
an annual satisfaction survey to identify strengths and
areas for improvement in line with their expectations.
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The effectiveness of the actions taken by the Company
is assessed annually by measuring the percentage of
employees
covered
by
employee
representation
in
member countries of the European Economic Area, and the
percentage of employees covered by the annual satisfaction
survey, enabling action plans to be drawn up in various areas,
presented and shared with employees.
2.4.3.3.4
Misuse of Dassault Systèmes Solutions
Dassault Systèmes has stepped up its due diligence program
to prevent the risks of misuse of its software solutions that
could have an impact on Human rights. This program is
based on three pillars of diligence:
—
strict control of exports and sanctions programs:
Dassault Systèmes ensures that all its export activities
– sales, product deliveries, transfers of controlled data
and services delivery – strictly comply with international
export control laws. The Company prohibits the sale of
its solutions to unauthorized users, or those wishing to
use them for prohibited purposes. A dedicated global
Export Compliance team oversees the process through
internal tools and third‑party sanction control systems;
—
“3DS Acceptable use” policy focused on sustainability:
as part of its commitment to sustainable innovation,
Dassault Systèmes has defined an acceptable use
policy stating that the Company will not engage with
new customers meeting certain criteria in four market
segments, and/or does not develop products or services
in these segments. These market segments are: coal (for
energy purposes), tobacco (including the production of
electronic cigarettes), “universally prohibited” weapons,
and oil and gas (where no public commitments to carbon
emissions has been made). The Company conducts
in‑depth assessments of its customers’ activities to
ensure that its solutions are not used in ways that run
counter to its sustainability principles;
—
enhanced due diligence on third parties and risk
monitoring: Dassault Systèmes carries out rigorous
checks on its partners, looking for any adverse media
coverage relating to Human rights and fundamental
freedoms. Where necessary, an in‑depth assessment is
carried out using specialized databases and risk analysis
methods that take into account the impact on Human
rights. A watch is kept to detect risk situations. In 2024,
this system led to several assessments focusing on the
risk of misuse.
2.4.3.4
Risks relating to Suppliers and
Subcontractors
In
addition
to
the
Group’s
vigilance
risk
map,
Dassault Systèmes relies on a map of supplier activities
drawn up by the Procurement department with the support
of a specialized consultancy firm.
This
analysis
enabled
to
identify
an
exposure
to
environmental
issues
–
albeit
limited
–
of
certain
purchasing families, notably IT equipment suppliers –
(see paragraph 2.4.3.1 “Environmental Risks”) and, to a
lesser extent, to other issues such as Human rights and
fundamental freedoms (child labor, modern slavery and
concealed labor), and health and safety (a supplier’s failure
to meet its health and safety obligations towards its
employees).
As part of its risk management system, the Company has
drawn up a Sustainable Charter with Suppliers to which
suppliers are required to adhere. This document sets out the
Company’s expectations of its suppliers in terms of ethics
and compliance:
—
in business relationships: combating corruption, conflicts
of interest, gifts and hospitality, compliance with
competition law, handling confidential information,
protection of personal data;
—
in terms of working conditions and respect for Human
rights: prohibition of child labor, prohibition of forced
labor, respect for the right to freedom of association
and collective bargaining, prohibition of all forms of
discrimination, guarantee of a safe and healthy working
environment and working conditions that protect
people’s health and safety, fight against illegal labor and
illegal subcontracting;
—
in terms of the impact of our activities on the
environment, in particular limiting greenhouse gas
emissions.
The Company may immediately terminate a contract with a
supplier in the event of a breach of its commitments under
the Sustainable Charter with Suppliers or of its Corporate
Social Responsibility Principles.
In addition, the Procurement department has set up a due
diligence process to identify risks relating to Human rights
and fundamental freedoms within its supplier ecosystem.
These analyses are carried out with the help of specialized
databases that can, if necessary, identify the presence of a
supplier on sanction lists or unfavorable media coverage.
In 2024, the Sustainable Charter with Suppliers was
expanded
to
include
details
of
Dassault
Systèmes’
Whistleblowing procedure, which is accessible to external
stakeholders via the Company’s website: https://www.3ds.
com/about/corporate-responsibility/ethics-compliance/
whistleblowing-alert-procedure?wockw=fabout%20OR
%20corporate%20responsibility%20OR%20ethics%20
compliance%20OR%20whistleblowing%20alert%20
procedure. During the year, the Company also obtained
the “Responsible Supplier Relations and Procurement”
(“Relations Fournisseurs et Achats Responsables” RFAR)
label from the French Ministry of Finance, based on the
ISO 20400 standard.
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2.4.4
Whistleblowing Procedure
After
consulting
employee
representative
bodies,
Dassault Systèmes has set up a Whistleblowing procedure
to report any instances of non‑compliance with applicable
laws and regulations, particularly in terms of the duty of
vigilance. Accessible to all stakeholders, this procedure
guarantees the protection of whistle‑blowers by ensuring
their confidentiality, anonymity and absence of reprisals.
Whistleblowers have the opportunity to report a breach:
—
by writing to the Dassault Systèmes Ethics Committee at
people.ethicscommittee@3ds.com;
—
via an online form on the Company’s website at
the
following
address:
https://www.3ds.com/
about/corporateresponsibility/ethics-compliance/
whistleblowing-form/;
—
by leaving a telephone message on the dedicated voice
mailbox; the numbers to call for each of the countries
where the Company operates are published on its website
under the following link: https://www.3ds.com/about-
3ds/what-drives-us/ethics-compliance/whistleblowing-
alert-procedure/how-make-alert-telephone;
—
or by requesting an interview.
The Whistleblowing procedure has been modified in 2023 and
2024 to, in particular, reinforce it with the new provisions on
whistleblower protection resulting from European Directive
2019/1937 of October 23, 2019 and its transposition by
European Union member countries in 2022. This new version
is more transparent, educational and incentive‑based.
Deployment of the new versions of the Whistleblowing
procedure in the countries concerned continued in 2024.
This was accompanied by awareness‑raising campaigns
for employees on the various operating procedures of the
Whistleblowing procedure. Dassault Systèmes’ suppliers
are informed of the Whistleblowing procedure through
the Sustainable Charter with Suppliers to which they are
required to adhere.
In addition, the metrics and lessons learned from the use
of the Whistleblowing procedure in 2024 were presented
to the Board of Directors and to the Dassault Systèmes SE
and
European
Committee
employees
representative
organizations.
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2.4.5
Measurement Follow-Up
Implementation of the various vigilance measures is monitored by the Steering Committee, which meets several times
a year. As part of this monitoring system, performance metrics have been selected to assess the results of the measures
implemented. These include:
Type of risk
Main metrics
2024
2023
Environment
Gross Scope 1 GHG emissions (in tCO2-eq)
3,104
4,178
Gross “Market‑based” Scope 2 GHG emissions (tCO2-eq)
2,518
3,193
Total gross Scope 3 indirect GHG emissions (in tCO2-eq) (1)
319,189
284,241
Percentage of suppliers (by weight of CO2 emissions) with Science-Based emissions
reduction target (SBTi target)
47.9%
37.2%
Share of renewable electricity
91.0%
88.6%
Electrical and electronic waste (in tCO2-eq)
194
115
Ordinary waste (in tCO2-eq)
1,455
1,704
Health & Safety
Percentage absenteeism – Illness (2)
2.4%
-
Percentage absenteeism – Occupational accidents (2)
0.0%
-
Human rights
and fundamental
freedoms
Percentage of employees trained on Code of Business Conduct (3)
94.7%
98.6%
Percentage of employees trained on personal data protection (3)
95.4%
98.5%
Percentage of employees trained on cybersecurity (3)
96.5%
99.5%
Number of suppliers subject to due diligence
1,650
1,432
Percentage of employees covered by employees’ representatives in countries member of
the European Economic Area
100%
-
Percentage of employees covered by annual satisfaction survey
92.5%
-
Number of complaints of discrimination, harassment and inappropriate behaviors raised
through Company’s channels
20
31
Percentage of disciplinary sanctions in cases of non‑compliance
100%
100%
(1)
Includes CO2 emissions resulting from the use of solutions sold.
(2)
The data reported above are calculated on a different scope than the one used to calculate the data published in previous years. Due to the absence of available
absenteeism data for employees from CENTRIC PLM, Satelliz SAS, Satelliz sp zoo, Eomys Engineering SAS and Amcad Engineering SAS, Dassault Systèmes has applied an
estimation method based on peer comparison by country of employment.
(3)
Compulsory training data, excludes CENTRIC PLM employees and covers 95.5% of the workforce as of December 31, 2024.
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3
Financial review and prospects
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3
FINANCIAL REVIEW
AND PROSPECTS 3
3.1
Operating and Financial Review
244
3.1.1
Executive Overview for 2024
244
3.1.2
Financial information definitions
244
3.1.3
Consolidated Information: Financial Review of 2024 Compared to 2023
249
3.1.4
IFRS non-IFRS reconciliation
253
3.1.5
Variability in Quarterly Financial Results
254
3.1.6
Capital Resources
255
3.2
Financial Objectives
256
3.3
Interim and Other Financial Information
257
3
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Financial review and prospects
Operating and Financial Review
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
3.1
Operating and Financial Review
The executive overview in paragraph 3.1.1 “Executive
Overview for 2024” highlights selected aspects of the
Group’s business during 2024. Financial information and
definitions should be read together with its consolidated
financial statements and the related notes included in
paragraph
4.1.1
“Consolidated
Financial
Statements”
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 of accounting 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 by
other companies. A number of specific limitations relating to
these measures are detailed below.
Unless otherwise indicated, variations in the following tables
are related to current exchange rate.
Non-IFRS financial information definitions can be found
in paragraph 3.1.2.3 “Non-IFRS financial information
definitions”. The reconciliation between this financial
information and the IFRS framework can be found in
paragraph 3.1.4 “IFRS non-IFRS reconciliation”.
Between the end of the 2024 fiscal year and the filing date of
this Universal registration document, there was no material
change in the financial position or financial performance of
Dassault Systèmes.
3.1.1
Executive Overview for 2024
(in millions of euros, except per share data
and percentages)
IFRS
Non-IFRS
2024
2023
Change
Change
in cc*
2024
2023
Change
Change
in cc*
Total Revenue
€6,213.6
€5,951.4
4%
5%
€6,213.6
€5,951.4
4%
5%
Software Revenue
5,613.3
5,360.0
5%
6%
5,613.3
5,360.0
5%
6%
Services Revenue
600.3
591.4
2%
2%
600.3
591.4
2%
2%
Operating Margin
21.9%
20.9%
+1.0 pt
31.9%
32.4%
(0.4)pt
Diluted net earnings per share (“EPS”)
€0.90
€0.79
14%
€1.28
€1.20
7%
9%
*
In constant currencies.
Software revenue
(in millions of euros, except percentages)
IFRS
Non-IFRS
2024
2023
Change
Change
in cc*
2024
2023
Change
Change
in cc*
Americas
2,214.7
2,141.9
3%
4%
2,214.7
2,141.9
3%
4%
Europe
2,150.4
2,027.3
6%
6%
2,150.4
2,027.3
6%
6%
Asia
1,248.1
1,190.8
5%
9%
1,248.1
1,190.8
5%
9%
*
In constant currencies.
3.1.2
Financial information definitions
3.1.2.1
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 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
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,
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Operating and Financial Review
3
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
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 to understanding 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 for comparable periods.
All information at constant exchange rates is expressed as a
rounded percentage and therefore may not precisely reflect
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 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
their organization, reduce costs and time‑to‑market, and
become more sustainable;
—
Life Sciences & Healthcare: Life Sciences & Healthcare.
In this sector, the Group aims to address 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, and combine new therapeutics, 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.
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, OUTSCALE became a brand of the
Group, extending the portfolio of software applications. As
the first sovereign and sustainable operator on the cloud,
OUTSCALE enables governments and corporations from
all sectors to achieve digital autonomy through a Cloud
experience and with a world‑class cyber governance.
GEOs
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 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 revenue is generated from contracts that provide
access to cloud‑based solutions (SaaS), infrastructure as a
service (IaaS), cloud solution development and cloud managed
services. These offerings are delivered by Dassault Systèmes
through its own cloud infrastructure or by third‑party cloud
providers. They are available through different deployment
methods: Dedicated cloud, Sovereign cloud and International
cloud. Cloud solutions are generally offered through
subscription‑based models or perpetual licenses with support
and hosting services.
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Adjusted net debt
The adjusted net debt corresponds to the net financial
debt position (borrowings net of cash, cash equivalent and
short‑term investments) adjusted of IFRS 16 lease liabilities.
IFRS EBITDAO (Earnings Before Interest,
Taxes and Amortization Operating)
The IFRS EBITDAO corresponds to the IFRS operating income
adjusted of amortization, depreciation and impairment
expense of intangible and tangible assets and of non‑cash
share‑based payment expense (excluding related social
charges).
3.1.2.2
Composition of the main items in the
income statement
Software license revenue represents fees earned from
granting customers licenses to use the Group’s software. It
includes license revenue of perpetual and periodic license
sales of software products and is recognized at a point in
time for an arrangement when control is transferred to the
client.
Subscription contracts generally have a term of between one
and five years, and include on premise software license and
support.
Subscription revenue also is derived from cloud contracts
(see paragraph 3.1.2.1 “Definitions of Key Metrics Used”).
Revenue from cloud subscription is generally recognized
linearly over the contractual term.
Support revenue represents periodic fees associated with
the sale of unspecified product updates on a when‑and‑if-
available basis and technical support. Support agreements
are entered into in connection with the initial software
license purchase. Support may be renewed by the customer
at the conclusion of each term.
Other software revenue mainly relates to the development of
additional functionalities of standard products requested by
clients.
Recurring fees for subscription and support are reported
within “Software Revenue”.
Services revenue consist primarily of fees from professional
services in process optimization and in methodology for
design, implementation and post‑implementation support,
and training services. In addition, services and other revenue
also include content production for use in 3D visualization,
advertising, sales and marketing.
The cost of software revenue includes mostly software
personnel
costs,
licensing
fees
paid
for
third‑party
components integrated into the Company’s own products,
hosting and other cloud‑related costs and other expenses.
The cost of services revenue includes principally personnel
and other costs related to organizing and providing services
revenue.
Expenses for R&D include primarily personnel costs as
well as the rental, depreciation and maintenance expenses
for computer hardware used in R&D including cloud
infrastructure, development tools, computer networking
and communication expenses. Costs for R&D of software are
expensed in the period in which they are incurred. The Group
does not capitalize any R&D costs. A minor fraction of R&D
personnel provides clients with software maintenance, and
their cost is thus included under cost of software revenue.
Expenses for R&D are recorded net of grants received from
certain public authorities to fund R&D projects as well as R&D
tax credits received mostly in France.
Marketing and Sales expenses consist primarily of:
—
personnel costs, which include sales commissions and
personnel expenses for processing sales transactions;
—
marketing and communications expenses, including
advertising;
—
associated travel expenses;
—
and marketing infrastructure costs, such as information
technology resources used for marketing.
General and administrative expenses consist primarily of:
—
personnel costs of the finance, human resources, legal
and general management;
—
associated third‑party professional fees (excluding
acquisition‑related fees) and other expenses;
—
associated travel expenses;
—
infrastructure costs, including information technology
resources.
Amortization of acquired intangibles includes mainly
amortization of acquired technology and acquired customer
relationships.
Other operating income and (expense), net, includes the
impact of events that are unusual, infrequent or generally
non‑recurring in nature.
Financial income, net includes:
—
interest income and interest expense related to financing
operations and lease liabilities;
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—
the impact of remeasuring financial instruments at fair
value;
—
exchange gains or losses on monetary items and change
in fair value of derivative financial instruments not
qualified for hedge accounting;
—
one‑time financial items.
3.1.2.3
Non-IFRS financial information
definitions
The Group’s management uses the supplemental non-
IFRS financial information, together with the IFRS financial
information, for financial planning and analysis, evaluation
of 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 the performance
of its business measured with the supplemental non-IFRS
information. The Group believes that the supplemental non-
IFRS data also provides meaningful information to investors
and financial analysts who use the information for comparing
the Group’s operating performance to its historical trends
and to other companies in the software industry, as well as
for valuation purposes.
As explained in more detail below, non-IFRS data excludes
the effect of:
—
adjusting the carrying value of acquired companies’
contract liabilities (deferred revenue);
—
the amortization of acquired intangibles assets and of
tangible assets revaluation;
—
lease incentives of acquired companies;
—
share‑based compensation expense and related social
charges;
—
other operating income and expense, net;
—
certain one‑time financial income and expense, net;
—
certain one‑time tax effects and the income tax effects
of the above adjustments.
Thus, the following are excluded from the non-IFRS financial
data:
—
contract liabilities write‑downs: under IFRS, deferred
revenue of an acquired company must be adjusted by
writing it down to account for the fair value of obligations
assumed
under
contracts
acquired
through
the
acquisition of the Company. As a result, in the case of a
typical one‑year contract, the Company’s IFRS revenues
for the one- year period subsequent to an acquisition
do not reflect the full amount of revenue on assumed
contracts that would have otherwise been recorded by
the acquired entity in the absence of the acquisition.
In its supplemental non-IFRS financial information, the
Group has excluded this write‑down to the carrying
value of the contract liabilities, and reflect instead the full
amount of such revenue. Dassault Systèmes believes that
this non-IFRS measure of revenue is useful to investors
and management because it reflects a level of revenue
and operational results that corresponds to the combined
business activities of Dassault Systèmes and the acquired
company.
However, by excluding the deferred revenue adjustment,
the supplemental non-IFRS financial information reflects
the total revenue that would have been recorded by
the acquired entity but may not reflect the total cost
associated with generating the non-IFRS revenue;
—
amortization of acquired intangibles assets, including
amortization of acquired technology, and amortization
of acquired tangible assets revaluation arising from a
business combination: under IFRS, the cost of acquired
intangible and tangible assets, whether acquired through
acquisitions of companies or of technology or certain
other intangible assets, must be recognized according to
the assets’ fair value and amortized over their useful life.
In its supplemental non-IFRS financial information,
the Company has excluded the amortization related
to acquired intangibles assets and of acquired tangible
assets revaluation arising from a business combination
in order to provide a consistent basis for comparing its
historical results. Costs related to internally developed
technology are typically expensed as incurred. For
example, because it typically incurs most of its R&D costs
prior to reaching technical feasibility, its R&D costs are
expensed in the period in which they are incurred. By
excluding the amortization expenses related to acquired
intangibles,
the
supplemental
non-IFRS
financial
information provides a uniform approach for evaluating
the development cost of all the Company’s technology,
whether developed internally or acquired externally. As a
result, the Company believes that the supplemental non-
IFRS financial information offers investors a useful basis
for comparing its historical results.
However, the acquired intangible assets and tangible
assets revaluation arising from a business combination,
which amortization costs are excluded contributed
to revenue earned during the period, and it may not
have been possible to earn such revenue without such
assets. In addition, the annual amortization of acquired
intangibles assets and tangible assets revaluation arising
from a business combination is a recurring expense for
the Group until they are fully amortized;
—
share‑based
compensation
expense
and
related
social charges: under IFRS, the Company is required
to recognize in its income statement all share‑based
compensation to employees. This expense corresponds
to the fair value of the financial instruments, expected to
vest over the requisite service period of the entire award.
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The
Group
excludes
remuneration‑related
charges
based on shares and associated social charges from its
complementary non-IFRS because investors and financial
analysts use valuation models that do not take such
a burden into account. The exclusion of share‑based
compensation expense in the Company’s supplemental
non-IFRS financial information therefore helps them
ensure the consistency of their valuation metrics. The
Company’s management considers the supplemental
non-IFRS
information
that
excludes
share‑based
compensation expense when reviewing the Company’s
operating performance, since share‑based compensation
expenses can fluctuate due to factors other than the level
of its business activity or operating performance.
However, share‑based compensation is one component
of employee compensation. By excluding it, the
supplemental non-IFRS financial information does not
reflect the Company’s full cost of attracting, motivating
and retaining its personnel. Share- based compensation
expense is a recurring expense;
—
lease incentives of acquired companies: under IFRS,
the right‑of‑use on the company acquired leased assets
has to be adjusted by the buyer when the business
combination is accounted for, in order to recognize
the fair value of their future lease payments. Lease
incentives received, such as rent‑free periods, are not
included in the right‑of‑use evaluation. Therefore, under
IFRS, amortization of right‑of‑use assets during the
lease period does not take into account the amortization
savings related to these incentives, which would have
been recognized by the company acquired if it continued
to operate on a standalone basis.
In its supplemental non-IFRS financial information,
the Company excludes lease incentives of acquired
companies such as rent‑free periods. As a result, the
Company believes that its supplemental non-IFRS
financial information is useful for investors and the
Company’s management because amortization expense
and operating income presented as such reflect the
combined activities of both the Company and the
acquired company.
—
other operating income and expense, net: under IFRS,
the Group distinguishes income and expense that are
unusual, infrequent or generally non‑recurring in nature
in the consolidated statement of income. Such income
and expense include the impact of restructuring activity
and other generally non‑recurring events, such as gain
or loss on sale of subsidiaries, impairment of goodwill
or acquired intangible assets, expenses directly related
to acquisitions and acquisitions projects, and expenses
related to relocation activities and reorganizations of the
Group’s premises.
In its supplemental non-IFRS financial information, the
Company excludes other operating income and expense,
net effects because of their unusual, infrequent or
generally non‑recurring nature.
However, other operating income and expense, net are
components of the Company’s income and expense and
by excluding them the supplemental non-IFRS financial
information excludes their impact to its net income;
—
certain one‑time financial income and expense, net:
In its supplemental non-IFRS financial information, the
Company excludes certain one‑time items included
in financial income and expense, net because of their
unusual, infrequent or generally non‑recurring nature.
However, these one‑time items included in financial
income, net are components of the Company’s income
and expense and by excluding them the supplemental
non-IFRS financial information excludes their impact to
its net income;
—
certain one‑time tax effects: The Company’s IFRS financial
statements reflect the impact of one‑time tax effects,
such as those related to restructurings of activities or tax
remeasurement effects, which may result in immediate
adjustment of the income tax provision.
In its supplemental non-IFRS financial information,
the Company has excluded these one‑time tax effects
because of their unusual nature in qualitative terms.
The Company does not expect such tax effects to occur
as part of its normal business on a regular basis. The
Company also believes that the exclusion of certain
one‑time tax effects facilitates a comparison of its
effective tax rate between different periods.
However, these one‑time tax effects are a component of
the Company’s income tax expense. By excluding these
effects, the supplemental non-IFRS financial information
understates or overstates the Company’s income tax
expense.
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3.1.3
Consolidated Information: Financial Review of 2024
Compared to 2023
3.1.3.1
Revenue
(in millions of euros except percentages)
IFRS
Non-IFRS
Year ended
December 31,
Change
Change
in cc*
Year ended
December 31,
Change
Change
in cc*
2024
2023
2024
2023
Total Revenue
€6,213.6
€5,951.4
4%
5%
€6,213.6
€5,951.4
4%
5%
Revenue breakdown by activity
Software revenue
5,613.3
5,360.0
5%
6%
5,613.3
5,360.0
5%
6%
of which licenses and other
software revenue
1,125.2
1,087.6
3%
4%
1,125.2
1,087.6
3%
4%
of which subscription and support
revenue
4,488.1
4,272.4
5%
6%
4,488.1
4,272.4
5%
6%
Services revenue
600.3
591.4
2%
2%
600.3
591.4
2%
2%
Software revenue breakdown
by product line
Industrial Innovation
3,019.6
2,908.0
4%
5%
3,019.6
2,908.0
4%
5%
Life Sciences
1,144.2
1,158.9
(1%)
(1%)
1,144.2
1,158.9
(1%)
(1%)
Mainstream Innovation
1,449.4
1,293.2
12%
13%
1,449.4
1,293.2
12%
13%
Software revenue breakdown
by geography
Americas
2,214.7
2,141.9
3%
4%
2,214.7
2,141.9
3%
4%
Europe
2,150.4
2,027.3
6%
6%
2,150.4
2,027.3
6%
6%
Asia
1,248.1
1,190.8
5%
9%
1,248.1
1,190.8
5%
9%
*
In constant currencies.
In the paragraphs below, unless otherwise indicated, financial information is in IFRS and non-IFRS and all revenue growth
rates are in constant currencies.
Total Revenue (IFRS and non-IFRS)
Total revenue grew by 5% to €6.21 billion. Software revenue
increased by 6% to €5.61 billion and revenue combining
subscription and licenses & other software was up 8%, with
subscription revenue growth of 10%.
2024 has been driven by the expansion of 3DEXPERIENCE
across industries, domains and geographies. 3DEXPERIENCE
software revenue increased by 14%, representing 39% of
3DEXPERIENCE Eligible software revenue.
Cloud software revenue grew by 7% and represented 24%
of software revenue. Excluding MEDIDATA, Cloud software
revenue increased by more than 40% versus last year.
Home & Lifestyle, Aerospace & Defense, High-Tech and
Industrial equipment displayed some of the strongest
performance.
Software revenue by activity (IFRS and non-IFRS)
Subscription and support revenue rose to €4.49 billion up
6%; recurring revenue represented 80% of total software
revenue. Licenses and other software revenue grew by 4% to
€1.13 billion. Services revenue came at €600.3 million, up 2%.
Product Line Revenue (IFRS and non-IFRS)
—
Industrial Innovation software revenue was up 5% to
€3.02 billion and represented 54% of software revenue.
DELMIA, ENOVIA and SIMULIA exhibited the strongest
performance.
—
Life Sciences software revenue decreased by 1% to
€1.14 billion, representing 20% of software revenue.
2024 was a year of transformation to re‑position
MEDIDATA in the Group’s Life Sciences strategy.
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—
Mainstream Innovation software revenue increased by
13% to €1.45 billion. Mainstream Innovation represented
26% of software revenue. CENTRIC PLM continued its
outstanding performance throughout 2024 driven by
large renewals while SOLIDWORKS achieved moderate
single‑digit growth.
Software Revenue by Region (IFRS and non-IFRS)
The Americas increased 4% and represented 39% of
software revenue. Europe rose by 6% and represented 38%
of software revenue. Asia grew by 9%, representing 22% of
software revenue.
3.1.3.2
Operating Expenses
(in millions of euros, except percentages)
IFRS
Non-IFRS
Year ended December 31,
Change
Year ended December 31,
Change
2024
2023
2024
2023
Cost of software revenue (excluding
amortization of acquired intangibles
and of tangible assets revaluation)
€(498.5)
€(453.9)
10%
€(495.0)
€(448.4)
10%
(as % of total revenue)
(8%)
(8%)
(8%)
(8%)
Cost of services revenue
€(517.8)
€(517.1)
0%
€(504.5)
€(506.0)
(0%)
(as % of total revenue)
(8%)
(9%)
(8%)
(9%)
Research and development expenses
€(1,286.2)
€(1,228.3)
5%
€(1,208.4)
€(1,132.6)
7%
(as % of total revenue)
(21%)
(21%)
(19%)
(19%)
Marketing and sales expenses
€(1,704.3)
€(1,624.5)
5%
€(1,623.3)
€(1,550.4)
5%
(as % of total revenue)
(27%)
(27%)
(26%)
(26%)
General and administrative expenses
€(470.5)
€(450.6)
4%
€(398.7)
€(388.3)
3%
(as % of total revenue)
(8%)
(8%)
(6%)
(7%)
Amortization of acquired intangible
assets and of tangible assets
revaluation
€(361.6)
€(378.9)
(5%)
-
-
Other operating income and
(expense), net
€(15.0)
€(56.2)
(73%)
-
-
TOTAL OPERATING EXPENSES
€(4,854.0)
€(4,709.5)
3%
€(4,229.8)
€(4,025.8)
5%
The controlled increase in operating expenses (3% in IFRS
and 5% in non-IFRS at constant exchange rates) reflects
the measures undertaken by the Group to improve its
productivity while maintaining the investments required to
support its growth. In a competitive environment, the Group
remains focused on innovation.
Currency didn’t have any significant effect on operating
expenses neither in IFRS nor in non-IFRS. 2024 acquisitions
did not significantly affect the operating expenses evolution.
The increase in cost of software revenue (excluding
amortization
of
acquired
intangibles)
reflected
the
investments made to support the growth of software
revenue.
The 2024 increase in R&D expenses mostly reflected
headcount growth and related costs, as well as higher
infrastructure costs incurred by the Group to sustain
increasing cloud revenue.
The increase in marketing and sales expenses was mostly
due to workforce growth, related costs, and to marketing
events.
The increase in general and administrative expenses mostly
reflected headcount growth and related costs.
These increases were partially offset by the favorable
evolution of other operating income and (expense), net which
included a €(33.0) million goodwill impairment loss in 2023
(refer to Note 8 to the consolidated financial statements).
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3.1.3.3
Operating income
(in millions of euros, except percentages)
IFRS
Non-IFRS
Year ended December 31,
Change
Year ended December 31,
Change
2024
2023
2024
2023
Operating Income
€1,359.6
€1,241.9
9%
€1,983.7
€1,925.6
3%
Operating margin
(as % of total revenue)
21.9%
20.9%
31.9%
32.4%
2024 Non-IFRS operating income increased 3% and 4% at
constant currencies. Productivity improvement has enabled
the preservation of the non-IFRS operating margin, which
stood at 31.9% compared to 32.4% in 2023.
IFRS operating income and operating margin also benefited
from positive change in other operating income and
(expense), net and from amortization of acquired intangible
assets and of tangible assets revaluation decrease.
3.1.3.4
Financial income, net
(in millions of euros, except percentages)
IFRS
Non-IFRS
Year ended December 31,
Change
Year ended December 31,
Change
2024
2023
2024
2023
Financial income, net
€118.4
€59.0
101%
€121.6
€88.2
38%
The increase in IFRS and non-IFRS Financial income, net
was mainly due to higher interest rates on cash and cash
equivalents and to an increase in invested amounts thanks to
the significant cash flow generated by the business.
In 2023, the IFRS Financial Income, net was reduced by the
impairment of loans to BioSerenity SAS (refer to Note 9 to
the consolidated financial statements).
3.1.3.5
Income taxe expense
(in millions of euros, except percentages)
IFRS
Non-IFRS
Year ended December 31,
Change
Year ended December 31,
Change
2024
2023
2024
2023
Income tax expense
€(279.9)
€(250.7)
12%
€(396.8)
€(414.8)
(4%)
Effective consolidated tax rate
18.9%
19.3%
18.8%
20.6%
In IFRS and in Non-IFRS, the effective tax rate decreased thanks to:
—
higher IP box benefits;
—
a revision of tax risks assessment including the conclusion of tax audits.
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3.1.3.6
Net income and net income per diluted share
(in millions of euros, except per share data
and percentages)
IFRS
Non-IFRS
Year ended December 31,
Change
Year ended December 31,
Change
2024
2023
2024
2023
Net Income attributable to Equity
holders of the Group
€1,200.2
€1,050.9
14%
€1,705.1
€1,597.9
7%
Diluted earnings per share
€0.90
€0.79
14%
€1.28
€1.20
7%
Diluted weighted average number of
shares outstanding (in millions)
1,333.4
1,336.8
1,333.4
1,336.8
In 2024, both IFRS and non-FRS net income increased,
despite a volatile market environment, notably thanks to
productivity gains and effective resource allocation. IFRS
diluted earnings per share increased 14%, while Non-IFRS
diluted EPS stood at €1.28, in line with expectations and
increased 7% as reported and 9% in constant currencies.
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3.1.4
IFRS non-IFRS reconciliation
The following table sets 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.
The main items in the income statement are defined in
paragraph 3.1.2 “Financial information definitions”.
(in millions of euros, except per share data
and percentages)
Year ended December 31,
Variation
2024
IFRS
Adjust
ment (1)
2024
non-IFRS
2023
IFRS
Adjust
ment (1)
2023
non-IFRS
IFRS
Non-
IFRS (2)
Total Revenue
€6,213.6
€-
€6,213.6
€5,951.4
€-
€5,951.4
4%
4%
Revenue breakdown by activity
Software revenue
5,613.3
-
5,613.3
5,360.0
-
5,360.0
5%
5%
Licenses and other software revenue
1,125.2
-
1,125.2
1,087.6
-
1,087.6
3%
3%
Subscription and Support revenue
4,488.1
-
4,488.1
4,272.4
-
4,272.4
5%
5%
Recurring portion of software
revenue
80%
80%
80%
80%
Services revenue
600.3
-
600.3
591.4
-
591.4
2%
2%
Software revenue breakdown
by product line
Industrial Innovation
3,019.6
-
3,019.6
2,908.0
-
2,908.0
4%
4%
Life Sciences
1,144.2
-
1,144.2
1,158.9
-
1,158.9
(1%)
(1%)
Mainstream Innovation
1,449.4
-
1,449.4
1,293.2
-
1,293.2
12%
12%
Software revenue breakdown
by geography
Americas
2,214.7
-
2,214.7
2,141.9
-
2,141.9
3%
3%
Europe
2,150.4
-
2,150.4
2,027.3
-
2,027.3
6%
6%
Asia
1,248.1
-
1,248.1
1,190.8
-
1,190.8
5%
5%
Total Operating Expenses
(4,854.0)
624.2
(4,229.8)
(4,709.5)
683.7
(4,025.8)
3%
5%
Share‑based compensation expense
and related social charges
(245.6)
245.6
-
(245.8)
245.8
-
Amortization of acquired intangible
assets and of tangible assets
revaluation
(361.6)
361.6
-
(378.9)
378.9
-
Lease incentives of acquired
companies
(1.9)
1.9
-
(2.8)
2.8
-
Other operating income
and expense, net
(15.0)
15.0
-
(56.2)
56.2
-
Operating Income
1,359.6
624.2
1,983.7
1,241.9
683.7
1,925.6
9%
3%
Operating Margin
21.9%
31.9%
20.9%
32.4%
Financial income, net
118.4
3.2
121.6
59.0
29.3
88.2
101%
38%
Income before Income Taxes
1,478.0
627.4
2,105.3
1,300.9
712.9
2,013.8
14%
5%
Income tax expense
(279.9)
(117.0)
(396.8)
(250.7)
(164.1)
(414.8)
12%
(4%)
Non‑controlling interest
2.1
(5.5)
(3.4)
0.7
(1.9)
(1.2)
190%
187%
Net Income attributable to
shareholders
€1,200.2
€504.9
€1,705.1
€1,050.9
€546.9
€1,597.9
14%
7%
Diluted net income per share (3)
€0.90
€0.38
€1.28
€0.79
€0.41
€1.20
14%
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
income, net reflect the exclusion of certain one‑time items, net and (iv) all adjustments to IFRS net income data reflect the combined effect of these adjustments, and
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 one of
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 1,333.4 million diluted shares for 2024 and 1,336.8 million diluted shares for 2023.
3
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
(in millions of euros)
Year ended December 31,
2024
IFRS
Share‑based
compensation
expense
and relates
social
charges
Lease
incentives
of acquired
companies
2024
non-IFRS
2023
IFRS
Share‑based
compensation
expense and
relates
social
charges
Lease
incentives
of acquired
companies
2023
non-IFRS
Cost of revenue
€(1,016.3)
€16.2
€0.5
€(999.5)
€(971.0)
€15.7
€0.8
€(954.4)
Research and development expenses
(1,286.2)
76.9
0.9
(1,208.4)
(1,228.3)
94.4
1.3
(1,132.6)
Marketing and sales expenses
(1,704.3)
80.8
0.3
(1,623.3)
(1,624.5)
73.6
0.5
(1,550.4)
General and administrative expenses
(470.5)
71.7
0.2
(398.7)
(450.6)
62.2
0.2
(388.3)
TOTAL
€245.6
€1.9
€245.8
€2.8
3.1.5
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. Services
revenue activity also vary significantly by quarter reflecting
clients’ decision processes as well as decisions regarding
service engagements to be performed by the Group itself or
by partner system integrators.
Total software revenue growth has generally been less
sensitive to quarterly variation due to the significant level of
recurring software revenue, which comprises subscription
revenue and support revenue. IFRS and non-IFRS recurring
software revenue represented 80% of total software revenue
in 2024 and 2023, 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 proportion of on‑premise, subscription software
contracts renew for an annual period as of January 1st.
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.
(in millions of euros, except percentages)
IFRS
Non-IFRS
For the Year Ended December 31,
For the Year Ended December 31,
1Q
2Q
3Q
4Q
FY
2024
1Q
2Q
3Q
4Q
FY
2024
2024
2024
2024
2024
2024
2024
2024
2024
Licenses and Other Software
218.5
271.8
229.5
405.4
1,125.2
218.5
271.8
229.5
405.4
1,125.2
Seasonality %
19.4%
24.2%
20.4%
36.0% 100.0%
19.4%
24.2%
20.4%
36.0%
100.0%
Subscription & Support
1,134.3
1,074.8 1,082.9 1,196.1 4,488.1
1,134.3
1,074.8 1,082.9 1,196.1
4,488.1
Seasonality %
25.3%
23.9%
24.1%
26.7% 100.0%
25.3%
23.9%
24.1%
26.7%
100.0%
Software Revenue
€1,352.8 €1,346.5 €1,312.4 €1,601.5 €5,613.2
€1,352.8 €1,346.5 €1,312.4 €1,601.5 €5,613.2
Seasonality %
24.1%
24.0%
23.4%
28.5%
100.0%
24.1%
24.0%
23.4%
28.5%
100.0%
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 in currency 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.
255
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3
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
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 “An uncertain Global Environment” and 1.9.1.11
“Variability in Dassault Systèmes’ Quarterly Operating
Income” in Risk Factors.
3.1.6
Capital Resources
Dassault Systèmes has a significant financial flexibility thanks
to its available cash and short‑term investments position and
strong level of cash flow generation. The main uses of cash
are for acquisitions, repayment of debt, cash dividends and
for the repurchase of treasury stocks, to be delivered as part
of performance share plans granted.
The Group had a net cash position of €1.46 billion as of
December 31, 2024, compared to €0.58 billion on December
31, 2023, with an increase in cash and cash equivalents and
short‑term investments which stood at €3.95 billion on
December 31, 2024, compared to €3.57 billion on December
31, 2023 and with a €0.50 billion decrease in current
borrowings.
The strong cash flow generated by the business enabled
the Group to reach, in 2024, a negative adjusted net debt/
IFRS EBITDAO ratio, as it stood at (0.4)× compared to 0.0×
in 2023, based on an adjusted net debt including the lease
liabilities as reported under IFRS 16 of €(890.3) million (net
cash position) compared to €32.6 million in 2023 and an IFRS
EBITDAO of €2.17 billion, compared to €2.04 billion in 2023.
The 2023 and 2024 IFRS EBITDAO and adjusted net debt
data are determined as follows:
(in millions of euros, except ratios)
Year ended December 31,
2024
2023
Reported Financial Net Debt (net cash position)
(1,459.0)
(577.6)
Operating leases liabilities (IFRS 16)
568.7
610.2
ADJUSTED NET DEBT (NET CASH POSITION)
€(890.3)
€32.6
Operating income
1,359.6
1,241.9
Amortization and impairment on intangible assets
369.1
420.1
Amortization and depreciation of tangible assets and right of use (IFRS 16)
206.1
187.9
REPORTED EBITDA
€1,934.8
€1,849.9
Share‑based payments, excluding related social charges
234.4
189.8
EBITDAO
€2,169.2
€2,039.7
ADJUSTED NET DEBT/EBITDAO
(0.4)x
0.0x
On November 15, 2024, Standard & Poors Global Ratings
reaffirmed their “A” rating with a stable outlook for Dassault
Systèmes SE and its long term debt, demonstrating the
Group’s ability to swiftly deleverage.
Group’s 2024 main sources of liquidity came from the cash
generated by the business, amounting to €1.66 billion
(€1.57 billion in 2023), from the issuance of commercial
papers for a net amount not yet repaid of €200.0 million, and
from €48.4 million proceeds from exercise of stock options
(2023: €67.0 million). For 2023, the main sources of liquidity
also came from a €146.1 million capital increase as part of
the employee shareholding plan “TOGETHER 2023”.
During 2024, cash obtained from operations was used
principally for:
—
repayment of short‑term loans for €700.9 million (2023:
€28.1 million), primarily corresponding to the repayment,
on September 16, 2024, of a €700.0 million second
tranche of bonds, issued in 2019;
—
repurchase of treasury shares for €374.0 million (2023:
€375.4 million) to neutralize the dilutive effect of the
share‑based compensation plans including the employee
shareholding plan in 2023;
—
cash dividends of €302.7 million (2023: €276.2 million);
—
capital expenditures of €193.4 million (2023: €145.3 million);
—
payments for lease obligations of €79.7 million (2023:
€89.4 million).
Exchange rate fluctuations, in particular the US dollar, had
a positive conversion effect on cash and cash equivalent
balances of €128.2 million in 2024, compared to a negative
conversion effect of €67.5 million as of December 31, 2023.
3
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Financial review and prospects
Financial Objectives
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The Group follows a conservative policy for investing its 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 paragraph 4.1.1 “Consolidated Financial
Statements”.
3.2
Financial Objectives
Financial objectives for 2025
Dassault Systèmes financial objective for 2025 presented
below are on a non-IFRS basis and reflect the key 2025
exchange rate assumptions for the US dollar and Japanese
yen as well as the potential impact of additional non-
European currencies:
2025 year
Total Revenue (billion)
€6.55 to €6.65
Growth at current exchange rates
5‑7%
Growth at constant exchange rates*
6‑8%
Software revenue growth at constant exchange rates*
6‑8%
Of which licenses and other software revenue growth*
3‑5%
Of which recurring revenue growth*
7‑9%
Services revenue growth*
3‑6%
Operating margin
32.6% – 32.9%
Diluted EPS
1.36‑1.39€
Growth at current exchange rates
6‑8%
Growth at constant exchange rates*
7‑10%
US dollar
$1.10 per euro
Japanese yen (before hedging)
JPY 155.0 per euro
*
Growth at constant exchange rates: refer to paragraph 3.1.2.1 “Definitions of Key Metrics Used” – 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 2025 non-IFRS financial objectives set forth above do
not take into account the following accounting elements
below and are estimated based upon the 2025 principal
currency exchange rates above: no significant contract
liabilities write‑downs; share‑based compensation expenses,
including related social charges, estimated at approximately
€161 million (these estimates do not include any new stock
option or share grants issued after December 31, 2024);
amortization of acquired intangibles and of tangibles
reevaluation, estimated at approximately €336 million,
largely impacted by the acquisition of MEDIDATA; and
lease incentives of acquired companies at approximately
€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 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 of these non-IFRS adjustments. Finally,
these estimates do not include any new acquisitions or
restructuring completed after December 31, 2024.
The data presented above includes statements on the Group’s
operational framework and future financial performance
targets. These forward‑looking statements are based on
the views and assumptions of the Group’s management at
the date of this Universal registration document and involve
known and unknown risks and uncertainties. The Group’s
results and performance may be negatively and significantly
affected, and may differ from those mentioned in these
statements, due to a set of factors described in this Universal
registration document. For more information on the risks
incurred by Dassault Systèmes, refer to paragraph 1.9 “Risk
factors”.
257
3
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Interim and Other Financial Information
3
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
3.3
Interim and Other Financial Information
Dassault Systèmes has not published any quarterly or half‑year financial information since the date of its last audited financial
statements.
3
258
Financial review and prospects
Interim and Other Financial Information
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
259
4
Financial statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
4
FINANCIAL
STATEMENTS
The consolidated and annual financial statements presented below will be submitted for the approval of
the annual General Meeting of Shareholders of Dassault Systèmes SE to be held on May 22, 2025.
4
4.1
Consolidated Financial Statements
260
4.1.1
Consolidated Financial Statements
260
4.1.2
Statutory Auditors’ Report on the Consolidated Financial Statements
300
4.2
Parent company financial statements
304
4.2.1
Parent company financial statements and notes
305
4.2.2
Selected financial and other information for Dassault Systèmes SE
331
4.2.3
Statutory Auditors’ Report on the parent company financial statements
333
4.2.4
Statutory Auditors’ Special Report on Related Party Agreements
337
4.3
Legal and Arbitration Proceedings
338
4
260
Financial statements
Consolidated Financial Statements
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
4.1
Consolidated Financial Statements
4.1.1
Consolidated Financial Statements
Consolidated Statements of Income
(in millions of euros, except per share data)
Note
Year ended December 31,
2024
2023
Licenses and other software revenue
1,125.2
1,087.6
Subscription and support revenue
4,488.1
4,272.4
Software revenue
4
5,613.3
5,360.0
Services revenue
600.3
591.4
TOTAL REVENUE
6,213.6
5,951.4
Cost of software revenue
(498.5)
(453.9)
Cost of services revenue
(517.8)
(517.1)
Research and development expenses
(1,286.2)
(1,228.3)
Marketing and sales expenses
(1,704.3)
(1,624.5)
General and administrative expenses
(470.5)
(450.6)
Amortization of acquired intangible assets and of tangible assets revaluation
(361.6)
(378.9)
Other operating income and expense, net
8
(15.0)
(56.2)
OPERATING INCOME
1,359.6
1,241.9
Financial income, net
9
118.4
59.0
PROFIT BEFORE TAX
1,478.0
1,300.9
Income tax expense
10
(279.9)
(250.7)
NET INCOME
€1,198.1
€1,050.2
Attributable to:
Equity holders of the Group
€1,200.2
€1,050.9
Non‑controlling interests
€(2.1)
€(0.7)
Earnings per share
Basic earnings per share
11
€0.91
€0.80
Diluted earnings per share
11
€0.90
€0.79
261
4
Financial statements
Consolidated Financial Statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Consolidated Statements of Comprehensive Income
(in millions of euros)
Note
Year ended December 31,
2024
2023
NET INCOME
€1,198.1
€1,050.2
Unrealized gains on hedging reserves, net
22
8.8
7.0
Income tax related to unrealized gains on hedging reserves, net
(2.2)
(1.0)
Foreign currency translation adjustment
522.9
(303.8)
Other comprehensive income that are or may be reclassified to profit or loss in subsequent periods
529.4
(297.9)
Remeasurement of defined benefit pension plans
21
(3.4)
(9.8)
Remeasurement of non‑consolidated equity investments
15
(2.2)
(22.3)
Income tax related to items above
0.9
(1.2)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods
(4.7)
(33.3)
OTHER COMPREHENSIVE INCOME, NET OF TAX
524.8
(331.1)
TOTAL COMPREHENSIVE INCOME
€1,722.9
€719.1
Attributable to:
Equity holders of the Group
€1,724.8
€719.9
Non‑controlling interests
€(1.9)
€(0.8)
4
262
Financial statements
Consolidated Financial Statements
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Consolidated Balance Sheets
(in millions of euros)
Note
Year ended December 31,
2024
2023
Assets
Cash and cash equivalents
12
€3,952.6
€3,568.3
Trade accounts receivable, net
13
2,120.9
1,707.9
Contract assets
13
30.1
26.8
Income tax receivable
165.4
197.1
Other current assets
13
298.6
280.0
TOTAL CURRENT ASSETS
6,567.6
5,780.1
Property and equipment, net
14
945.8
882.8
Other non‑current assets
15
205.9
232.4
Deferred tax assets
10
139.5
80.2
Intangible assets, net
16
2,641.0
2,842.1
Goodwill
17
5,046.1
4,805.0
TOTAL NON-CURRENT ASSETS
8,978.3
8,842.3
TOTAL ASSETS
€15,545.9
€14,622.5
(in millions of euros)
Liabilities
Trade accounts payable
€259.9
€230.5
Accrued compensation and other personnel costs
617.2
635.1
Contract liabilities
13
1,663.4
1,479.3
Borrowings, current
19
450.8
950.1
Income tax payable
25.0
18.2
Other current liabilities
18
505.1
247.7
TOTAL CURRENT LIABILITIES
3,521.5
3,561.0
Deferred tax liabilities
10
29.2
100.1
Borrowings, non‑current
19
2,042.8
2,040.6
Other non‑current liabilities
18
871.7
1,074.7
TOTAL NON-CURRENT LIABILITIES
2,943.7
3,215.4
Common stock
134.0
133.8
Share premium
1,216.0
1,173.2
Treasury stock
(935.6)
(756.8)
Retained earnings and other reserves
8,013.8
7,170.1
Other comprehensive income, net of tax
638.4
113.8
Total parent shareholders’ equity
9,066.6
7,834.1
Non‑controlling interests
14.1
11.9
TOTAL EQUITY
22
9,080.7
7,846.1
TOTAL LIABILITIES
€15,545.9
€14,622.5
263
4
Financial statements
Consolidated Financial Statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Consolidated Statements of Cash Flows
(in millions of euros)
Note
Year ended December 31,
2024
2023
NET INCOME
€1,198.1
€1,050.2
Adjustments for non‑cash items
23
598.6
644.2
Changes in operating assets and liabilities
23
(137.0)
(129.2)
NET CASH FROM OPERATING ACTIVITIES
1,659.8
1,565.2
Additions to property, equipment and intangible assets
14, 16
(193.4)
(145.3)
Payment for acquisition of businesses, net of cash acquired
23
(22.5)
(16.1)
Other
24.1
(0.3)
NET CASH USED IN INVESTING ACTIVITIES
(191.7)
(161.6)
Proceeds from exercise of stock options
48.4
67.0
Cash dividends paid
22
(302.7)
(276.2)
Repurchase and sale of treasury stock
22
(374.0)
(375.4)
Capital increase
22
-
146.1
Acquisition of non‑controlling interests
(3.3)
(0.9)
Proceeds from borrowings
19
200.2
20.3
Repayment of borrowings
19
(700.9)
(28.1)
Repayment of lease liabilities
(79.7)
(89.4)
NET CASH USED IN FINANCING ACTIVITIES
(1,211.9)
(536.7)
Effect of exchange rate changes on cash and cash equivalents
128.2
(67.5)
INCREASE IN CASH AND CASH EQUIVALENTS
384.3
799.3
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
3,568.3
2,769.0
CASH AND CASH EQUIVALENTS AT END OF PERIOD
€3,952.6
€3,568.3
Supplemental disclosure
Income taxes paid
€(269.2)
€(415.3)
Cash paid for interest
€(45.3)
€(35.7)
Total cash outflow for leases
€(111.6)
€(117.5)
4
264
Financial statements
Consolidated Financial Statements
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Consolidated Statements of Shareholders’ Equity
(in millions of euros)
Note
Common
stock
Share
premium
Treasury
stock
Retained
earnings
and other
reserves
Other com
prehensive
income,
net of tax
Total
parent
shareholders’
equity
Non‑
controlling
interests
Total
equity
DECEMBER 31, 2022
€133.5
€1,128.3 €(703.7)
€6,307.8
€444.8
€7,310.7
€14.2
€7,324.8
Net income
-
-
-
1,050.9
-
1,050.9
(0.7)
1,050.2
Other comprehensive income, net of tax
-
-
-
-
(331.1)
(331.1)
(0.1)
(331.1)
TOTAL COMPREHENSIVE INCOME
-
-
-
1,050.9
(331.1)
719.9
(0.8)
719.1
Dividends
22
-
-
-
(276.2)
-
(276.2)
-
(276.2)
Capital increase
22
0.5
145.6
-
-
-
146.1
-
146.1
Capital decrease
22
(0.5)
(171.4)
171.8
-
-
-
-
-
Exercise of stock options
0.3
70.7
-
-
-
71.0
0.2
71.2
Treasury stock transactions
-
-
(224.9)
(151.5)
-
(376.4)
-
(376.4)
Share‑based compensation
6, 7
-
-
-
184.1
-
184.1
0.3
184.5
Transactions with non‑controlling
interests
-
-
-
(2.3)
-
(2.3)
(2.0)
(4.3)
Other changes
-
-
-
57.3
-
57.3
-
57.3
DECEMBER 31, 2023
€133.8
€1,173.2 €(756.8)
€7,170.1
€113.8
€7,834.1
€11.9
€7,846.1
Net income
-
-
-
1,200.2
-
1,200.2
(2.1)
1,198.1
Other comprehensive income, net of tax
-
-
-
-
524.6
524.6
0.1
524.8
TOTAL COMPREHENSIVE INCOME
-
-
-
1,200.2
524.6
1,724.8
(1.9)
1,722.9
Dividends
22
-
-
-
(302.7)
-
(302.7)
-
(302.7)
Exercise of stock options
0.2
42.7
-
-
-
42.9
1.4
44.3
Treasury stock transactions
-
-
(178.8)
(196.1)
-
(374.9)
-
(374.9)
Share‑based compensation
6, 7
-
-
-
189.1
-
189.1
1.3
190.4
Transactions with non‑controlling
interests
-
-
-
(50.6)
-
(50.6)
0.2
(50.5)
Other changes
-
-
-
3.8
-
3.8
1.2
5.0
DECEMBER 31, 2024
€134.0
€1,216.0 €(935.6)
€8,013.8
€638.4
€9,066.6
€14.1 €9,080.7
Analysis of changes in shareholders’ equity related to
components of the other comprehensive income
(in millions of euros)
Non‑
consolidated
equity
investments
Hedging
reserves
Foreign
currency
translation
adjustment
Actuarial
gains
and losses
Total
attributable
to parent
shareholders
Non‑
controlling
interests
Other com
prehensive
income,
net of tax
DECEMBER 31, 2022
€(3.2)
€7.1
€485.3
€(44.4)
€444.8
€0.2
€445.1
Variations
(25.4)
6.0
(303.8)
(7.8)
(331.1)
(0.1)
(331.1)
DECEMBER 31, 2023
€(28.6)
€13.1
€181.5
€(52.2)
€113.8
€0.2
€113.9
Variations
(2.2)
6.5
522.8
(2.5)
524.6
0.1
524.8
DECEMBER 31, 2024
€(30.8)
€19.6
€704.3
€(54.7)
€638.4
€0.3
€638.7
265
4
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Consolidated Financial Statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Notes to the Consolidated Financial Statements
The accompanying notes are an integral part of these consolidated financial statements.
Note 1
Description of Business
266
Note 2
Material accounting policy information
266
Note 3
Segment and Geographic Information
272
Note 4
Software Revenue
273
Note 5
Government Grants
274
Note 6
Personnel Costs
274
Note 7
Share‑based Compensation
275
Note 8
Other Operating Income and Expense, Net279
Note 9
Financial Income, Net
280
Note 10 Income Taxes
280
Note 11 Earnings per Share
282
Note 12 Cash and Cash Equivalents
and Short‑term Investments
282
Note 13 Trade Accounts Receivable,
Net, Contract Balances
and Other Current Assets
283
Note 14 Property and Equipment, Net
284
Note 15 Other Non-Current Assets
285
Note 16 Intangible Assets, Net
285
Note 17 Goodwill
286
Note 18 Other Liabilities
288
Note 19 Borrowings
289
Note 20 Derivatives and Currency
and Interest Rate Risk Management
291
Note 21 Post‑employment Benefits
292
Note 22 Shareholders’ Equity
295
Note 23 Consolidated Statements of Cash Flows
296
Note 24 Commitments and Contingencies
297
Note 25 Related-Party Transactions
297
Note 26 Principal Statutory Auditors’ Fees
and Services
298
Note 27 Principal Dassault Systèmes Companies
299
4
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Consolidated Financial Statements
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
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, artificial intelligence 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
their organization, reduce costs and time‑to‑market, and
become more sustainable;
—
Life Sciences & Healthcare: Life Sciences & Healthcare.
In this sector, the Group aims to address 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, and combine new therapeutics, 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 the laws 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
Basis of preparation and consolidation
The
accompanying
consolidated
financial
statements
were prepared in accordance with International Financial
Reporting Standards (“IFRS”) as adopted by the European
Union as of December 31, 2024. These consolidated financial
statements were established by the Board of Directors on
March 11, 2025.
The consolidated financial statements are presented in
millions of euros except where otherwise indicated. Some
total rounding difference may occur.
The consolidated financial statements include the accounts
of Dassault Systèmes SE and its subsidiaries. Companies
over which the Group has control are fully consolidated.
The Group controls an entity when (i) it has power over
this entity, (ii) is exposed to or has rights to variable returns
from its involvement with that entity, and (iii) has the ability
to use its power over that entity to affect the amount of
those returns. Companies over which the Group exercises
significant influence are accounted for under the equity
method. Intercompany transactions and balances are
eliminated.
Impact of significant recently issued
accounting standards
New standards, interpretations or amendments effective
beginning on January 1, 2024 had no significant impact on
the Group’s consolidated financial statements.
The Group undertakes no early application of any standard
or interpretation or associated amendments which were
already published in the Official Journal of the European
Union at December 31, 2024.
Standards, interpretations or amendments published by
the IASB, approved by the EU but not yet effective, would
not have a significant impact on the consolidated financial
statements at December 31, 2024.
Standards, interpretations or amendments published by
the IASB, not yet approved by the EU, would not have a
significant impact on the consolidated financial statements
at December 31, 2024, except IFRS 18 “Presentation and
Disclosure in Financial Statements”, that will be effective
starting January 1, 2027, and that analysis of the impact on
the structure and presentation on the consolidated financial
statements is in progress.
267
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Summary of significant accounting policies
Use of estimates
The preparation of financial statements in conformity
with IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities, revenue and expenses and disclosure of contingent
assets and liabilities at the date of the financial statements.
Areas involving the use of significant estimates and
assumptions mainly include: assessing product lifecycles;
identifying the different elements comprising a software
solution arrangement, including the distinction between
upgrades/enhancements,
new
products
and
services,
contract price allocation to the different elements based
on their stand‑alone selling price and determining the
revenue recognition date of those elements; estimating the
recoverable amount of goodwill; determining the nature,
fair value and useful life of acquired intangible assets in a
business combination; determining assumptions to estimate
the fair value of share‑based compensation; assessing the
recognition of deferred tax assets; and making reasonable
estimates about the ultimate resolution of the Group’s tax
uncertainties based on current tax laws and the Group’s
interpretation thereof. Actual results and outcomes could
differ from management’s estimates and assumptions.
Foreign currency adjustments
The functional currency of the Group’s foreign subsidiaries is
generally the applicable local currency. Assets and liabilities
with functional currencies other than the euro are translated
into euro equivalents at the rate of exchange in effect on
the balance sheet date. Revenues, expenses and cash flows
are translated at the average exchange rates for the year
unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case revenues, expenses and cash flows
are translated at the rate on the dates of the transactions.
Translation gains or losses are recorded in Other items in
shareholders’ equity.
Exchange differences on the settlement or retranslation
of monetary items in a currency other than the Group’s
and its subsidiaries’ functional currency are recorded in the
statement of income.
Revenue recognition
The Group derives revenue from two primary sources:
(i) licenses, other software revenue (which includes the
development of additional functionalities of standard on
premise products requested by clients), subscription and
support (which includes software license updates and
technical support); (ii) professional and training services.
Revenues are disclosed net of taxes collected from customers
and remitted to governmental authorities.
The Group accounts for a contract with a client when there
is a written agreement that creates legally enforceable rights
and obligations, including payment terms, when the contract
has commercial substance and when collection consideration
is probable. A performance obligation is a promise in a
contract with a client to transfer products or services that are
distinct from the other promises of the contract.
Revenue is recognized when, or as, control of a promised
product or service is transferred to a client, in an amount that
reflects the consideration to which the Group expects to be
entitled in exchange for those products or services.
Group’s products are also sold by value‑added resellers
that are most often assessed as principal in the transaction
because they generally have the primary responsibility for
fulfillment to the end‑customer. As a result, most of the time
the Group recognizes revenue in the amount of the fee it
expects to be entitled to, i.e., the consideration paid by the
distributor, assuming all other revenue recognition criteria
are met.
Licenses, subscription, support and other software revenue
Software license revenue represents fees earned from
granting customers licenses to use the Group’s software. It
includes license revenue of perpetual and periodic license
sales of software products and is recognized at a point in
time for an arrangement when control is transferred to the
client.
Subscription contracts generally have a term of between
one-year
and
five-year,
and
contain
two
separate
performance obligations pertaining to on premise software
license and support. The revenue from such arrangements
is recognized in line with revenue from arrangements with
multiple performance obligations.
Subscription revenue also is derived from access to
cloud‑based solutions (SaaS), infrastructure as a service
(IaaS), cloud solution development and cloud managed
services. Revenue from cloud subscription is generally
recognized linearly over the contractual term.
To facilitate the transition from on‑premise to cloud‑based
solutions
the
Group
introduced
a
new
subscription
contracting model “Flexible Hybrid model” that provides
customers with the right to access all licenses either on the
cloud or on premises. This offer is comprised of three types
of performance obligations: term license, maintenance and
support, and cloud‑based solution. A key characteristic of
this model is the ability to change the deployment mix of
cloud and on‑premise throughout the term of the contract.
Revenue from Flexible Hybrid model is recognized fully as
Subscription revenue from 2024.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Support revenue represents periodic fees associated with
the sale of unspecified product updates on a when‑and‑if-
available basis and technical support. Support agreements
are entered into in connection with the initial software
license purchase. Support may be renewed by the customer
at the conclusion of each term. Revenue from support is
recognized on a straight- line basis over the term of the
support agreement as the Group has a standing ready
obligation to provide services.
Other software revenue mainly relates to the development
of additional functionalities of standard products requested
by clients and is recognized when the development work is
performed.
Recurring fees, for subscription and support, are reported
within “Software Revenue”.
Revenue under arrangements with multiple performance
obligations, which typically include software licenses,
support and/or services agreements sold together, is
allocated to each distinct performance obligation based on
their stand‑alone selling price.
The stand‑alone selling price is the price at which the Group
would sell a promised product or service separately to a
client. The Group generally establishes stand‑alone selling
price based on the observable prices of products or services
sold separately in comparable circumstances to similar
clients. Estimating stand‑alone selling price is a formal
process that includes review and approval by the Group’s
management.
In certain instances, e.g. perpetual software licenses only
sold bundled with one year of support, the Group is not
able to establish a stand‑alone selling price range based
on observable prices. The stand‑alone selling price is then
determined by applying the residual approach.
When a sale of a license goes along with a service essential to
the software functionality, the two performance obligations
(software and service) are not distinct. Therefore, the license
revenue is recognized in accordance with the pattern of
recognition of the service obligation.
Services Revenue
Services revenue consist primarily of fees from professional
services in process optimization and in methodology for
design, implementation and post‑implementation support,
and training services. Services generally do not require
significant modification or customization of software
products, and are accounted for separately to the extent they
are not essential to the functionality of software products.
Performance obligations from fixed price contracts are
usually satisfied over the time. The revenue is recognized
using percentage of completion based on the labor costs
incurred to date as a percentage of the total estimated labor
costs to fulfill the contract.
Service revenues derived from time and material contracts
are recognized over the time on an output basis, as labor
hours are delivered or direct project expenses are incurred.
Incremental Costs of Obtaining a Contract
The Group generally does not capitalize the incremental costs
incurred to obtain a contract (e.g. variable remuneration of
the sales force), and expenses them as incurred, for contracts
with customers that have a period of 12 months or less.
For long term contracts with customers, the Group
generally capitalizes the expenses associated with variable
compensation paid to internal sales personnel that is
incremental to obtaining and renewing these contracts.
Contract Assets/Liabilities and Accounts Receivable
The Group classifies the right to consideration in exchange
for products or services transferred to a client as either
a receivable or a contract asset. A receivable is a right to
consideration that is unconditional as compared to a contract
asset, which is a right to consideration that is conditional
upon factors other than the passage of time.
The majority of the Group’s contract assets represents
unbilled amounts related to fixed price services contracts
when revenue recognized exceeds the amount billed to the
client, and the right to consideration is subject to milestone
completion or client acceptance.
The amount of billing in excess of revenue recognized is
classified as contract liabilities.
Share‑based compensation
The Group recognizes compensation expense for share-
based compensation awards expected to vest on a
straight‑line basis over the requisite service period of the
entire award. Forfeitures are estimated at the time of grant
and revised, if necessary, in subsequent periods if actual
forfeitures differ from initial estimate.
Stock options are measured at fair value on the date of the
grant using an option‑pricing model based on assumptions
made by management on expected volatility, expected
option life and distributed dividends.
Performance shares are measured at fair value based on
the quoted price of the Group’s common stock on the date
of grant. The fair value also includes the impact of certain
conditions based on an option‑pricing model.
Vesting conditions excluded from the fair value measurement
are taken into account to estimate the number of shares that
will eventually vest. At the end of each reporting period,
the Group reviews this estimate and records the impact
of changes to original estimate, if any, in the statement of
income.
269
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
For performance shares plan that allows the beneficiaries to
acquire shares either upon satisfaction of a market condition
or a non‑market vesting condition, the Group estimates
the fair value of the equity instrument at grant date for
each possible outcome, and accounts for the share‑based
compensations based on the most likely outcome at the end
of each reporting period.
Cost of software revenue
Cost of software revenue primarily includes software license
expense for software products included in the Group’s
software, maintenance costs and delivery expense.
Research and development
Research costs are expensed as incurred.
Costs incurred to develop computer software products
include mainly payroll and other headcount‑related costs
associated with development of the Group’s products. They
also include amortization expense, lease and maintenance
costs of computer equipment used for product development,
software expenditures and costs of information technology
and communication.
Due to specificities in the software industry, the Group
has determined that technological feasibility is the key
criteria to capitalize development expenditure as it is
generally the last criteria to be met. Currently the risks and
uncertainties inherent in the software development process
make it difficult to demonstrate technological feasibility
before a working prototype has been completed, which
generally occurs shortly before the commercial release of its
software products. As a consequence, costs incurred after
technological feasibility is established that could potentially
be capitalized are not material.
Government grants
The Group receives grants from certain governmental
authorities to finance certain research and development
activities, including research and development tax credits in
France that are treated as government grants. Government
grants are recognized as a reduction of research and
development costs or cost of services and other revenue
when the qualifying research and development activities
have been performed and there is reasonable assurance that
the grants will be received.
Other operating income and expense, net
The Group distinguishes income and expense that are
unusual, infrequent or generally non‑recurring in nature
in the consolidated statement of income. Such income and
expense include the impact of restructuring activity and
other generally non‑recurring events, such as gain or loss
on sale of subsidiaries, impairment of goodwill or acquired
intangible assets, expenses directly related to acquisitions
and acquisitions projects, and expenses related to relocation
activities and reorganizations of the Group’s premises.
Financial income (loss), net
Other financial income and expense primarily include the
interest expenses related to financing operations and lease
liabilities. Are also included the impact of remeasuring
financial instruments at fair value, exchange gains and losses
on monetary items and change in fair value of derivative
financial instruments not qualified for hedge accounting.
Income taxes
Deferred income tax is recognized using the liability method
on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the
consolidated financial statements. However, deferred income
tax is not accounted for if it arises from initial recognition
of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss. Deferred income
tax is determined using tax rates and laws that have been
enacted or substantially enacted by the balance sheet date
and are expected to apply when the related deferred income
tax asset is realized or the deferred income tax liability is
settled.
Deferred tax assets are recognized for all deductible
temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred income tax
assets are recognized only to the extent that it is probable
that future taxable profit will be available against which the
temporary differences can be utilized.
Deferred income tax is provided on temporary differences
arising on investments in subsidiaries and associates,
except where the timing of the reversal of the temporary
difference is controlled by the Group and it is probable that
the temporary difference will not reverse in the foreseeable
future.
Following the amendment “international tax reform –
Pillar Two model rules (amendments to IAS 12)”, adopted
by the European Union in November 2023, as a temporary
exception to the provisions of IAS 12, the Group does not
recognize deferred tax assets and liabilities related to Pillar
Two income taxes.
Allowance for doubtful accounts and loans receivable
The allowance for doubtful accounts and loans receivable
reflects the Group’s best estimate of probable losses inherent
in the receivable balance. The Group applies the simplified
approach as permitted by IFRS 9 to account for the expected
losses on trade accounts receivables and establishes
a statistical model based on historical experience and
prospective information including financial difficulties and
other currently available evidence.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Financial instruments
Fair Value – The carrying amount of cash and cash
equivalents, short‑term investments, accounts receivable,
accounts payable and accrued expenses approximate fair
value, due to the short‑term maturities of such instruments.
Foreign exchange options and forward contracts, which are
designated and serve as hedges, are recorded at their fair
market value. Fair value is measured based on the following
fair value hierarchy: level 1: quoted price in active markets;
level 2: inputs observable directly or indirectly, other than
quoted price included in level 1; level 3: inputs not based
on observable market data. Cash, cash equivalents and
short‑term investments are measured using the level 1 fair
value. Derivative instruments are measured using the
level 2 fair value. Other investments that are not equity
method investments are measured using the level 3 fair value.
Cash and Cash Equivalents and Short-Term Investments –
The Group considers deposits with banks, investments in
money market mutual funds and marketable debt securities
with short‑term maturities to be cash equivalents since they
are readily convertible to a known amount of cash and are
subject to an insignificant risk of change in value. Other
marketable debt securities and mutual funds that do not
qualify as cash equivalents are considered to be short‑term
investments and are generally classified as trading securities
with changes in fair value recorded in Interest income and
expense, net.
Non-Current Financial Assets – The Group elected the
classification at fair value through Other comprehensive
income for all its investments in non‑consolidated equities.
As such, net gains and losses related to equity securities are
recognized in Other comprehensive income and are never
reclassified to profit or loss.
Derivative Instruments – The Group uses derivative
instruments in particular to manage exposures to foreign
currency and interest rates. Derivative instruments are
measured at their fair value and changes in the fair value
affect the consolidated statements of income unless specific
hedge accounting criteria are met. Changes in the fair value
of derivatives designated as cash‑flow hedges are reported
as a component of shareholders’ equity until the hedged
item is recognized in earnings. Hedging a net investment
allows the Group to hedge the exposure to adverse changes
in the fair value of an investment made abroad in a currency
other than the Group’s operating currency (i.e. IFRS 9).
For this type of hedge, the effective portion of the gain
or loss on the hedging instrument is recognized in Other
comprehensive income, and the ineffective portion is
recognized in the consolidated income statement. These
gains and losses offset the translation differences recorded
at the consolidation of the foreign subsidiary.
Property and equipment
Property and equipment are recorded at cost and depreciated
using the straight‑line method over their estimated useful
lives: computer equipment, two to eight years; office
furniture and equipment, five to ten years; buildings, forty to
fifty years; leasehold improvements are depreciated over the
shorter of the life of the assets or the remaining lease term.
Repair and maintenance costs are expensed as incurred.
Leases are recorded under property, plant and equipment
as a right‑of‑use asset. The asset is recognized at the
commencement date of the contract against a lease liability,
adjusted for direct costs, prepaid rents, lease incentives
received and estimated costs of dismantling and restoration.
These assets are amortized on a straight‑line basis over
the lease term, which corresponds to the non‑cancellable
period, together with the reasonably certain extension and
termination options, taking into account the penalties that
would be incurred upon termination. Under this model, the
depreciation expense of assets is accounted for in operating
expense, and the cost of the debt towards the lessor is
accounted for under financial expense.
Intangible assets
Intangible assets primarily include acquired technology,
contractual customer relationships and computer software.
Costs related to intangible assets are capitalized and
amortized using the straight‑line method over their
estimated useful lives, which range from seven to nineteen
years. No significant intangible assets have been identified
with an indefinite useful life.
Business combinations and goodwill
Business combinations are accounted for using the purchase
method. The consideration transferred is measured as the
fair value of the assets transferred, equity instruments issued
and liabilities incurred or assumed on the acquisition date.
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured
initially at fair value at the date of acquisition, irrespective of
the extent of any non‑controlling interest.
Goodwill is initially measured at cost being the excess of the
consideration transferred of the business combination over
the Group’s share in the net fair value of the acquiree’s net
identifiable assets.
When a business combination with permanent non-
controlling interest includes a put option related to these
same non- controlling interests, a liability is recognized
in the consolidated balance sheet along with a decrease
in the consolidated reserves. Subsequent fluctuations of
this put option related to potential changes in estimates
or unwinding of discounts are also booked in consolidated
reserves. Any further acquisition of minority interests is
considered as a transaction between shareholders and is
therefore not subject to re‑evaluation.
271
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the purpose
of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to
each of the Group’s cash generating units or group of cash
generating units that are expected to benefit from the
synergies of the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those
units.
Goodwill is tested whenever events or changes in
circumstances indicate that the carrying amount may not
be recoverable, and at a minimum annually. For the purpose
of the impairment test, the Group relies upon projections
of future cash flows and takes into account assumptions
regarding the evolution of the market and its ability to
successfully develop and commercialize its products.
Changes in market conditions could have a major impact
on the valuation of assets and liabilities and could result in
additional impairment losses.
Provisions
Provisions are recognized as liabilities to cover probable
outflows of resources that can be estimated and that result
from present obligations (legal, contractual or constructive)
relating to past events. In cases where a potential obligation
resulting from past events exists, but where occurrence
of the outflow of resources is not probable or where the
amount cannot be reliably estimated, a contingent liability is
disclosed among the Group’s commitments.
The amount of the provision provided is the best estimate of
the outflow of resources required to extinguish this present
obligation.
Treasury shares
Own equity instruments which are reacquired (treasury
shares) are recognized at cost and deducted from equity.
Gains and losses on the purchase, sale, issue or cancellation
of the Group’s own equity instruments are credited or
charged to shareholders’ equity and are not recognized in the
statement of income.
Lease liabilities
Lease liabilities are recognized at the commencement
date of the contracts. The lease term is determined as the
non‑cancellable period, together with the reasonably certain
extension and termination options, taking into account the
penalties that would be incurred upon termination. The
amount of lease liability represents the present value of
lease payments over the lease term less any lease incentives
receivable, adjusted by the expected penalties payable
under a termination option which is reasonably certain to be
exercised.
Borrowings
Borrowings are recognized initially at fair value, net of
transaction costs incurred. Any difference between the
recorded amount and the redemption value is amortized into
income over the period of the borrowing using the effective
interest rate method.
Post‑employment benefits
The Group’s payments for defined contribution plans are
recorded as expenses for the relevant period.
For defined benefit plans concerning post‑employment
benefits, the Group uses the projected unit credit method
to determine the present value of its obligations. Under
this method, benefits are attributed to periods of service
according to the plan’s benefit formula. However, if an
employee’s service in later years will earn a materially higher
level of benefit than in earlier years, benefits are attributed
to periods of service on a straight‑line basis. The measured
period of service is the vesting period for obtaining the
capped rights.
Actuarial gains and losses are charged or credited to equity
in Other comprehensive income in the period in which they
arise.
The future payments for employee benefits are measured
on the basis of future salary increases, retirement age,
mortality and length of employment with the Group, and
are discounted at a rate determined by reference to yields
on long‑term high quality corporate bonds of a duration
corresponding to the estimated duration of the benefit plan
concerned.
The net expense for the year, corresponding to the sum of
the current service costs, past service costs and net interest
expense or income, is charged in full to operating income.
Addressing climate change risks
The Group estimated the consequences of climate change on
its business and its objectives of reducing its carbon footprint
and has taken into account the results of this evaluation for
the preparation of its financial statements. The analyses
conducted on the various climate scenarios reveal that in
the short and medium term, the overall level of risk is low
for Dassault Systèmes given the typology of its activities
and its markets. The same analyses show the absence of
element that could question the useful lives of its property
and equipment and used for the preparation of its financial
statements.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Risks and opportunities, which are known today, of the
transition of Dassault Systèmes activities have been
reviewed for the preparation of the Group’s strategic
forecasts on the basis of which the impairment tests of
goodwill are carried out (described in Note 17 Goodwill).
At this stage, no significant impact on the judgments and
estimates have been retained to develop these tests in the
absence of significant downward or upward effects expected
on Group’s revenue growth or operating income in the short
and medium term.
In addition, the Group has set itself the objective of achieving
carbon neutrality by 2040. This commitment does not meet
the definition of a provision under IFRS.
Note 3
Segment and Geographic 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 the
development of a new concept to the realistic experience of
the resultant product, through all stages of detailed design,
scientific simulation and manufacturing, thanks to the
3DEXPERIENCE platform.
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:
—
the measures of operating segment revenue and income
include all revenue that would have been recognized
by acquired companies had they remained stand‑alone
entities but which is partially excluded from Group
revenue to reflect the fair value of obligations assumed;
—
the measure of operating segment income excludes:
– amortization of acquired intangible assets and of the
revaluation of tangible assets,
– share‑based compensation expense and associated
payroll taxes (refer to Note 6 Personnel Costs and
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.
(in millions of euros)
Year ended December 31,
2024
2023
TOTAL REVENUE FOR OPERATING SEGMENT
€6,213.6
€5,951.4
Adjustment for unearned revenue of acquired companies
-
-
REPORTED TOTAL REVENUE
€6,213.6
€5,951.4
(in millions of euros)
Year ended December 31,
2024
2023
INCOME FOR OPERATING SEGMENT
€1,983.7
€1,925.6
Adjustment for unearned revenue of acquired companies
-
-
Amortization of acquired intangible assets and of revaluation of tangible assets
(361.6)
(378.9)
Share‑based compensation expense and related payroll taxes
(245.6)
(245.8)
Other operating income and expense, net
(15.0)
(56.2)
Lease incentives of acquired companies
(1.9)
(2.8)
REPORTED OPERATING INCOME
€1,359.6
€1,241.9
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
The geographic breakdown of the Group’s financial data is established based on the geographic location of the consolidated
companies and is as follows:
(in millions of euros)
Total revenue
Total assets
Additions
to property,
equipment and
intangibles
2024
Europe
€1,961.8
€6,299.2
€134.0
of which France
987.5
2,898.7
104.0
of which Germany
304.9
545.5
15.2
Americas
3,111.6
8,337.3
97.2
of which the United States
3,040.0
8,189.4
96.4
Asia
1,140.2
909.5
67.9
of which Japan
397.6
120.4
5.2
TOTAL
€6,213.6
€15,545.9
€299.1
2023
Europe
€1,746.5
€5,784.4
€217.6
of which France
898.3
2,880.8
186.5
of which Germany
254.3
544.7
10.3
Americas
3,132.8
8,000.3
36.3
of which the United States
3,076.6
7,846.3
34.8
Asia
1,072.2
837.7
51.1
of which Japan
394.1
125.5
20.4
TOTAL
€5,951.4
€14,622.5
€305.0
The Group also has data that identifies the location of the Group’s end‑user customers. Using such information, revenue by
geographic area would be as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Europe
€2,407.2
€2,262.0
of which France
684.0
591.0
of which Germany
509.2
494.0
Americas
2,469.9
2,420.0
of which the United States
2,311.0
2,261.9
Asia
1,336.5
1,269.4
of which Japan
489.1
475.3
TOTAL REVENUE
€6,213.6
€5,951.4
Note 4
Software Revenue
Software revenue is comprised of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Licenses and other software revenue
€1,125.2
€1,087.6
Subscription and support revenue*
4,488.1
4,272.4
SOFTWARE REVENUE
€5,613.3
€5,360.0
*
In 2024, corresponds to €546.2 million at a point in time and €3,941.9 million over time, to be compared to €500.5 million and €3,771.9 million respectively in 2023.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The breakdown of software revenue by main product line is as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Industrial Innovation
€3,019.6
€2,908.0
Life Sciences
1,144.2
1,158.9
Mainstream Innovation
1,449.4
1,293.2
SOFTWARE REVENUE
€5,613.3
€5,360.0
The breakdown of the Group’s main product lines by brand is
as follows:
—
Industrial Innovation includes CATIA, ENOVIA, SIMULIA,
DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
—
Life Sciences includes MEDIDATA and BIOVIA brands;
—
Mainstream Innovation includes CENTRIC PLM and
3DVIA brands, as well as 3DEXPERIENCE WORKS family
which includes the SOLIDWORKS brand.
Note 5
Government Grants
Government grants are recorded in the consolidated statements of income as a deduction from research and development
expenses and to other expenses, as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Research and development
€50.0
€38.3
Other expenses
9.0
7.4
TOTAL GOVERNMENT GRANTS
€59.1
€45.8
Note 6
Personnel Costs
Personnel costs, excluding share‑based compensation
(€234.3 million in 2024 and €189.8 million in 2023, refer to
Note 7 Share‑based Compensation) and associated payroll
taxes (€11.3 million in 2024 and €56.0 million in 2023), are
presented in the following table:
(in millions of euros)
Year ended December 31,
2024
2023
Personnel costs
€(2,427.5)
€(2,324.8)
Payroll taxes
(557.7)
(523.3)
TOTAL
€(2,985.2)
€(2,848.1)
Average number of employees was 24,094 and 23,197 in 2024 and 2023 respectively.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 7
Share‑based Compensation
The expense related to compensation based on performance shares and stock options, including associated payroll taxes,
breaks down as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Marketing and sales
€(80.8)
€(73.6)
Research and development
(76.9)
(94.4)
General and administrative
(71.7)
(62.2)
Cost of revenue
(16.2)
(15.7)
TOTAL EXPENSE RELATED TO SHARE-BASED COMPENSATION
€(245.6)
€(245.8)
Changes during 2024 and 2023 of unvested numbers of awards were as follows:
Number of awards
Performance
shares
MEDIDATA
Program
Stock options
Total
UNVESTED AT JANUARY 1, 2023
17,283,376
290,175
7,332,230
24,905,781
Granted
6,161,446
-
2,140,126
8,301,572
Vested
(3,172,032)
(278,920)
(3,477,665)
(6,928,617)
Forfeited
(330,493)
(11,255)
(160,010)
(501,758)
UNVESTED AT DECEMBER 31, 2023
19,942,297
-
5,834,681
25,776,978
Granted
5,291,152
-
-
5,291,152
Vested
(6,040,409)
-
(3,279,872)
(9,320,281)
Forfeited
(256,993)
-
(102,862)
(359,855)
UNVESTED AT DECEMBER 31, 2024
18,936,047
-
2,451,947
21,387,994
Performance shares
New 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.
At grant date, the weighted average fair value of 2024-A
performance shares was €30.05. It was estimated based
on the quoted price of Dassault Systèmes common stock on
the date of grant, assuming an expected dividend yield of
0.49%, and adjusted to include the non‑vesting conditions.
The condition related to the non-IFRS diluted earnings per
share of the Group (“EPS”) was estimated using a Monte
Carlo model. This model simulates the performance of the
non-IFRS diluted EPS excluding foreign currency effects,
assuming an expected volatility of 6.22%. The condition
related to the environmental, social and governance criteria
was estimated using the Management estimates of future
achievements.
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.
Plans 2024-M1 and 2024-M2
The Boards of Directors also decided respectively on May 22,
2024 and on September 18, 2024 to grant 878,771 performance
shares (Plan 2024-M1) and 35,166 shares (Plan 2024-M2) to
some employees and executives of the Group.
At grant date, the weighted average fair value of performance
shares was respectively €37.38 (Plan 2024-M1) and €34.35
(Plan 2024-M2).
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.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
A summary of the Group’s performance shares plans is as follows:
Plans
2020-A
2020-B
2020-M
2021-A
2021-B
Date of General Meeting of Shareholders
05/22/2018
05/22/2018
05/22/2018
05/26/2021
05/26/2021
Date of grant by Board of Directors
05/26/2020
05/26/2020
05/26/2020
06/29/2021
06/29/2021
Total number of shares granted
804,966
300,000
56,721
741,569
300,000
Restated total number of shares granted (1)
4,024,830
1,500,000
283,605
3,707,845
1,500,000
Acquisition period (in years) (2)
Four
Four
Three
Two or Four (5) Two or Four (5)
Performance conditions
See note (3)
See note (3)
See note (4)
See note (6)
See note (6)
Performance conditions is reached at December 31, 2024
See note (11)
See note (11)
Yes
See note (11)
See note (11)
Plans
2021-M1
2021-M2
2022-A1
2022-B
2022-M1
Date of General Meeting of Shareholders
N/A
N/A
05/26/2021
05/26/2021
N/A
Date of grant by Board of Directors
06/29/2021
09/22/2021
05/19/2022
05/19/2022
05/19/2022
Total number of shares granted
175,371
16,982
3,690,907
1,500,000
817,809
Restated total number of shares granted (1)
876,855
16,982
3,690,907
1,500,000
817,809
Acquisition period (in years) (2)
One, Two,
Three or
Four (5)
One, Two,
Three or
Four (5)
Three
Three
One, Two, or
Three (5)
Performance conditions
See note (4)
See note (4)
See note (3)
See note (3)
See note (4)
Performance conditions is reached at December 31, 2024
See note (11)
See note (11)
See note (11)
See note (11)
See note (11)
Plans
2022-A2
2022-M2
2023-A
2023-B
2023-M1
Date of General Meeting of Shareholders
05/26/2021
N/A
05/24/2023
05/24/2023
N/A
Date of grant by Board of Directors
09/21/2022
09/21/2022
05/24/2023
05/24/2023
05/24/2023
Total number of shares granted
28,523
24,264
3,707,133
1,500,000
926,310
Restated total number of shares granted (1)
28,523
24,264
3,707,133
1,500,000
926,310
Acquisition period (in years) (2)
Three
One, Two, or
Three (5)
Three
Three
One, Two, or
Three (5)
Performance conditions
See note (3)
See note (4)
See note (7)
See note (7)
See note (8)
Performance conditions is reached at December 31, 2024
N/A
See note (11)
N/A
N/A
See note (11)
277
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4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Plans
2023-M2
2024-A
2024-M1
2024-M2
Date of General Meeting of Shareholders
N/A
05/24/2023
N/A
N/A
Date of grant by Board of Directors
09/20/2023
05/22/2024
05/22/2024
09/18/2024
Total number of shares granted
28,003
4,377,215
878,771
35,166
Restated total number of shares granted (1)
28,003
4,377,215
878,771
35,166
Acquisition period (in years) (2)
One, Two, or
Three (5)
Three
One, Two, or
Three (5)
One, Two, or
Three (5)
Performance conditions
See note (8)
See note (9)
See note (10)
See note (10)
Performance conditions is reached at December 31, 2024
See note (11)
N/A
See note (11)
See note (11)
(1)
Presented in order to reflect the five‑for‑one share split effected on July 7, 2021.
(2)
For the 2020-M, 2021-M1, 2021-M2, 2022-M1, 2022-M2, 2023-M1, 2023-M2, 2024-M1 and 2024-M2 plans, subject to the condition that the beneficiary be an
employee or a Director of the Group at the acquisition date. The presence period is three years for the 2020-A and 2020-B plans, one year and a half and three years for
the 2021-A and 2021-B plans (respectively for tranches 1 and 2), and two years and a half for the 2022-A1, 2022-B, 2022-A2, 2023-A, 2023-B and 2024-A plans.
(3)
For the 2020 and 2022 plans (2020-M, 2022-M1, 2022-A2, 2022-M2 excluded): performance condition based on a targeted growth between the non-IFRS diluted EPS
excluding foreign currency effects for the respective years 2023 and 2024, and the one achieved in the respective years 2019 and 2021 (non‑vesting condition). Such
growth must be at least equal to a threshold (expressed as a percentage) established by the Board of Directors granting the shares. For the 2022-A2 plan, performance
condition based on a targeted growth between the non-IFRS diluted EPS excluding foreign currency effects for the year 2024 and the one achieved in 2021 (vesting
condition).
(4)
For the 2020-M plan, performance condition based on the growth of the non-IFRS revenue and of the non-IFRS operating margin of the MEDIDATA activity. This double
condition, is based on targeted growths between the year 2022, excluding foreign currency effects, and the levels of satisfaction of the considered reference year
(vesting condition). For the 2021-M1 and 2021-M2 plans, the criteria of the non-IFRS diluted EPS on the one hand and the non-IFRS revenue and the non-IFRS operating
margin on the other hand, are based on targeted growths between the years 2021, 2022, 2023 and 2024 (respectively for each tranche), excluding foreign currency
effects, and the levels of satisfaction of the considered reference year (vesting condition). For the 2022-M1 and 2022-M2 plans, the criteria of the non-IFRS diluted EPS
on the one hand and the non-IFRS revenue and the non-IFRS operating margin on the other hand, are based on targeted growths between the years 2022, 2023 and
2024 (respectively for each tranche), excluding foreign currency effects, and the levels of satisfaction of the considered reference year (vesting condition).
(5)
Share acquisition divided into two tranches for 2021-A and 2021-B plans, the first having vested on June 29, 2023 and the second vesting on June 30, 2025. Share
acquisition divided into four tranches for 2021-M1 (respectively vesting on June 29, 2022, June 29, 2023, July 1, 2024 and June 30, 2025) and 2021-M2 (respectively
vesting on September 22, 2022, September 22, 2023, September 23, 2024 and September 22, 2025). Share acquisition divided into three tranches for 2022-
M1 (respectively vesting on May 19, 2023, May 20, 2024 and May 19, 2025) and 2022-M2 (respectively vesting on September 21, 2023, September 23, 2024 and
September 22, 2025). Share acquisition divided into three tranches for 2023-M1 (respectively vesting on May 24, 2024, May 26, 2025 and May 26, 2026) and 2023-M2
(respectively vesting on September 20, 2024, September 22, 2025 and September 21, 2026). Share acquisition divided into three tranches for 2024-M1 (respectively
vesting on May 22, 2025, May 22, 2026 and May 24, 2027) and 2024-M2 (respectively vesting on September 18, 2025, September 18, 2026 and September 20, 2027).
(6)
For the 2021-A and 2021-B plans, the performance condition will be measured based on the growth of the non-IFRS diluted EPS for the year 2022 (tranche 1) and the
year 2024 (tranche 2), neutralized from currency effects, compared to that of the year 2020 (non‑vesting condition).
(7)
For the 2023-A and 2023-B plans, performance condition based on two elements: for a weight of 80% on a targeted growth between the non-IFRS diluted EPS for the
year 2025, neutralized from currency effects, and the one achieved in 2022 (non‑vesting condition). Such growth must be at least equal to a threshold (expressed as a
percentage) established by the Board of Directors granting the shares; for a weight of 20% on the achievement of three environmental, social and governance criteria by
the Group (mainly non‑market vesting conditions): i) the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse
gas emissions in line with the targets submitted to the Science-Based Targets initiative (three sub‑criteria) and iii) the diversity (three sub‑criteria).
(8)
For 2023-M1 and 2023-M2 plans, performance conditions will be measured based on the level of achievement of the following three conditions: for a weight of 40% on
the growth of the non-IFRS diluted EPS for the years 2023 (tranche 1), 2024 (tranche 2) and 2025 (tranche 3), neutralized from currency effects, compared to that of the
year 2022 (non‑market vesting condition); for a weight of 40% on the growth neutralized from currency effects of the non-IFRS revenue and of the non-IFRS operating
margin of the MEDIDATA brand (double criteria) for the years 2023 (tranche 1), 2024 (tranche 2) and 2025 (tranche 3), compared to that of the considered reference year
(non‑market vesting condition); for a weight of 20% on the achievement of three environmental, social and governance criteria by the Group (mainly non‑market vesting
conditions): i) the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse gas emissions in line with the targets
submitted to the Science-Based Targets initiative (three sub‑criteria) and iii) the diversity (three sub‑criteria).
(9)
For the 2024-A plan, performance condition based on two elements: for a weight of 80% on a targeted growth between the non-IFRS diluted EPS for the year 2026,
neutralized from currency effects, compared to that of the year 2023. Such growth must be at least equal to a threshold (expressed as a percentage) established by the
Board of Directors granting the shares; for a weight of 20% on the achievement of three environmental, social and governance criteria for the Group: i) the share of total
IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse gas emissions in line with the targets submitted to the Science-Based
Targets initiative (two sub‑criteria) and iii) the diversity (three sub‑criteria).
(10) For 2024-M1 and 2024-M2 plans, performance conditions will be measured based on the level of achievement of the following three conditions: for a weight of 30% on
the growth of the non-IFRS diluted EPS 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% on 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 considered reference
year (non‑market vesting condition); for a weight of 20% on the achievement of three environmental, social and governance criteria for the Group (mainly non‑market
vesting conditions): i) the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse gas emissions in line with the
targets submitted to the Science-Based Targets initiative (two sub‑criteria) and iii) the diversity (three sub‑criteria).
(11) Performance conditions related to the following plans have been fulfilled: 2020-A, 2020-B, 2021-A (tranche 1), 2021-B (tranche 1), 2021-M1 (tranches 1, 2 and 3),
2021-M2 (tranches 1, 2 and 3), 2022-M1 (tranches 1 and 2), 2022-M2 (tranches 1 and 2), 2023-M1 (tranche 1) and 2023-M2 (tranche 1). Performance conditions will be
measured by the March 11, 2025 Board of Directors related to the following plans: 2021-A (tranche 2), 2021-B (tranche 2), 2021-M1 (tranche 4), 2021-M2 (tranche 4),
2022-A1, 2022-B, 2022-M1 (tranche 3), 2022-M2 (tranche 3), 2023-M1 (tranche 2), 2023-M2 (tranche 2), 2024-M1 (tranche 1) and 2024-M2 (tranche 1).
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Grant of rights to receive Dassault Systèmes
shares in replacement of rights to receive
Medidata shares (“MEDIDATA Program”)
As part of the acquisition of Medidata and subject to its
closing, the Board of Directors approved on June 11, 2019
the grant of rights to receive Dassault Systèmes shares in
replacement of the rights to receive Medidata shares that
had been granted to some of its employees and executives.
Stock options
The main features of the Group stock option plans are as
follows:
—
options vest over various periods ranging from one to
three years and a half, subject to continued employment;
—
options expire ten years from grant date, or after
termination of employment or term of office, whichever
is earlier;
—
options have generally been granted at an exercise price
equal to or greater than the grant date market value (or
the market value the day before the grant) of Dassault
Systèmes share.
Other information related to the Group stock options
A summary of the Group’s stock option activity is as follows:
2024
2023
Number of
options
Weighted
average
exercise price
Number of
options
Weighted
average
exercise price
OUTSTANDING AS OF JANUARY 1,
24,763,785
€27.60
25,771,918
€26.35
Granted
-
-
2,140,126
39.40
Exercised
(1,758,318)
24.41
(2,876,725)
24.67
Forfeited
(229,464)
36.80
(271,534)
33.11
OUTSTANDING AS OF DECEMBER 31,
22,776,003
€27.76
24,763,785
€27.60
Exercisable
20,324,056
€26.37
18,929,104
€24.83
The remaining contractual lives and exercise prices of options outstanding as of December 31, 2024 are presented below:
Stock option plan
Number of
options
Remaining life
(years)
Exercise price
2015‑01
785,674
0.67
€12.40
2016‑01
1,272,396
1.40
€13.80
2017‑01
2,288,107
2.39
€16.40
2018‑01
3,246,387
3.39
€22.00
2019‑01
3,790,084
4.50
€28.00
2020‑01
4,681,337
5.40
€29.09
2020-M-01
4,865
5.19
€26.20
2020-M-02
903,440
5.40
€29.09
2020-M-03
130,095
5.73
€31.57
2021‑01
1,838,303
6.49
€41.32
2022‑01
1,766,799
7.38
€37.17
2023‑01
2,068,516
8.40
€39.40
OUTSTANDING AS OF DECEMBER 31,
22,776,003
4.79
€27.76
279
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Centric Software Inc. (“Centric Software”)
performance shares and stock‑options
Main new plan granted by Centric Software in 2024
The Board of Directors of Centric Software decided to grant,
on May 22, 2024, 8,885,000 stock‑options to subscribe to
Centric Software shares to the officers and key employees
of Centric Software 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 exercisable 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%.
Summary of Centric Software performance
shares and stock‑options
During 2024, the total number of stock‑options to subscribe
to Centric Software shares granted amounts to 11,341,000,
the total amount of stock‑options exercised amounts to
588,084 and the total amount of stock‑options forfeited
amounts to 72,328.
As at December 31, 2024 the total number of outstanding
options amounts to 27,190,392, of which 15,307,290 are
exercisable. The total number of unvested performance
shares is 350,000.
Employee shareholding
In the first semester 2023, the Group offered an employee
shareholding plan “TOGETHER 2023”.
This new plan allows employees in most countries to
subscribe to a leveraged shareholding plan (equity settled
transactions) with a discounted preferential rate of 15%
compared to the arithmetic average of the price of the
Dassault Systèmes share weighted by the volumes traded
on the Euronext market during the 20 sessions preceding the
date on which the subscription price is set. The subscription
price has thus been set to €31.16 on May 17, 2023.
In countries where a leveraged vehicle is not possible, a share
appreciation right mechanism is proposed (cash‑settled
transactions), associated with a subscription of shares
without leverage (equity‑settled transactions).
Once subscriptions are made, no period of service is required.
The shares must be kept for a period of five years (three
years in the United States), except for cases of early release
covered by plan rule.
3,051,547 equity‑settled instruments have been granted.
Their unitary weighted average fair value was estimated at
€7.82.
272,828 cash‑settled instruments have been granted. Their
unitary weighted average fair value was estimated at €35.71.
The Group has hedged against changes in the fair value of
the share appreciation rights.
The plan was implemented on June 15, 2023, with the
related capital increase of Dassault Systèmes SE (refer
to Note 22 Shareholders’ Equity). In order to neutralize
the dilutive effect of this plan, the Group repurchased, in
April and May 2023, some treasury shares, almost all of
which have been cancelled in September 2023 (refer to
Note 22 Shareholders’ Equity).
Note 8
Other Operating Income and Expense, Net
Other operating income and expense, net are comprised of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Restructuring expenses (1)
€(12.2)
€(0.8)
Expenses incurred in connection with relocation activities and reorganizations of the Group’s premises (2)
(4.1)
(14.5)
Impairment of goodwill (3)
-
(33.0)
Other
1.2
(7.8)
OTHER OPERATING INCOME AND EXPENSE, NET
€(15.0)
€(56.2)
(1)
In 2024, primarily composed of restructuring expenses of MEDIDATA.
(2)
In 2024 and 2023, primarily composed of (i) the impact related to the management of the various Group premises in the United States, and (ii) amortization of right‑of‑use
of a vacant office building on the Vélizy-Villacoublay campus.
(3)
In 2023, corresponds to impairment of GEOVIA goodwill (refer to Note 17 Goodwill).
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Note 9
Financial Income, Net
Financial income, net for the years ended December 31, 2024 and 2023 are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Interest income (1)
€178.9
€138.4
Interest expense (2)
(48.9)
(40.1)
INTEREST INCOME AND EXPENSE, NET
€129.9
€98.3
Foreign exchange losses, net
(9.7)
(10.7)
Other, net (3)
(1.9)
(28.6)
OTHER FINANCIAL INCOME AND EXPENSE, NET
€(11.5)
€(39.3)
FINANCIAL INCOME, NET
€118.4
€59.0
(1)
Interest income is primarily composed of interests on cash and cash equivalents.
(2)
Mainly includes:
(i)
interest expense related to lease liabilities for €25.1 million in 2024 (€22.0 million in 2023),
(ii) interest expense of €14.3 million in 2024 related to the commercial papers (€8.4 million in 2023), €8.1 million in 2024 related to bonds (€8.2 million in 2023), and
€0.5 million in 2024 related to borrowings from banking institutions (€1.1 million in 2023) (refer to Note 19 Borrowings).
(3)
Mainly includes in 2023 the impairment of loans to BioSerenity SAS for €27.1 million.
Note 10
Income Taxes
The components of income before income taxes are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
France
€650.1
€578.8
United States
713.5
586.2
Others
114.4
135.9
INCOME BEFORE INCOME TAXES
€1,478.0
€1,300.9
The components of income tax expense are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
France
€(136.1)
€(95.3)
United States
(223.8)
(285.2)
Others
(66.0)
(51.4)
CURRENT TAXES
(425.9)
(431.9)
France
(11.1)
(10.2)
United States
135.8
202.2
Others
21.4
(10.8)
DEFERRED TAXES
146.0
181.3
INCOME TAX EXPENSE, NET
€(279.9)
€(250.7)
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Differences between the income tax provision and the provision computed using the statutory French income tax rate are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Taxes computed at the statutory rate of 25.83% in 2024 and 2023
€(381.8)
€(336.0)
Foreign tax rate differentials (1)
22.5
30.6
R&D tax credit and other tax credits (2)
32.6
31.7
Income taxable at reduced rate (3)
94.9
97.0
Other tax effects, net (4)
(48.1)
(73.9)
INCOME TAX EXPENSE, NET
€(279.9)
€(250.7)
EFFECTIVE TAX RATE
18.9%
19.3%
(1)
In 2024 and 2023, mainly includes tax rate differential with the United States tax rate of 21%.
(2)
R&D tax credit and other tax credits derived mainly from research tax credits in France and in the United States.
(3)
In 2024 and 2023, includes the favorable effect of current French (Art. 238) and United States (FDII) legislative provisions granting a lower tax rate on income derived
from ownership of certain intangibles.
(4)
In 2024, includes favorable impact on the revision of tax risks assessment including the conclusion of tax audits. In 2023, mainly includes impairment of deferred tax asset
and tax credit.
Deferred tax assets and liabilities are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Provisions and other expenses
€205.8
€217.8
Profit‑sharing and pension accruals
44.7
43.5
Tax loss and tax credit carryforward assets, net of valuation allowance
39.1
56.7
Amortization and basis difference
501.7
391.8
Amortization of acquired intangibles
(600.6)
(647.8)
Other
(80.4)
(82.0)
NET DEFERRED TAX ASSET (LIABILITY)
€110.3
€(19.9)
Deferred tax assets
139.5
80.2
Deferred tax liabilities
(29.2)
(100.1)
NET DEFERRED TAX ASSET (LIABILITY)
€110.3
€(19.9)
Change in deferred taxes can be summarized as follows:
(in millions of euros)
Year ended December 31,
2024
2023
NET DEFERRED TAX LIABILITY AS OF JANUARY 1,
€(19.9)
€(234.1)
Changes included in the income statement
146.0
181.3
Business combinations
(2.1)
0.1
Other changes included in shareholders’ equity
(13.7)
30.5
Currency translation adjustments
0.0
2.2
NET DEFERRED TAX ASSET (LIABILITY) AS OF DECEMBER 31,
€110.3
€(19.9)
On December 31, 2024, there were unrecognized tax losses
and tax credit carried forward of €343.2 million, which are
scheduled to expire at a date later than 2030.
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 level of 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 in jurisdictions outside
the Union. Following the transposition of the European
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
directive into French law on December 29, 2023, the GloBE
rules are applicable in France from this 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. For the 2024 financial year, GloBE rules
do not have a significant impact on the Group effective tax
rate.
Note 11
Earnings per Share
Basic net income per share is determined by dividing net
income attributable to equity holders of the Group by the
weighted average number of common shares outstanding
during the period. Diluted net income per share is determined
by dividing net income attributable to equity holders of the
Group by the combination of the weighted average number
of common shares outstanding during the period and the
dilutive effect of mainly stock options and performance
shares.
The following table presents the calculation for both basic and diluted net income per share:
(in millions of euros, except shares and per share data)
Year ended December 31,
2024
2023
Net income attributable to equity holders of the Group
€1,200.2
€1,050.9
Weighted average number of shares outstanding
1,313,306,086
1,315,087,124
Dilutive effect of share‑based compensations
20,081,377
21,709,725
Diluted weighted average number of shares outstanding
1,333,387,463
1,336,796,848
Basic earnings per share (in euros)
€0.91
€0.80
Diluted earnings per share (in euros)
€0.90
€0.79
Note 12
Cash and Cash Equivalents and Short‑term Investments
Cash and cash equivalents are comprised of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Bank accounts
€64.7
€134.2
Cash equivalents
3,887.8
3,434.0
CASH AND CASH EQUIVALENTS
€3,952.6
€3,568.3
At December 31, 2024 and 2023, approximately 57% and
51% of cash and cash equivalents were denominated in U.S.
dollars respectively.
The investment rules are determined and controlled centrally
by the Group’s management. Cash, cash equivalents
and short‑term investments are on deposit with high
credit‑quality financial institutions, principally in Europe.
The Group follows a conservative policy in investing its
cash resources, mostly relying on short‑term maturity
investments.
The Group has adopted policies regarding financial ratings
and spread of maturity dates in order to ensure the security
and liquidity of its financial instruments. The Group’s
management oversees closely the quality of its investments
and the credit‑worthiness of its counterparts and believes
that it has a minimal exposure to the risk of bankruptcy of
anyone of them. The Group also closely oversees the liquidity
of its financial assets held with these same counterparts.
In this regard, the Group follows in particular the financial
rating of each of its counterparties and, up to the present
time, all of its counterparties are rated within the Investment
Grade category by the rating agencies. As a result, the
Group believes that it has a very low exposure to credit or
counterparty risk.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 13
Trade Accounts Receivable, Net, Contract
Balances and Other Current Assets
Trade accounts receivable and other current assets are measured at amortized cost.
Trade accounts receivable
(in millions of euros)
Year ended December 31,
2024
2023
Trade accounts receivable
€2,180.0
€1,754.0
Allowance for trade accounts receivable
(59.1)
(46.1)
TOTAL TRADE ACCOUNTS RECEIVABLE, NET
€2,120.9
€1,707.9
The maturities of trade accounts receivable, net, were as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Trade accounts receivable past due at closing date:
Less than 3 months past due
€122.2
€135.9
3 to 6 months past due
30.0
54.9
More than 6 months past due
31.2
36.9
TRADE ACCOUNTS RECEIVABLE PAST DUE
183.4
227.8
Trade accounts receivable not yet due
1,937.6
1,480.1
TOTAL TRADE ACCOUNTS RECEIVABLE, NET
€2,120.9
€1,707.9
The Group is not dependent on any of its principal clients. No single customer or selling partner represented more than 5% of
the Group’s total revenue in 2024 and 2023.
Contract balances
(in millions of euros)
Year ended December 31,
2024
2023
Contract assets
€30.1
€26.8
Contract liabilities
€(1,663.4)
€(1,479.3)
The amount of the revenue recognized during 2024 which
had been deferred in the contract liabilities as at January
1st, 2024 is €1,143.5 million. The amount of the revenue
recognized during 2023 which had been deferred in the
contract liabilities as at January 1st, 2023 is €1,137.5 million.
All contract assets recorded in the balance as of December 31,
2023 have been reclassified to receivables during 2024 since
the right to consideration became unconditional.
Remaining unsatisfied performance obligations
The amount of the remaining unsatisfied performance
obligations, as defined by IFRS 15, is the portion of the
transaction price from contracts with customers allocated to
performance obligations unsatisfied or partially satisfied as
of the closing date.
When applying the practical expedients permitted by IFRS
15 allowing to exclude contracts with duration less than
one year and time and materials contracts, the amount
of the remaining unsatisfied performance obligations is
€3,387.4 million as of December 31, 2024. Due to the profile
of contract terms, approximately 46% of this amount is
expected to be recognized as revenue over the next year,
approximately 54% thereafter. As of December 31, 2023, the
amount of the remaining unsatisfied performance obligations
was €2,439.9 million, of which approximately 52% was
expected to be recognized as revenue over the following year
and approximately 48% thereafter.
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Other current assets
Other current assets are composed of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Prepaid expenses
€168.1
€146.4
Deferred sales compensation, current (1)
51.3
44.3
Value added tax
33.1
41.5
Derivatives, current (2)
19.8
9.2
Other
26.3
38.6
TOTAL OTHER CURRENT ASSETS
€298.6
€280.0
(1)
Asset relating to the incremental costs of obtaining sales contracts with customers. Refer to Note 2 Material accounting policy information.
(2)
Refer to Note 20 Derivatives and Currency and Interest Rate Risk Management.
Note 14
Property and Equipment, Net
Property and equipment consist of the following:
(in millions of euros)
Year ended December 31, 2024
Year ended December 31, 2023
Gross
Accumulated
depreciation
and
Impairment
Net
Gross
Accumulated
depreciation
and
Impairment
Net
Right‑of‑use assets
€937.5
€(467.6)
€469.9
€935.5
€(414.1)
€521.4
Computer equipment
611.6
(350.8)
260.8
492.8
(307.9)
185.0
Office furniture and equipment
93.9
(63.6)
30.3
83.9
(58.8)
25.1
Leasehold improvements
235.3
(133.6)
101.7
215.0
(123.4)
91.6
Buildings
97.8
(14.8)
83.0
70.6
(11.0)
59.7
TOTAL
€1,976.1
€(1,030.3)
€945.8
€1,797.9
€(915.1)
€882.8
The changes in the carrying amount of property and equipment as of December 31, 2024 are as follows:
(in millions of euros)
Right‑of‑use
assets (1)
Computer
equipment
Office
furniture and
equipment
Leasehold
improvements
Buildings
Total
NET PROPERTY AND EQUIPMENT AS
OF DECEMBER 31, 2023
€521.4
€185.0
€25.1
€91.6
€59.7
€882.8
Additions
88.7
138.1
13.8
30.4
24.1
295.1
Business combinations
-
0.2
-
0.5
-
0.8
Other changes
(43.5)
(0.2)
(0.1)
(0.5)
-
(44.2)
Depreciation and impairment for the
period (2)
(103.7)
(66.9)
(9.3)
(22.9)
(3.3)
(206.1)
Exchange differences
7.0
4.5
0.8
2.6
2.6
17.6
NET PROPERTY AND EQUIPMENT AS
OF DECEMBER 31, 2024
€469.9
€260.8
€30.3
€101.7
€83.0
€945.8
(1)
In 2024, the depreciation charge of right‑of‑use assets is €(86.1) and €(5.2) million for offices and vehicles respectively; as of December 31, 2024, the net book value of
right‑of‑use assets is €454.2 and €9.9 million for offices and vehicles respectively.
(2)
Including €(12.4) million of right‑of‑use assets impairments related to vacant leasehold properties.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
The changes in the carrying amount of property and equipment as of December 31, 2023 is as follows:
(in millions of euros)
Right‑of‑use
assets (1)
Computer
equipment
Office
furniture and
equipment
Leasehold
improvements
Buildings
Total
NET PROPERTY AND EQUIPMENT AS
OF DECEMBER 31, 2022
€489.2
€160.1
€30.7
€85.2
€54.7
€819.9
Additions (2)
159.7
89.4
5.1
29.2
10.5
293.9
Business combinations
0.1
0.2
0.1
-
-
0.4
Other changes
(27.3)
(0.1)
(0.3)
(0.6)
-
(28.3)
Depreciation and impairment for the
period (3)
(93.2)
(61.9)
(9.7)
(20.0)
(3.1)
(187.9)
Exchange differences
(7.0)
(2.8)
(0.8)
(2.2)
(2.4)
(15.2)
NET PROPERTY AND EQUIPMENT AS
OF DECEMBER 31, 2023
€521.4
€185.0
€25.1
€91.6
€59.7
€882.8
(1)
In 2023, the depreciation charge of right‑of‑use assets is €(83.3) and €(4.3) million for offices and vehicles respectively; as of December 31, 2023, the net book value of
right‑of‑use assets is €509.4 and €6.2 million for offices and vehicles respectively.
(2)
In 2023, right‑of‑use assets additions were primarily related to the delivery in the second quarter of 2023 of an additional building in the Vélizy-Villacoublay campus for
a fixed term of 10 years; and to the delivery in the fourth quarter of 2023 of an office building in Paris for a fixed term of 12 years. For these buildings, right‑of‑use assets
were recognized for €69.7 million and €34.2 million respectively.
(3)
Including €(5.4) million of right‑of‑use assets impairments related to vacant leasehold properties.
Note 15
Other Non-Current Assets
Other non‑current assets consist of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Investments in non‑consolidated subsidiaries
€24.3
€49.6
Deferred sales compensation, non‑current (1)
56.2
51.5
Other (2)
125.4
131.3
OTHER NON-CURRENT ASSETS
€205.9
€232.4
(1)
Asset relating to the incremental costs of obtaining sales contracts with customers. Refer to Note 2 Material accounting policy information.
(2)
Including mainly prepaid expenses non‑current, and deposits in 2024 and 2023.
Note 16
Intangible Assets, Net
Intangible assets consist of the following:
(in millions of euros)
Year ended December 31, 2024
Year ended December 31, 2023
Gross
Accumulated
amortization
and
Impairment
Net
Gross
Accumulated
amortization
and
Impairment
Net
Software
€3,726.7
€(2,293.7)
€1,433.0
€3,558.2
€(1,976.7)
€1,581.5
Customer relationships
2,522.1
(1,432.4)
1,089.7
2,400.3
(1,262.5)
1,137.8
Other intangible assets
193.8
(75.5)
118.3
186.2
(63.4)
122.8
TOTAL
€6,442.6
€(3,801.6)
€2,641.0
€6,144.7
€(3,302.6)
€2,842.1
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The changes in the carrying amount of intangible assets as of December 31, 2024 are as follows:
(in millions of euros)
Software
Customer
relationships
Other
intangible
assets
Total
intangible
assets
NET INTANGIBLE ASSETS AS OF DECEMBER 31, 2023
€1,581.5
€1,137.8
€122.8
€2,842.1
Business combinations
9.8
-
-
9.8
Other additions
4.0
0.1
-
4.1
Amortization for the period
(244.5)
(113.5)
(11.1)
(369.1)
Exchange differences and other changes
82.2
65.4
6.6
154.2
NET INTANGIBLE ASSETS AS OF DECEMBER 31, 2024
€1,433.0
€1,089.7
€118.3
€2,641.0
The changes in the carrying amount of intangible assets as of December 31, 2023 are as follows:
(in millions of euros)
Software
Customer
relationships
Other
intangible
assets
Total
intangible
assets
NET INTANGIBLE ASSETS AS OF DECEMBER 31, 2022
€1,875.6
€1,292.0
€134.8
€3,302.4
Business combinations
13.8
-
0.9
14.8
Other additions
7.9
0.7
2.5
11.1
Amortization for the period
(261.5)
(114.5)
(11.1)
(387.1)
Exchange differences and other changes
(54.4)
(40.4)
(4.3)
(99.1)
NET INTANGIBLE ASSETS AS OF DECEMBER 31, 2023
€1,581.5
€1,137.8
€122.8
€2,842.1
Note 17
Goodwill
The changes in the carrying amount of goodwill as of December 31, 2024 and 2023 are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
GOODWILL AS OF JANUARY 1,
€4,805.0
€4,971.1
Business combinations (1)
(6.2)
12.7
Impairment (2)
-
(33.0)
Exchange differences
247.3
(145.9)
GOODWILL AS OF DECEMBER 31,
€5,046.1
€4,805.0
(1)
In 2024, corresponds mainly to the price adjustment of Aifora GmbH during the measurement period and to the acquisitions of the period. In 2023, corresponds mainly to
the acquisition of Aifora GmbH.
(2)
At December 31, 2024, the accumulated impairment on goodwill amounts to €47.2 million, including the impairment recognized in 2023, as well as an impairment of
15.0 million euros booked in 2018.
The Group performed annual impairment tests in the third
quarter of 2024 and 2023.
For the purpose of the impairment test, the Group identified
12 cash‑generating units (“CGUs”) or groups of CGUs,
generally corresponding to the Group’s main software
product brands. Each CGU represented the lowest level
within the Group at which goodwill is monitored for internal
management purposes. Goodwill tested for impairment
purposes was allocated to each CGU, or group of CGUs
that were expected to benefit from the synergies of the
combination.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Goodwill allocated to each CGU or group of CGUs is as follows:
(in millions of euros)
December 31,
2023
Business
combinations (4)
Exchange
differences
December 31,
2024
MEDIDATA
€2,330.5
€-
€148.3
€2,478.8
SIMULIA
595.9
2.1
26.9
624.9
CATIA (1)
404.2
1.7
6.4
412.3
BIOVIA
412.4
-
25.9
438.3
DELMIA (2)
493.1
-
21.5
514.6
SOLIDWORKS
34.4
-
2.2
36.6
ENOVIA (3)
241.5
-
10.0
251.5
CENTRIC PLM
161.7
(10.0)
7.9
159.6
GEOVIA
86.3
-
(1.7)
84.6
Other
44.9
-
(0.1)
44.7
TOTAL
€4,805.0
€(6.2)
€247.3
€5,046.1
(1)
Including OUTSCALE.
(2)
Including QUINTIQ.
(3)
Including NETVIBES and EXALEAD.
(4)
Including the price adjustment of Aifora GmbH during the measurement period.
The recoverable amount of each CGU or group of CGUs has
been determined based on a value in use calculation. This
calculation uses cash flow projections based on financial
budgets covering a five- to ten‑year period. The ten‑year
period projections are used for activities that have longer
development cycles, representing approximately 63% of
the Group’s total goodwill as of December 31, 2024. Key
assumptions used to determine the value in use of assets
are derived from management objectives for non-IFRS
revenue growth and for non-IFRS operating margin (ratio
between non-IFRS operating income and non-IFRS revenue)
of each CGU. The pre‑tax discount rates are between 10.1%
and 11.2% in 2024 and were between 10.8% and 12.0% in
2023. The post‑tax discount rate applied to these projections
is 9.0% in 2024 and 9.7% in 2023. In 2024, like in 2023,
cash flows beyond that five or ten‑year period have been
extrapolated using a steady growth rate comprised between
2% and 3%.
At December 31, 2024, based on management estimates,
the Group concluded that the recoverable amount of each
CGU or group of CGUs exceeded its carrying value.
At December 31, 2023, based on management estimates,
the Group concluded that the recoverable amount of the
GEOVIA CGU was below its carrying value, leading to a
€33 million partial impairment of the GEOVIA goodwill (refer
to Note 8 Other Operating Income and Expense, Net). The
Group concluded that the recoverable amount of the other
CGUs or group of CGUs’ exceeded their carrying value.
The Group performed a sensitivity analysis of its impairment
tests based on each of the following key assumptions:
—
increase of 150 basis points in the pre‑tax discount rates;
or
—
decrease of 100 basis points in the long‑term growth
rates; or
—
decrease of 100 basis points in the non-IFRS operating
margin for 2024 and the following years.
Following this analysis, management believes that any
reasonable possible change in key assumptions described
above would not cause any CGU or group of CGUs’ carrying
amount to significantly exceed its recoverable amount at
December 31, 2024.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Note 18
Other Liabilities
Other liabilities are comprised of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Value added tax and other taxes
€144.6
€139.7
Lease liabilities, current
88.3
66.5
Other (2)
272.2
41.4
TOTAL OTHER CURRENT LIABILITIES
€505.1
€247.7
Lease liabilities, non‑current
€480.3
€543.7
Uncertainty over Income tax treatments
194.0
200.1
Post‑employment benefits (1)
152.0
143.5
Other (2)
45.3
187.4
TOTAL OTHER NON-CURRENT LIABILITIES
€871.7
€1,074.7
(1)
Refer to Note 21 Post‑employment Benefits.
(2)
Includes the put option liability on Centric Software’s minority interests and Centric Software’s cash‑settled share‑based payment liability for a total amount of €208m,
mainly classified in Other Current Liabilities as at December 31, 2024 and €101m, classified in Other Non-Current Liabilities as at December 31, 2023.
The maturity analysis of undiscounted lease liabilities payments as of December 31, 2024 is as follows:
(in millions of euros)
Total
Payments due by period
Less than
1 year
1 – 3 years
3 – 5 years
More than
5 years
Lease liabilities – undiscounted cash flows
656.1
113.8
190.7
163.8
187.8
The Group has elected to apply two exemptions provided by IFRS 16 and to recognize as operating rent expense for leases
with a lease term no more than 12 months and for leases with underlying asset of low value. The related rents recognized in
the consolidated income statement are summarized below:
(in millions of euros)
Year ended December 31,
2024
2023
Expenses relating to short‑term leases
(6.2)
(6.4)
Expenses relating to leases of low‑value assets
(0.7)
(0.7)
TOTAL
€(6.8)
€(7.1)
289
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4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 19
Borrowings
Borrowings are comprised of the following:
(in millions of euros)
Year ended December 31,
2024
2023
Bond, current*
€-
€699.6
Term loans, current
0.2
0.2
Commercial papers
448.9
248.7
Accrued interest
1.7
1.6
TOTAL BORROWINGS, CURRENT
€450.8
€950.1
Bonds, non‑current*
2,042.8
2,040.6
TOTAL BORROWINGS, NON-CURRENT
€2,042.8
€2,040.6
*
As of December 31, 2024 and 2023, the fair value is €1,887.7 and €2,534.2 million respectively (level 1 of fair value hierarchy).
The changes in borrowings as of December 31, 2023 and 2024 are as follows:
(in millions of euros)
Bonds
Term loans
Commercial
papers*
Accrued
interest
Total
BORROWINGS AS OF DECEMBER 31, 2022
€2,737.3
€7.5
€249.5
€1.7
€2,996.0
Issuance
-
20.3
-
-
20.3
Business combination
-
-
-
-
-
Reimbursement
-
(27.4)
-
-
(27.4)
Exchange differences
-
(0.3)
-
-
(0.3)
Other changes
2.8
-
(0.7)
-
2.1
BORROWINGS AS OF DECEMBER 31, 2023
€2,740.1
€0.2
€248.7
€1.6
€2,990.7
Issuance
-
-
200.0
-
200.0
Business combination
-
0.9
-
-
0.9
Reimbursement
(700.0)
(0.9)
-
-
(700.8)
Exchange differences
-
-
-
-
-
Other changes
2.7
-
0.2
-
2.9
BORROWINGS AS OF DECEMBER 31, 2024
€2,042.8
€0.2
€448.9
€1.7
€2,493.6
*
The issuance of commercial papers issued with a maximum maturity of three months is presented net of reimbursement.
The analysis of the borrowings as of December 31, 2024 by currency and nature of rate is as follows:
(in millions of euros)
Total
Currency analysis and rate nature
Euros
Other
currencies
Fixed rate
Bonds
€2,042.8
€2,042.8
€-
€2,042.8
Term loans
0.2
0.2
-
0.2
Commercial papers
448.9
448.9
-
448.9
Accrued interest
1.7
1.7
-
1.7
TOTAL
€2,493.6
€2,493.6
€-
€2,493.6
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The table below provides a breakdown of total borrowings by contractual maturity date as of December 31, 2024:
(in millions of euros)
Total
Payments due by period
Less than
1 year
1‑5 years
5‑10 years
Bonds
€2,042.8
€-
€2,042.8
€-
Term loans
0.2
0.2
-
-
Commercial papers
448.9
448.9
-
-
Accrued interest
1.7
1.7
-
-
TOTAL
€2,493.6
€450.8
€2,042.8
€-
Bonds
On November 15, 2024, 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 €3,650.0 million. This issuance
was part of the financing of the acquisition of Medidata
Solutions, Inc. completed in October 2019. On September 16,
2024, the Group reimbursed the second tranche of bond
for €700.0 million. The first tranche was reimbursed on
September 16, 2022, for €900.0 million.
The conditions of the remaining tranches of bonds are as follows:
Nominal
amount
(in millions
of euros)
Carrying
amount
(in millions
of euros)
Maturity
date
Coupon
2026
€900.0
€898.2
Sep 16, 2026
0.125%
2029
€1,150.0
€1,144.6
Sep 16, 2029
0.375%
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 a maximum outstanding amount, authorized by the
Board, of €750.0 million. During 2024, the Group issued
€2,227.0 million with a maximum maturity of three months
and reimbursed €2,027.0 million under this program. As of
December 31, 2024 and 2023, the outstanding amount of
commercial papers amounted to €448.9 and €248.7 million
respectively.
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 December 31, 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).
291
4
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Consolidated Financial Statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 20
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 a maturity of less than 2 years.
Management believes that counter‑party risk on financial
instruments is minimal since the Group deals with major
banks and financial institutions.
A description of market risks to which the Group is exposed
to is provided in paragraph 1.9.2 “Financial and Market
Risks” of the Universal registration document.
Foreign currency risk
The Group operates internationally and transacts in various
foreign currencies, primarily U.S. dollar and Japanese yen.
In 2024, revenue denominated in U.S. dollars represented
48.9% of the Group’s total revenue (49.3% in 2023).
Operating expenses denominated in U.S. dollars represented
50.1% of the Group’s total operating expenses in 2024,
compared with 48.6% in 2023. The Group’s net operating
exposure to U.S. dollar amounted to €610.4 million in 2024,
or 9.8% of the Group’s total revenue. The average value of
the U.S. dollar remained stable against the euro in 2024 and
decreased by approximately 3% in 2023. Group’s revenue
and operating income were marginally impacted with
the fluctuation of the U.S. dollar in 2024 and negatively
impacted in 2023.
In 2024, revenue denominated in Japanese yens represented
6.6% of the Group’s total revenue, compared to 6.7% in
2023. Operating expenses denominated in Japanese yens
represented 2.3% of the Group’s total operating expenses in
2024 and 2.5% in 2023. The Group’s net operating exposure
to Japanese yen amounted to €293.7 million in 2024, or
4.7% of the Group’s total revenue, and this exposure was
partly hedged through market instruments at a level of
€246.0 million, as further described below. The average
value of the Japanese yen against the euro decreased by
approximately 7% in 2024, and decreased by approximately
9% in 2023, resulting in a negative impact on the Group’s
revenue and operating income in 2024 and in 2023.
With the weights of U.S. dollars and Japanese yens in 2024
as described above, the Group estimates that the sensitivity
on the operating income to a variation of +10% and -10% in
the exchange rate of the euro against the U.S. dollar would
have had an impact of €(55.5) and €67.8 million respectively.
In addition, the Group estimates that the sensitivity on the
operating income to a variation of +10% and -10% in the
exchange rate of euro against the Japanese yen would have
had an impact of €(26.7) and €32.6 million respectively.
The table below sets forth, for the year ended December 31,
2024, the values in euros of the Group’s revenue, operating
expenses and net position, before and after hedging,
denominated in U.S. dollars, Japanese yens and other
currencies (principally the euro):
(in millions of euros)
Year ended December 31, 2024
U.S. dollar
Japanese
yen
Other
foreign
currencies
Total
foreign
currencies
Euro
Total
Revenue
€3,041.3
€407.5
€1,126.1 €4,574.8 €1,638.7 €6,213.6
Operating expenses
(2,430.9)
(113.8)
(715.1) (3,259.8) (1,594.3) (4,854.0)
NET POSITION
€610.4
€293.7
€411.0 €1,315.1
€44.5 €1,359.6
Hedge
(67.4)
246.0
10.0
188.6
NET POSITION AFTER HEDGE
€677.8
€47.7
€401.0 €1,126.5
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 risk 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.
To manage currency exposure, the Group generally uses
foreign exchange forward contracts. Except those indicated
in the table below, the derivative instruments held by
the Group are designated as cash flow hedges, with high
correlation with the underlying exposure and highly effective
in offsetting underlying price movements.
The effectiveness of forward contracts and currency options
is measured using forward rates and the forward value of
the underlying hedged transaction. During 2024 and 2023,
the ineffective portion of gains or losses from hedging
instruments was nil as per the effectiveness test.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
At December 31, 2024 and 2023, the fair value of instruments used to manage the currency exposure was as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Nominal
amount
Fair value
Nominal
amount
Fair value
Forward exchange contract JPY/EUR – sale (1)
€131.4
€2.8
€161.6
€1.6
Forward exchange contract JPY/USD – sale (1)
148.6
12.2
155.9
3.4
Forward exchange contract GBP/EUR – sale (1)
115.5
(2.9)
74.6
(0.4)
Forward exchange contract EUR/INR – sale (1)
79.1
1.9
71.5
(1.2)
Forward exchange contract CNH/EUR – sale (1)
164.5
(2.0)
63.1
(0.7)
Forward exchange contract USD/INR – sale (1)
77.3
(1.2)
51.4
(0.1)
Forward exchange contract CNH/USD – sale (1)
-
-
38.2
0.3
Forward exchange contract KRW/EUR – sale (1)
38.8
1.1
-
-
Other instruments (2)
0.8
-
39.0
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 2024. Despite a context of declining rates since the
beginning of the year, the increase in the Group’s outstanding
investments generates an improvement in interest income
on cash, cash equivalents, short‑term investments and,
consequently, an improvement of the financial income, given
the Group’s current financing structure relying on fixed rates
borrowings.
As of December 31, 2024, cash and cash equivalents and
short‑term investments totaled €3,952.6 million, including
€2,126.9 million sensitive to fluctuations in interest rates.
With all other variables held constant, an increase in interest
rates of 100 basis points would have had a positive impact in
2024 of €21.3 million on financial income and a decrease in
interest rates of 100 basis points would have had a negative
impact of €21.3 million.
Note 21
Post‑employment Benefits
Contributions made to defined contribution plans amount to
€61.2 and €56.0 million in 2024 and 2023 respectively.
The Group provides defined benefit retirement indemnities
to the employees of its French operations. The Group also
has certain defined benefit plans in other countries, mainly in
Germany and in Japan.
In France, defined employee benefits include certain
gratifications paid upon anniversary of employment and
retirement indemnities that are based upon an individual’s
years of credited service and annualized salary at retirement.
Retirement indemnity benefits vest and are settled as a lump
sum paid to the employee upon the employee’s retirement.
The
Group
has
implemented
for
the
main
French
companies a job and career paths agreement for a period
of three years, effective in February 2020. This plan allows
eligible employees to retire fully or partially in advance
while receiving a replacement income in the form of an
allowance and maintain a social protection system. This
plan is accounted for as a post‑employment benefit which
estimated costs are based on an assumption of expected
proportion of employees to enter the plan and are accrued
taking into account the employees estimated residual service
period.
293
4
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Consolidated Financial Statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
The projected benefit obligation was determined using the prospective method, based on the following assumptions:
Assumptions
Assumptions used to determine the benefit obligation are as follows:
Year ended December 31, 2024
Year ended December 31, 2023
Europe
Asia
Europe
Asia
Discount rate
0.95% – 3.40%
2.05% – 3.70%
1.30% – 3.20%
1.70% – 4.05%
Average rate of compensation increase
1.50% – 3.05%
2.50% – 5.00%
1.50% – 3.10%
2.50% – 5.00%
Components of net periodic benefit cost
The components of net periodic benefit cost were as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Service cost
€(11.7)
€(13.1)
Interest cost on benefit obligations
(5.4)
(6.0)
Other
1.2
1.7
NET PERIODIC BENEFIT COST
€(16.0)
€(17.4)
Obligations and funded status
Changes in benefit obligations and plan assets are as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Benefit obligations at beginning of year
€191.7
€181.7
Service cost
11.7
13.1
Interest cost on benefit obligations
5.4
6.0
Remeasurement (1)
3.6
9.3
Benefits paid
(12.4)
(10.8)
Exchange rate differences and other changes (2)
(2.8)
(7.6)
BENEFIT OBLIGATIONS AT END OF YEAR
€197.3
€191.7
Fair value of plan assets at beginning of year
45.7
48.9
Employer contribution and benefits paid
(4.6)
(5.8)
Remeasurement
0.3
(0.4)
Exchange rate differences and other changes (2)
1.7
3.0
FAIR VALUE OF PLAN ASSETS AT END OF YEAR
€43.0
€45.7
NET DEFINED BENEFIT LIABILITY
€(154.2)
€(146.0)
(1)
Remeasurement gains and losses mainly arise from changes in financial assumptions. A decrease of 150 basis points in the discount rates would increase the obligation by
€37.9 million.
(2)
In 2024 and 2023, includes the reclassification in Accrued compensation and other personnel costs for €1.8 million and €6.5 million respectively as part of the job and
career paths agreement implemented for French companies.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
The benefit obligation by geographical location is as follows:
Year ended December 31,
2024
2023
Europe
84%
84%
Asia
16%
16%
TOTAL BENEFIT OBLIGATIONS
100%
100%
The fair value of plan assets is fully allocated in Europe.
Plan assets
The weighted average asset allocations are as follows:
Year ended December 31,
2024
2023
Debt instruments
85%
85%
Equity instruments
9%
8%
Other
7%
7%
TOTAL
100%
100%
Average duration
The average duration of the main entities in each country is as follows:
(in years)
France
South Korea
Japan
Germany
Switzerland
2024
12.4
6.7
8.9
12.4
17.6
2023
13.4
5.8
9.8
12.4
16.2
Cash flows
The Group does not expect to make any additional contributions to the hedge funds related to its pension plans in 2025.
The planned payments to the beneficiaries for future periods are presented in the following table:
(in millions of euros)
Total
2025
€9.1
2026
9.6
2027
9.8
2028
10.2
2029
12.3
2030‑2034
78.0
295
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4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 22
Shareholders’ Equity
Shareholders’ equity activity
As of December 31, 2024, Dassault Systèmes had
1,339,674,751 common shares issued with a nominal value
of €0.10 per share.
As part of the employee shareholding plan “TOGETHER
2023”, Dassault Systèmes SE carried out a capital increase of
4.7 million shares on June 15, 2023 for a total of 146.1 million
euros, including share premium. In order to neutralize the
dilutive effect for shareholders, the Board of Directors
decided on September 20, 2023 to reduce the capital by the
same number of shares by treasury shares cancellation.
Changes in shares outstanding are as follows:
(in number of shares)
Year ended December 31,
2024
2023
SHARES ISSUED AS OF JANUARY 1,
1,337,916,433
1,335,039,708
Capital increase related to TOGETHER
-
4,688,515
Capital decrease
-
(4,688,515)
Exercise of stock options
1,758,318
2,876,725
SHARES ISSUED AS OF DECEMBER 31,
1,339,674,751 1,337,916,433
Treasury stock as of December 31,
(26,865,573)
(23,135,954)
SHARES OUTSTANDING AS OF DECEMBER 31,
1,312,809,178
1,314,780,479
The primary objective of the Company’s capital management
is to ensure that it maintains a strong credit rating and
healthy capital ratios in order to support its capital market
access and for the purpose of increasing the profitability of
shareholders’ equity and earnings per share. The Company
manages its capital structure and adjusts it in light of
changes in economic conditions. To maintain or adjust the
capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or
issue new shares. No changes were made in the objectives,
policies or processes during 2024 and 2023.
Dividend rights
Dassault Systèmes SE is required to maintain a legal reserve
equal to 10% of the aggregate nominal value of its issued
share capital. The legal reserve balance was €13.4 million
as of December 31, 2024 and 2023, and represents a
component of retained earnings in the consolidated balance
sheet. The legal reserve is distributable only upon the
liquidation of Dassault Systèmes SE.
Distributable profit, consisting of net income of the year
increased by retained earnings from prior years and after
deduction for legal reserve when required, is available for
distribution to shareholders of the Group as dividends.
Allocation of this profit is subject to approval by the General
Meeting of Shareholders following recommendations by the
Board of Directors.
The May 2024 and May 2023 Shareholders’ Meetings
have decided to distribute dividends, fully in cash, for
€302.7 million and €276.2 million in 2024 and in 2023,
respectively.
Dividends per share were €0.23 and €0.21 for 2023 and
2022, respectively.
No dividend was paid to non‑controlling interest in 2024 or
2023.
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 year 2024, as part of employee shareholding
plans, 9,500,000 shares were acquired by the Group at an
average price of €38.34 for a total amount of €364.3 million.
Since 2015, the Group has been engaged in a liquidity
agreement with broker Oddo BHF SCA. 6,241,626 shares
were acquired during the year 2024 at an average price of
€36.61, and 5,971,598 shares were sold at an average price
of €36.63, i.e a total net cash amount of €(9.8) million.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Components of other comprehensive income
(in millions of euros)
Year ended December 31,
2024
2023
HEDGING RESERVES:
Gains arising during the year
€29.7
€30.7
Less: Gains reclassified to the income statement
21.0
23.7
€8.8
€7.0
Note 23
Consolidated Statements of Cash Flows
Adjustments for non‑cash items consist of the following:
(in millions of euros)
Note
Year ended December 31,
2024
2023
Depreciation and impairment of property and equipment
14
€206.1
€187.9
Amortization and impairment of intangible assets
16
369.1
387.1
Non‑cash share‑based compensation expense
6, 7
190.4
184.2
Deferred taxes
10
(146.0)
(181.3)
Other*
(20.9)
66.3
ADJUSTMENTS FOR NON-CASH ITEMS
€598.6
€644.2
*
In 2023 mainly includes impairment of GEOVIA goodwill (refer to Note 17 Goodwill) and impairment of loans to BioSerenity SAS (refer to Note 9 Financial Income, Net).
Changes in operating assets and liabilities consist of the following:
(in millions of euros)
Year ended December 31,
2024
2023
(Increase) in trade accounts receivable and contract assets
€(347.7)
€(97.7)
Increase in accounts payable
1.4
15.0
Increase in accrued compensation
1.0
47.4
Increase (decrease) in income tax payable
42.9
(104.9)
Increase (decrease) in contract liabilities
141.1
(5.0)
Changes in other assets and liabilities
24.3
16.0
CHANGES IN OPERATING ASSETS AND LIABILITIES
€(137.0)
€(129.2)
Other information:
Payment for acquisition of businesses, net of cash acquired is mainly related to Aifora GmbH in 2023.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 24
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, if any. However, in
the opinion of management, after consultation with its
lawyers and advisers, the resolution of such litigation
and proceedings 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 to the bank in an amount of $500 million. All
commitments of the bank are guaranteed by its parent
company.
Note 25
Related-Party Transactions
Compensation of key management personnel
The table below summarizes compensation granted to the members of the Executive Committee and to the Chairman of the
Board of Directors in 2024 and 2023:
(in millions of euros)
Year ended December 31,
2024
2023
Short‑term benefits (1)
€11.4
€11.3
Share‑based compensation (2)
74.7
60.5
COMPENSATION OF KEY MANAGEMENT PERSONNEL
€86.2
€71.8
(1)
Including gross salaries, bonus, incentives, profit‑sharing, directors’ fees and fringe benefits paid.
(2)
Expense recorded in the income statement for share‑based compensation (refer to Note 7 Share‑based Compensation).
In certain circumstances, the Group Chief Executive Officer
is entitled to an indemnity payment upon the termination of
his functions as Chief Executive Officer. The amount of the
indemnity due would be equivalent to a maximum of two
years of compensation as Chief Executive Officer and would
depend on satisfying the performance conditions established
for calculating his variable compensation.
Other transactions with related parties
Dassault Systèmes licenses its products for internal use
to Dassault Aviation SA, a sister company to Dassault
Systèmes SE. Dassault Aviation SA, its subsidiaries and
associates are granted licenses on Dassault Systèmes’
products under commercial terms consistent with those
granted to other customers of similar size. These licenses
generated €44.9 million and €47.3 million of software
revenue for the years ended December 31, 2024 and 2023,
respectively.
Such activity generated service revenues of €10.5 million and
€10.3 million for the years ended December 31, 2024 and
2023, respectively. The balances of trade accounts receivable
with Dassault Aviation SA, its subsidiaries and associates
were €23.1 million, and €20.4 million as at December 31,
2024 and 2023, respectively.
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Note 26
Principal Statutory Auditors’ Fees and Services
The following table presents the amount of fees of the Statutory Auditors in 2024 and 2023:
(in millions of euros, excluding VAT)
PricewaterhouseCoopers Audit
KPMG
Amount
%
Amount
%
2024
2023
2024
2023
2024
2023
2024
2023
Certification of accounts
Audit opinion, review of statutory and
consolidated financial statements (1):
– issuer
€0.6
€0.6
14%
14%
€0.7
€0.6
35%
32%
– other consolidated subsidiaries
2.1
1.7
51%
45%
0.9
0.9
51%
48%
SUBTOTAL
2.7
2.3
65%
59%
1.6
1.5
85%
80%
Certification of the sustainability
report
– issuer
€0.4
-
10%
-
-
-
-
-
– other consolidated subsidiaries
-
-
-
-
-
-
-
-
SUBTOTAL
0.4
-
10%
-
-
-
-
-
Other services
Other audit‑related services (2):
– issuer
€0.1
€0.4
3%
9%
-
-
-
-
– other consolidated subsidiaries
-
-
-
-
-
0.1
-
6%
Other services (Legal, tax, social and
other) (3):
– issuer
-
-
-
-
-
-
-
3%
– other consolidated subsidiaries
0.9
1.2
22%
31%
0.3
0.2
15%
12%
SUBTOTAL
1.1
1.6
25%
41%
0.3
0.4
15%
20%
TOTAL
€4.2
€3.9
100%
100%
€1.9
€1.9
100%
100%
(1)
Audit opinion, review of statutory and consolidated financial statements for the years ended December 31, 2024 and 2023 include the Group audit, statutory audits,
consents, attest services of Dassault Systèmes SE’s and its subsidiaries’ financial statements, and services provided in connection with documents filed with the AMF.
(2)
Audit‑related fees generally consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Group’s
financial statements including due diligence services of the independent third‑party organization related to 2023 social, societal and environmental information and,
2023 taxonomy, acquisitions, consultations concerning financial accounting and reporting standards, and attestation services not required by statute or regulation.
(3)
Fees billed by members of the Statutory Auditors’ respective networks to consolidated subsidiaries are mainly related to the review of internal control and to local and
international tax compliance services, including the review of tax returns and tax services regarding statutory, regulatory or administrative developments and expatriate
tax assistance and compliance.
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Note 27
Principal Dassault Systèmes Companies
Dassault Systèmes SE’s principal subsidiaries included in the scope of consolidation as of December 31, 2024 are as follows:
Country
Consolidated companies
% of Interest
France
Outscale SAS
100%
Germany
Dassault Systèmes Deutschland GmbH
100%
Brazil
DS do Brasil Ltda
100%
Netherlands
Dassault Systèmes B.V.
100%
Italy
Dassault Systèmes Italia Srl
100%
Sweden
Dassault Systèmes AB
100%
Switzerland
Dassault Systèmes (Suisse) SA
100%
Spain
Dassault Systemes España S.L.U
100%
United Kingdom
Dassault Systèmes UK Limited
100%
United Kingdom
MDSOL Europe Limited
100%
United Kingdom
Medidata Solutions Intl Ltd
100%
Canada
Dassault Systèmes Canada Inc.
100%
United States
Centric Software, Inc.
93.0%
United States
Dassault Systèmes Americas Corp.
100%
United States
Dassault Systèmes Corp.
100%
United States
Dassault Systèmes SolidWorks Corporation
100%
United States
Medidata Solutions, Inc.
100%
United States
No Magic, Inc.
100%
United States
Spatial Corp.
100%
United States
DS Government Solutions Corp.
100%
China
Dassault Systèmes (Shanghai) Information Technology Co., Ltd.
100%
China
Medidata Information Technology (Shanghai) Co., Ltd.
100%
Taiwan
Dassault Systemes Taiwan Co., Ltd.
100%
India
Dassault Systèmes Solutions Lab Private Limited
100%
India
Dassault Systèmes India Private Limited
100%
South Korea
Dassault Systèmes Korea Corp.
100%
Japan
Dassault Systèmes K.K.
100%
Singapore
Dassault Systèmes Singapore Pte. Ltd.
100%
Australia
Dassault Systèmes Australia Pty Ltd
100%
Malaysia
Dassault Systèmes Innovation Technologies Malaysia Sdn.Bhd
100%
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4.1.2
Statutory Auditors’ Report
on the Consolidated Financial Statements
This is a translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience
of English speaking users. This Statutory Auditors’ report includes information required by European regulation or French
law, such as information about the appointment of Statutory Auditors or verification of the information concerning the Group
presented in the management report and other documents provided to shareholders. This report should be read in conjunction
with, and construed in accordance with, French law and professional auditing standards applicable in France.
To the Shareholders,
Opinion
In compliance with the engagement entrusted to us by your Shareholders’ Meetings, we have audited the accompanying
consolidated financial statements of Dassault Systèmes S.E. for the year ended December 31, 2024.
In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial
position of the Group at December 31, 2024 and of the results of its operations for the year then ended in accordance with
International Financial Reporting Standards as adopted by the European Union.
The audit opinion expressed above is consistent with our report to the Audit Committee.
Basis for opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the “Responsibilities of the Statutory Auditors relating to
the audit of the consolidated financial statements” section of our report.
Independence
We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code
de commerce) and the French Code of Ethics (code de déontologie) for Statutory Auditors for the period from January 1, 2024
to the date of our report, and, specifically, we did not provide any prohibited non‑audit services referred to in Article 5(1) of
Regulation (EU) No. 537/2014 or in the French Code of ethics (code de déontologie) for Statutory auditors.
Justification of assessments – Key audit matters
In accordance with the requirements of Articles L. 821‑53 and R. 821‑180 of the French Commercial Code relating to the
justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in
our professional judgment, were of most significance in our audit of the consolidated financial statements, as well as how we
addressed those risks.
These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements.
Recognition of revenue from contractual arrangements with multiple performance obligations
Description of risk
The Group’s revenue is derived from multiple sources, chief among them licenses, subscriptions, support and services, and
is recognized in accordance with the methods described in the section entitled “Revenue recognition” of Note 2 “Material
accounting policy information” to the consolidated financial statements.
Where contractual arrangements include multiple goods or services sold as a single package, determining the separate
performance obligations as well as the allocation of the transaction price and how revenue should be allocated between the
various performance obligations can be difficult and can require a significant degree of judgment from management:
—
the revenue for each element of these contractual arrangements including multiple performance obligations is allocated
to each distinct performance obligation based on their stand‑alone selling price. Allocating revenue between the various
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performance obligations of a contract requires analyses by management and, potentially, adjustments, both of which can
be complex;
—
in addition, when a software license sale is combined with a service deemed essential to the functionality of the software,
the two performance obligations (software and service) are not distinct. Therefore, the license revenue is recognized as
and when the service obligation is recognized. Determining whether or not a service is essential to the functionality of a
product requires significant judgment from management, as does analyzing the potential future profits to be gained from
the corresponding long‑term contract;
—
moreover, recognizing revenue from these arrangements typically requires an in‑depth analysis of contractual terms with a
view to ascertaining the full scope and nature of the goods or services the Company has committed to providing to clients.
For the above reasons, we deemed the recognition of revenue from contractual arrangements with multiple performance
obligations to be a key audit matter.
How our audit addressed this risk
As part of our audit, we gained an understanding of internal control systems relating to the recognition of revenue that were
implemented by the Group and tested the design and implementation of controls relating to these systems that we considered
to be the most relevant.
Our approach also took into account the information systems used in recognizing revenue, by testing, with the assistance of
our IT specialists, the effectiveness of the automatic controls for systems impacting revenue recognition.
In addition, we reviewed the contractual arrangements with multiple performance obligations that were considered significant
and other randomly selected contracts to assess whether management’s judgments regarding the determination of the various
performance obligations, the allocation of the transaction price to the individual performance obligations, and the method of
revenue recognition for each distinct performance obligation were consistent with the accounting policies applied by the Group.
Our work consisted primarily in reviewing the contractual terms and conditions, analyzing the essentiality criteria for services
associated with software sales, re‑calculating the stand‑alone selling price of each element tested, and verifying the consistency
of revenue recognition with the Group’s accounting policies and IFRS as adopted by the European Union.
We also analyzed the consistency of all significant manual accounting entries affecting revenue from these contracts with the
Group’s accounting policies.
Lastly, we analyzed the appropriateness of the related disclosures provided in Note 2 “Material accounting policy information”
and Note 4 “Software Revenue” to the consolidated financial statements.
Annual impairment testing of goodwill and non‑current intangible assets
Description of risk
At December 31, 2024, the Group’s non‑current assets included goodwill for €5,046.1 million, software for €1,433.0 million
and customer relationships for €1,089.7 million. These amounts mainly derive from business combinations.
As described in the section entitled “Business combinations and goodwill” of Note 2 “Material accounting policy information”
and Note 17 “Goodwill” to the consolidated financial statements, the Group performs an impairment test whenever an
indication of impairment is identified and at least once a year. These tests are performed at the level of each cash‑generating
unit (CGU) or group of CGUs, generally corresponding to a software product brand. The recoverable amount is determined on
the basis of value in use using cash flow forecasts based on financial budgets over a period of five to ten years.
Given (i) the materiality of the amounts in question in the Group’s financial statements and (ii) the measurement methods
used in acquisitions and in annual impairment tests, which rely in particular on projected future cash flows, we deemed
the measurement of non‑current assets to be a key audit matter. In order to implement the aforementioned measurement
methods, management must rely on assumptions and make estimates. Regarding the specific matter of recently acquired
companies, the degree of judgment required by management in projecting future cash flows is even more significant as
projections cannot necessarily be compared with historical data from these companies.
How our audit addressed this risk
Our procedures consisted in taking note of the measurement methods applied by the Group as well as assessing the
reasonableness of the main assumptions and estimates used, particularly in terms of future cash flows, long‑term growth
rates and discount rates.
In addition, with the assistance of our valuation experts, we carried out our own sensitivity analyses to supplement our
assessment of the key assumptions and inputs used.
Lastly, we analyzed the appropriateness of the disclosures presented in Note 2 “Material accounting policy information”,
Note 16 “Intangible Assets, Net” and Note 17 “Goodwill” to the consolidated financial statements.
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Specific verifications
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by
laws and regulations of the Group’s information presented in the Board of Directors’ management report.
We have no matters to report as to their fair presentation and their consistency with the consolidated financial statements.
Report on Other Legal and Regulatory Requirements
Format of presentation of the consolidated financial statements intended to be included in the annual financial report
We have also verified, in accordance with the professional standard applicable in France relating to the procedures
performed by the Statutory Auditors relating to the annual and consolidated financial statements presented in the European
single electronic format, that the presentation of the consolidated financial statements intended to be included in the
annual financial report mentioned in Article L. 451‑1-2.I of the French Monetary and Financial Code (code monétaire et
financier), prepared under the Chief Executive Officer’s responsibility, complies with the single electronic format, defined in
the European Delegated Regulation No. 2019/815 of December 17, 2018. As it relates to consolidated financial statements,
our work includes verifying that the tagging of these consolidated financial statements comply with the format defined by the
aforementioned Regulation.
On the basis of our work, we conclude that the presentation of the consolidated financial statements to be included in the
annual financial report complies, in all material respects, with the European single electronic format.
We have no responsibility to verify that the consolidated financial statements that will ultimately be included by your
Company in the annual financial report filed with the AMF are in agreement with those on which we have performed our
work.
Appointment of the Statutory Auditors
We were appointed Statutory Auditors of Dassault Systèmes S.E. by the General Meeting of Shareholders held on June 8,
2005 for PricewaterhouseCoopers Audit and on May 19, 2022 for KPMG.
At December 31, 2024, PricewaterhouseCoopers Audit and KPMG S.A. were in the twentieth and the third consecutive year of
their engagement, respectively.
Responsibilities of management and those charged with governance for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with International Financial Reporting Standards as adopted by the European Union and for implementing the internal control
procedures it deems necessary for the preparation of consolidated financial statements that are free of material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting, unless it expects to liquidate the Company or to cease operations.
The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control
and risk management systems, as well as, where applicable, any internal audit systems, relating to accounting and financial
reporting procedures.
The consolidated financial statements were approved by the Board of Directors.
Responsibilities of the Statutory Auditors relating to the audit of the consolidated financial statements
Objective and audit approach
Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about
whether the consolidated financial statements as a whole are free of material misstatement. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions taken by users on the basis of
these consolidated financial statements.
As specified in Article L. 821‑55 of the French Commercial Code, our audit does not include assurance on the viability or quality
of the Company’s management.
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As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditors exercise
professional judgment throughout the audit. They also:
—
identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures in response to those risks, and obtain audit evidence considered to be
sufficient and appropriate to provide a basis for their opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
—
obtain an understanding of the internal control procedures relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal
control;
—
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management and the related disclosures in the notes to the consolidated financial statements;
—
assess the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to
the date of the audit report. However, future events or conditions may cause the Company to cease to continue as a going
concern. If the Statutory Auditors conclude that a material uncertainty exists, they are required to draw attention in the
audit report to the related disclosures in the consolidated financial statements or, if such disclosures are not provided or are
inadequate, to issue a qualified opinion or a disclaimer of opinion;
—
evaluate the overall presentation of the consolidated financial statements and assess whether these statements represent
the underlying transactions and events in a manner that achieves fair presentation;
—
obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial statements. The Statutory Auditors are responsible for the
direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed
on these consolidated financial statements.
Report to the Audit Committee
We submit a report to the Audit Committee, which includes, in particular, a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control that we
have identified regarding the accounting and financial reporting procedures.
Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of
most significance in the audit of the consolidated financial statements of the current period and which are therefore the key
audit matters that we are required to describe in this report.
We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No 537/2014, confirming
our independence within the meaning of the rules applicable in France, as defined in particular in Articles L. 821‑27 to L.
821‑34 of the French Commercial Code and in the French Code of Ethics for Statutory Auditors. Where appropriate, we discuss
with the Audit Committee the risks that may reasonably be thought to bear on our independence and the related safeguard.
Neuilly‑sur-Seine and Paris La Défense, March 12, 2025
The Statutory Auditors
PricewaterhouseCoopers Audit
KPMG S.A
Richard Béjot
Partner
Jacques Pierre
Partner
Xavier Niffle
Partner
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4.2
Parent company financial statements
The annual financial statements of the entity Dassault
Systèmes SE present the financial situation and performance
of the parent company as it stands alone.
The annual financial statements for the year ended
December 31, 2024 are prepared in accordance with the
current French accounting rules.
The operating revenue amounted to €2,488.2 million in 2024
compared to €2,331.3 million in 2023. They increased 6.7%
principally driven by the growth in third‑party software
and services revenues while the Group revenues rose
moderately. More precisely, software revenue amounted to
€1,815.1 million in 2024 against €1,590.5 million in 2023,
reflecting 5.8% growth. The export revenue amounted to
€1,957.3 million and represented 79.5% of revenue.
Operating expenses increased 8.2% to €1,955.1 million in
2024, from €1,807.0 million in 2023. The main drivers were
as follows:
—
the growth of personnel costs resulting from the net
hirings and the salary evolution;
—
the increase in other expenses, mainly due to higher
intra‑group royalties;
—
the increase of other purchases and external expenses
explained by increases in IT-expenses, particularly
in relation to the progression of cloud hosting, the
increase in cyber security measures, the strengthening
of centralization of these costs as well as subcontracting
and rents.
The operating income therefore increased 1.7% from
€524.2 million in 2023 to €533.1 million in 2024.
The 2024 financial income, amounted to €513.2 million,
compared with €541.8 million in 2023 in relation with a
lower distribution of dividends received from the subsidiaries
and a decrease in interest on current accounts, partially
offset by the increase in investment income reflecting
the merger bonus from Dassault Data Services SAS TUP
and changes in additions and reversals of provisions for
impairment of investments.
Exceptional income and loss amounted to a loss of
€66.1 million in 2024 compared to one of €78.2 million
in 2023 primarily reflecting the reduction in expenses
relating to the performance share plans granted to Bernard
Charlès, when he was Chief Executive Officer, recognized in
exceptional items.
The net income rose to €853.3 million in 2024 compared to
€861.2 million in 2023.
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4.2.1
Parent company financial statements and notes
Statement of income
(in millions of euros)
Note
Year ended December 31,
2024
2023
OPERATING REVENUE
2,488.2
2,331.3
Revenue
3
2,462.9
2,301.3
Of which exports
1,957.3
1,842.7
Other revenue
25.3
29.9
OPERATING EXPENSE
(1,955.1)
(1,807.0)
Other purchases and external expenses
(774.0)
(734.5)
Taxes, duties and similar payments
(33.1)
(29.2)
Personnel costs
4
(727.3)
(667.8)
Depreciation, amortization and provisions
11.12
(77.2)
(78.5)
Other operating expense
(343.5)
(297.0)
OPERATING INCOME
533.1
524.2
Financial income
562.4
620.8
Financial income from investments
535.7
595.4
Reversal of provisions for impairment of investments
11.12
15.5
0.5
Foreign exchange income
11.2
24.9
Financial expense
(49.2)
(78.9)
Additions of provisions for impairment of investments
11.12
(1.4)
(25.0)
Other interest expense
(36.9)
(27.2)
Foreign exchange expense
(10.9)
(26.7)
FINANCIAL INCOME
5
513.2
541.8
CURRENT INCOME
1,046.4
1,066.1
Exceptional income
146.4
146.4
Exceptional loss
(212.6)
(224.6)
EXCEPTIONAL INCOME/(LOSS)
6
(66.1)
(78.2)
EMPLOYEE PROFIT-SHARING
(77.5)
(75.1)
INCOME TAX EXPENSE
7
(49.4)
(51.7)
NET INCOME
853.3
861.2
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Balance sheet
(in millions of euros)
Note
Year ended December 31,
2024
2023
Brut Amort./Depre.
Net
Net
Assets
NON-CURRENT ASSETS NET
8,182.8
(714.8)
7,468.0
7,472.9
Intangible assets
10,11,12
755.1
(500.1)
255.0
300.3
Property and equipment
10,11,12
231.0
(136.9)
94.1
71.7
Non‑current financial assets
10,11,12
7,196.6
(77.8)
7,118.8
7,100.8
CURRENT ASSETS NET
3,334.6
(4.4)
3,330.2
3,081.8
Receivables
13
839.9
(4.4)
835.5
730.6
Marketable securities
14
1,389.6
1,389.6
1,425.5
Treasury shares
14
926.7
926.7
757.7
Cash and cash equivalents
14
9.9
9.9
11.9
Prepaid expenses
13
168.4
168.4
156.1
DEFERRED EXPENSES, BOND ISSUE AND REDEMPTION PREMIUMS
17
7.8
7.8
10.8
FOREIGN CURRENCY TRANSLATION ADJUSTMENT
3.3
3.3
1.9
TOTAL ASSETS
11,528.5
(719.2)
10,809.3
10,567.3
(in millions of euros)
Note
Year ended December 31,
2024
2023
Liabilities and equity
SHAREHOLDERS’ EQUITY
15
6,504.6
5,907.4
Capital
134.0
133.8
Share and contribution premiums
1,488.9
1,444.8
Reserves
13.5
13.5
Retained earnings
4,009.7
3,451.2
Income for the fiscal year
853.3
861.2
Regulated provisions
5.2
2.9
PROVISIONS FOR CONTINGENCIES AND LOSSES
16
706.7
679.6
Provisions for contingencies
10.1
9.6
Provisions for losses
696.6
670.0
LIABILITIES
3,594.2
3,978.8
Financial liabilities
17
2,517.9
3,017.0
Trade payables
18
845.8
796.9
Unearned revenue
18
230.5
164.9
FOREIGN CURRENCY TRANSLATION ADJUSTMENT
3.7
1.5
TOTAL LIABILITIES AND EQUITY
10,809.3
10,567.3
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Notes to the annual financial statements
Note 1
Description of Business and Key
Events of the Year
308
Note 2
Significant Accounting Policies
309
Note 3
Operating Revenue
312
Note 4
Personnel Costs
313
Note 5
Financial Income, Net
314
Note 6
Exceptional Income/Loss
314
Note 7
Income Tax
314
Note 8
Performance Shares
315
Note 9
Research and Development Expense
318
Note 10 Fixed Assets
318
Note 11 Assets Depreciation and Amortization
319
Note 12 Provision for impairment of assets
319
Note 13 Receivables
320
Note 14 Treasury
321
Note 15 Shareholders’ Equity
322
Note 16 Provisions for Contingencies and Losses
324
Note 17 Financial Liabilities
326
Note 18 Trade Payables
327
Note 19 Elements Concerning Related Companies 327
Note 20 Financial Commitments
328
Note 21 Other Commitments and Contingencies
328
Note 22 Additional Information
329
Note 23 Information Relating to Subsidiaries
and Shareholdings
330
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Note 1
Description of Business and Key Events of the Year
Description of business
Dassault
Systèmes
SE
(“the
Company”)
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 eleven 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
their organization, reduce costs and time‑to‑market, and
become more sustainable;
—
Life Sciences & Healthcare: Life Sciences & Healthcare.
In this sector, the Group aims to address 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, and combine new therapeutics, 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 the laws 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 in France on Euronext
Paris. Groupe Industriel Marcel Dassault SAS (GIMD), which
belongs to the Dassault family, is the main shareholder.
These annual financial statements were established under
the responsibility of the Board of Directors on March 11, 2025.
Key Events of the Year
Mergers
As part of its program to simplify the organization of its legal
entities throughout the world, Dassault Systèmes SE carried
out the merger operation through Universal Transmission of
Assets (TUP) of Dassault Data Services SAS on January 3,
2024, Eomys Engineering SAS on November 20, 2024.
As a result of the Dassault Data Services SAS TUP, a merger
bonus of €49.4 million was recorded under financial income,
corresponding to accumulated retained earnings, and
€1.3 million under shareholders’ equity.
Bonds
On September 16, 2019, the Company carried out a bond
issue in four tranches totaling €3,650.0 million at a fixed rate.
This transaction was part of the financing of the acquisition
of Medidata Solutions, Inc. in October 2019.
On September 16, 2024, the Company reimbursed the
second tranche of bond for €700.0 million (see Note 5
Financial income, Net and Note 17 Financial liabilities). The
first tranche was reimbursed on September 16, 2022, for
€900.0 million.
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Note 2
Significant Accounting Policies
The financial year lasts for 12 months from January 1 to
December 31.
The annual financial statements for the fiscal year ended
December 31, 2024 are prepared and presented in
accordance with the rule ANC n° 2014‑03 related to the
French General Chart of Accounts (PCG). New standards and
recommendations effective January 1, 2024 onwards have
no significant impact on the annual financial statements.
In particular, the annual financial statements are prepared
in accordance with the principle of prudence, the principle
of continuity of accounting methods from one year to the
next, the independence of financial years, and under the
going concern assumption. Assets and liabilities are initially
recorded at historical cost.
Significant accounting policies are applied as follows:
Revenue
The Company derives revenue from three primary sources:
(i) licenses, other software revenue (which includes the
development of additional functionalities of standard
products requested by clients), subscription and support
(which includes software license updates and technical
support);
(ii)
consulting
and
training
services;
and
(iii) royalties from distribution agreements signed with the
Company’s subsidiaries and generally collected in currency of
the subsidiary.
Revenues are disclosed net of taxes collected from customers
and remitted to governmental authorities.
The Company accounts for a contract with a client when
there is a written agreement that creates legally enforceable
rights and obligations, including payment terms, when the
contract has commercial substance and when collection
consideration is probable. A performance obligation is a
promise in a contract with a client to transfer products or
services that are distinct from the other promises of the
contract.
Revenue is recognized when, or as, control of a promised
product or service is transferred to a client, in an amount that
reflects the consideration to which the Company expects to
be entitled in exchange for those products or services.
The Company’s products are also sold by value‑added
resellers that are most often assessed as principal in the
transaction because they generally have the primary
responsibility for fulfillment to the end‑customer. As a
result, most of the time the Group recognizes revenue in
the amount of the fee it expects to be entitled to, i.e. the
consideration paid by the distributor, assuming all other
revenue recognition criteria are met.
Licenses, subscription, support and
other software revenue
Software license revenue represents fees earned from
granting customers licenses to use the Company’s software.
It includes license revenue of perpetual and periodic license
sales of software products and is recognized at a point in
time for an arrangement when control is transferred to the
client.
Subscription contracts generally have a term of between
one-year and five-year, and include an on premise software
license and software support. Revenue from on premise
license is generally recognized linearly over the contractual
term.
Subscription revenue also is derived from access to
cloud‑based solutions (SaaS), infrastructure as a service
(IaaS), cloud solution development and cloud managed
services. Revenue from cloud subscription is generally
recognized linearly over the contractual term.
Support
revenue
represents
periodic
fees
associated
with the sale of unspecified product updates on a
when‑and‑if‑available basis and technical support. Support
agreements are entered into in connection with the initial
software license purchase. Support may be renewed by
the customer at the conclusion of each term. Revenue from
support is recognized on a straight‑line basis over the term of
the support agreement as the Company has a standing ready
obligation to provide services.
Other software revenue mainly relates to the development
of additional functionalities of standard products requested
by clients and is recognized when the development work is
performed.
Recurring fees for subscription and support are reported
within “Software Revenue”.
Services Revenue
Services revenue consist primarily of fees from consulting
services in process optimization and in methodology for
design, deployment and support, and training services.
Services generally do not require significant modification
or customization of software products and are accounted
for separately to the extent they are not essential to the
functionality of software products.
Performance obligation from fixed price contracts are usually
satisfied over the time. The revenue is recognized using
percentage of completion based on the labor costs incurred
to date as a percentage of the total estimated labor costs to
fulfill the contract.
Service revenues derived from time and material contracts
are recognized over the time on an output basis as labor
hours are delivered or direct project expenses are incurred.
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Royalties from distribution agreements
between the Company and its subsidiaries
Agreements between the Company and its subsidiaries
grant distribution rights of the Company’s softwares in their
respective markets. In consideration for the use of these
rights, the Company invoices royalties to its subsidiaries,
determined in such a way as to guarantee the distribution
subsidiaries an operating margin in line with the arm’s length
principle. Royalties are accounted for when sales are made
by resellers.
Research and development
Research costs are expensed as incurred.
Costs incurred to develop computer software products
include
mainly
payroll
and
other
headcount‑related
costs. They also include amortization expense, lease
and maintenance costs of computer equipment used for
product development, software expenditures and costs of
information technology and communication.
Due to specificities in the software industry, the Company
has determined that technological feasibility is the key
criteria to capitalize development expenditure as it is
generally the last criteria to be met. Currently, the risks and
uncertainties inherent in the software development process
make it difficult to demonstrate technological feasibility
before a working prototype has been completed, which
generally occurs shortly before the commercial release of its
software products. As a consequence, costs incurred after
technological feasibility is established that could potentially
be capitalized are not material.
Research and development tax credits are recognized as a
deduction to the income tax expense.
Intangible assets, property and equipment
Intangible assets, property and equipment are recognized at
cost, including ancillary expenses, when they are purchased,
at their production cost when they are produced internally,
and at their integration value.
Under the rule ANC n° 2015‑06 dated November 23, 2015,
technical deficits from mergers and goodwill have been
allocated to their underlying assets (principally technology
and customer relationship) and amortized if necessary since
January 1, 2016 except for residual goodwill considered as
permanent and not amortized. All these assets are subject to
impairment tests every year in accordance with the method
described further along in the following section: Non‑current
Financial Assets.
The Company has assessed the risks and opportunities
related to climate change and has not identified at this stage
any significant impact that could change the estimated
useful lives of property and equipment.
The useful life of intangible assets, property and equipment
is presented in the Note 11 Depreciation and Amortization.
Non‑current Financial Assets
Investments in subsidiaries are recognized at cost without
revaluation of the transaction currencies. Expenses directly
related to the acquisition of equity securities are included in
the acquisition cost of these securities. Loans and advances
to subsidiaries are valued at their net realizable value.
At least once a year, the Company reviews the net realizable
value of its investments and loans to subsidiaries. The
net realizable value of securities takes into account the
amount of shareholders’ equity, long‑term profitability
of the different activities and strategic factors based on
assumptions and estimates which may have a significant
impact. The Company use valuation models according to the
activities including principally, for distribution and service,
a comparable method based on stock market ratios and,
for software operations, a method based on projected cash
flows. An impairment loss is recognized if the net realizable
value is less than the carrying value for a long period of time.
The Company has assessed the risks and opportunities
related to the climate change and has not identified at this
stage any significant risk requiring a provision for risk.
“Other financial assets” consist mainly of a portion of
treasury shares (see below).
Treasury Shares
The Company implements a share repurchase program under
the authorization granted to the Board of Directors by the
General Meeting of Shareholders.
Treasury shares acquired under a liquidity contract are
recorded under “Other financial assets”. These shares are
written down where the average share price over the last
month of the fiscal year is below their purchased price.
Treasury shares acquired for the express purpose of being
used in a future capital reduction are also classified under
“Other financial assets”. These shares are not written down
to reflect their market price if lower.
Treasury shares allocated to a performance shares plans
and to Employee shareholding plan are recorded under
“Marketable securities”, either at their acquisition cost if the
shares were allocated at grant date, or at their net book value
on the date of their reclassification if they were allocated to
the plan after their acquisition. These shares are not subject
to a provision for impairment.
For further information about provisions in respect of Group
performance share plans, see the below Provisions for
Contingencies and losses section.
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Treasury shares are valued using the first‑in, first‑out (FIFO)
method.
Marketable Securities
Marketable securities are initially recorded at cost and are
depreciated, when applicable, by referring to their quoted
price in an active market at year‑end.
Operating receivables and payables
Trade receivables are reported at their net receivable value
and trade payables are reported at their nominal value. For
trade receivables, an allowance is recorded when the net
realizable value is lower than the carrying value taking into
account, in particular, aging and risk of non‑collectability.
Foreign currency transactions
Transactions in foreign currencies are recorded in euros in
the income statement at the exchange rate of the last day
of the previous month, except for significant transactions,
which are booked at the exchange rate of the transaction
date. Receivables, payables and cash in foreign currencies
are converted to euros in the balance sheet at the closing
exchange rate or at the hedged rate when they are subject
to exchange rate hedging. The conversion differences are
recorded on the balance sheet in “Unrealized Exchange
Losses/Gains”. In the event of unrealized losses, a provision
for contingencies (exchange loss) is recorded.
Provisions for Contingencies and losses
Provisions for contingencies and losses are recognized
when liabilities to cover are probable to generate outflows
of resources resulting from a present obligation. These
provisions are estimated to take into account the most
probable hypothesis at the closing date.
A provision for charges related to the attribution of
performance share plans is based as follows:
—
the acquisition period;
—
the estimate that beneficiaries stay until the vesting
date;
—
the probability to reach the performance conditions;
—
the acquisition share price;
—
the market share price for the related social contribution.
The corresponding entry is recognized in “Personnel costs”
in the income statement.
Derivatives
The Company may choose to manage exposure to foreign
currency and interest rates with regards to revenue and
cost generated by its ongoing and predictable activity.
The Company may also mitigate a given foreign currency
exposure linked to specific operations.
In order to hedge foreign currency exposure, the Company
uses, as needed, foreign exchange contracts or financial
instruments for which total maximum losses are known from
the outset.
Hedging activities are generally carried out and managed
by the Company for its own account and on behalf of
its subsidiaries. In certain cases, however, the Company
may authorize selected subsidiaries to enter into hedging
instruments directly.
The fair market values of derivative instruments were
determined by financial institutions using market prices and
option pricing models.
Interest rate derivatives
Financial income and expense resulting from the use of
derivatives are recorded in the income statement in the
same manner as income and expense from the covered
transactions when the derivatives are considered to be
hedging transactions from an accounting perspective.
Exchange rate derivatives
Exchange rate derivatives contribute to the Company
currency position. Unrealized losses on these derivatives
are taken into account in determining the provision for
unrealized exchange losses.
Isolated open position
Any transaction that does not qualify as a hedge is classified
in a category called “isolated open position”. The accounting
treatment is as follows:
—
derivatives are recorded in the balance sheet against
transitional accounts at their fair value;
—
a provision for unrealized losses derivatives is booked
impacting the profit and loss account.
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Note 3
Operating Revenue
Revenue Breakdown
(in millions of euros)
Year ended December 31,
2024
2023
Licenses revenue
111.2
130.6
Subscription and Support revenue
693.8
632.5
Royalties
1,010.2
952.7
TOTAL SOFTWARE REVENUE
1,815.1
1,715.8
Services revenue
93.4
58.5
Other revenue
554.3
527.0
TOTAL REVENUE
2,462.9
2,301.3
The breakdown of software revenue by geographic area is as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Europe
1,025.4
941.2
Asia
463.5
447.0
Americas
326.2
327.7
TOTAL SOFTWARE REVENUE
1,815.1
1,715.8
Other Revenue
Other revenue consists mainly in recharges of shared costs and central services, which are performed for the benefit of the
Company’s subsidiaries and in revenue from R&D activities subcontracted to affiliates.
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Note 4
Personnel Costs
Personnel costs are broken down as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Salaries and wages
511.5
449.2
Social contributions
215.8
218.6
TOTAL PERSONNEL COSTS
727.3
667.8
The stability in social contribution is mainly due to an increase resulting from growth in the headcount, offset by the
evolution of the Company’s share price, which drives the social contributions due on performance share plans (refer to
Note 8 Performance Shares).
Average Headcount by Category
Salaried employees by category
Year ended December 31,
2024
2023
Executives (“cadres”)
4,814
4,200
Supervisors and technicians
-
111
Employees
19
29
TOTAL AVERAGE HEADCOUNT (in full time equivalents)*
4,833
4,340
*
Apprentices and professional training contractors excluded.
The Company headcount increased notably as a result of the
merger of Dassault Data Services SAS, as well as recruitment
to serve the growth of the Group and the investments in
research and development.
The concept of “Supervisors and technicians” does no longer
exist following a change, in 2024, in the industry collective
agreement.
Compensation of Executives
The compensation of the Company’s executive officers was entirely paid by Dassault Systèmes SE. The amounts below relate
to Mr. Bernard Charlès, Mr. Charles Edelstenne (until January 8, 2023), and Mr. Pascal DALOZ (since January 9, 2023):
(in thousands of euros)
Year ended December 31,
2024
2023
Salaries
5,180
4,280
Benefits in kind
20
20
Directors’ fees*
114
110
TOTAL COMPENSATION OF EXECUTIVES
5,313
4,409
*
The Directors’ fees presented here corresponded to payments made in 2024 for 2023. The Directors’ fees earned for 2024 totaled €161,000 paid in 2025.
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Note 5
Financial Income, Net
Net financial income is as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Dividends received
417.0
534.6
Revenue from disposals of investment securities
65.8
38.8
Interest income
52.9
21.9
FINANCIAL INCOME FROM INVESTMENTS
535.7
595.4
Additions of provisions for impairment of investments
(1.4)
(25.0)
Reversal of provisions for impairment of investments
15.5
0.5
Other interest expense
(36.9)
(27.2)
Foreign exchange expense
(10.9)
(26.7)
Foreign exchange income
11.2
24.9
FINANCIAL INCOME, NET
513.2
541.8
In 2024, the Company received €417.0 million dividends from
its subsidiaries, of which € 396.2 million served by Dassault
Systèmes Corp.
Interest income consists mainly in the merger bonus of
€49.4 million following the Dassault Data Services SAS TUP
(refer to Note 1 Description of Business and Key Events of
the Year).
Note 6
Exceptional Income/Loss
Exceptional loss for the year ended December 31, 2024 is
€66.1 million compared to a loss of €78.2 million for the year
ended December 31, 2023.
The change is mainly due to the decreased in expenses
relating to the performance shares granted to Mr. Bernard
Charlès, when he was Chief Executive Officer. These
expenses are the main component of the exceptional item.
Note 7
Income Tax
The Company is the head of a tax group, including 5 entities
at the end of December 2024.
The tax integration agreement states that the income tax of
tax‑integrated companies will be the same as it would have
been if each subsidiary had not been a member of it. As a
stand‑alone entity, the Company income tax would have
amounted to €49.3 million in 2024.
The breakdown of income tax between current income and
exceptional loss for the year ended December 31, 2024, is as
follows:
(in millions of euros)
Income
before tax
Tax
(expense)
credit
Income after
income tax
Current income
1,046.4
(85.4)
960.9
Exceptional loss*
(143.7)
36.1
(107.6)
TOTAL
902.7
(49.4)
853.3
*
Exceptionnal loss includes exceptional items and employee profit‑sharing.
The effective income tax rate for the year ended December 31,
2024 was 5.5% and remained stable against the 5.7% in 2023.
Following the transposition of the European directive into
French law on December 29, 2023, the GloBE rules are
applicable in France from this 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. For the 2024 financial year, GloBE rules
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
do not have a significant impact on the Company effective
tax rate.
Increases and Reductions in Future Income Tax Payable
Increases and reductions in future income tax payable are evaluated on the basis of the standard corporate tax rate, plus social
security contribution on profits.
(in millions of euros)
Year ended December 31,
2024
2023
Nature of temporary differences
SHORT TERM (25.83% TAX RATE FOR 2024 AND 2023)
51.6
70.6
Provision for employee profit‑sharing
39.3
37.5
Depreciation of receivables
4.3
6.5
Other
7.9
26.5
LONG TERM (25.83% TAX RATE FOR 2024 AND 2023)
53.2
44.5
Provision for post‑employment benefits
51.0
40.9
Other
2.2
3.6
TOTAL TEMPORARY DIFFERENCES
104.7
115.1
Net reduction of the future corporate tax debt
25.83% short term tax rate for 2024 and 2023
13.3
18.2
25.83% long term tax rate for 2024 and 2023
13.7
11.5
Note 8
Performance Shares
New 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.
Plans 2024-M1 and 2024-M2
The Boards of Directors also decided respectively on
May 22, 2024 and on September 18, 2024 to grant
878,771
performance
shares
(Plan
2024-M1)
and
35,166 shares (Plan 2024-M2) to some employees and
executives of the Group.
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.
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A summary of the Group’s performance shares plans is as follows:
Plans
2020-A
2020-B
2020-M
2021-A
2021-B
Date of General Meeting of Shareholders
05/22/2018
05/22/2018
05/22/2018
05/26/2021
05/26/2021
Date of grant by Board of Directors
05/26/2020
05/26/2020
05/26/2020
06/29/2021
06/29/2021
Total number of shares granted
804,966
300,000
56,721
741,569
300,000
Restated total number of shares granted (1)
4,024,830
1,500,000
283,605
3,707,845
1,500,000
Acquisition period (in years) (2)
Four
Four
Three
Two or Four (5) Two or Four (5)
Performance conditions
See note (3)
See note (3)
See note (4)
See note (6)
See note (6)
Performance conditions is reached at December 31, 2024
See note (11)
See note (11)
Yes
See note (11)
See note (11)
Plans
2021-M1
2021-M2
2022-A1
2022-B
2022-M1
Date of General Meeting of Shareholders
N/A
N/A
05/26/2021
05/26/2021
N/A
Date of grant by Board of Directors
06/29/2021
09/22/2021
05/19/2022
05/19/2022
05/19/2022
Total number of shares granted
175,371
16,982
3,690,907
1,500,000
817,809
Restated total number of shares granted (1)
876,855
16,982
3,690,907
1,500,000
817,809
Acquisition period (in years) (2)
One, Two,
Three or Four (5)
One, Two,
Three or Four (5)
Three
Three
One, Two, or
Three (5)
Performance conditions
See note (4)
See note (4)
See note (3)
See note (3)
See note (4)
Performance conditions is reached at December 31, 2024
See note (11)
See note (11)
See note (11)
See note (11)
See note (11)
Plans
2022-A2
2022-M2
2023-A
2023-B
2023-M1
Date of General Meeting of Shareholders
05/26/2021
N/A
05/24/2023
05/24/2023
N/A
Date of grant by Board of Directors
09/21/2022
09/21/2022
05/24/2023
05/24/2023
05/24/2023
Total number of shares granted
28,523
24,264
3,707,133
1,500,000
926,310
Restated total number of shares granted (1)
28,523
24,264
3,707,133
1,500,000
926,310
Acquisition period (in years) (2)
Three
One, Two, or
Three (5)
Three
Three
One, Two, or
Three (5)
Performance conditions
See note (3)
See note (4)
See note (7)
See note (7)
See note (8)
Performance conditions is reached at December 31, 2024
N/A
See note (11)
N/A
N/A
See note (11)
317
4
Financial statements
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4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Plans
2023-M2
2024-A
2024-M1
2024-M2
Date of General Meeting of Shareholders
N/A
05/24/2023
N/A
N/A
Date of grant by Board of Directors
09/20/2023
05/22/2024
05/22/2024
09/18/2024
Total number of shares granted
28,003
4,377,215
878,771
35,166
Restated total number of shares granted (1)
28,003
4,377,215
878,771
35,166
Acquisition period (in years) (2)
One, Two, or
Three (5)
Three
One, Two, or
Three (5)
One, Two, or
Three (5)
Performance conditions
See note (8)
See note (9)
See note (10)
See note (10)
Performance conditions is reached at December 31, 2024
See note (11)
N/A
See note (11)
See note (11)
(1)
Presented in order to reflect the five‑for‑one share split effected on July 7, 2021.
(2)
For the 2020-M, 2021-M1, 2021-M2, 2022-M1, 2022-M2, 2023-M1, 2023-M2, 2024-M1 and 2024-M2 plans, subject to the condition that the beneficiary be an
employee or a Director of the Group at the acquisition date. The presence period is three years for the 2020-A and 2020-B plans, one year and a half and three years for
the 2021-A and 2021 B plans (respectively for tranches 1 and 2), and two years and a half for the 2022-A1, 2022-B, 2022-A2, 2023-A, 2023-B and 2024-A plans.
(3)
For the 2020 and 2022 plans (2020-M, 2022-M1, 2022-A2, 2022-M2 excluded): performance condition based on a targeted growth between the non-IFRS diluted EPS
excluding foreign currency effects for the respective years 2023 and 2024, and the one achieved in the respective years 2019 and 2021 (non‑vesting condition). Such growth
must be at least equal to a threshold (expressed as a percentage) established by the Board of Directors granting the shares. For the 2022-A2 plan, performance condition
based on a targeted growth between the non-IFRS diluted EPS excluding foreign currency effects for the year 2024 and the one achieved in 2021 (vesting condition).
(4)
For the 2020-M plan, performance condition based on the growth of the non-IFRS revenue and of the non-IFRS operating margin of the MEDIDATA activity. This double
condition, is based on targeted growths between the year 2022, excluding foreign currency effects, and the levels of satisfaction of the considered reference year
(vesting condition). For the 2021-M1 and 2021-M2 plans, the criteria of the non-IFRS diluted EPS on the one hand and the non-IFRS revenue and the non-IFRS operating
margin on the other hand, are based on targeted growths between the years 2021, 2022, 2023 and 2024 (respectively for each tranche), excluding foreign currency
effects, and the levels of satisfaction of the considered reference year (vesting condition). For the 2022-M1 and 2022-M2 plans, the criteria of the non-IFRS diluted EPS
on the one hand and the non-IFRS revenue and the non-IFRS operating margin on the other hand, are based on targeted growths between the years 2022, 2023 and
2024 (respectively for each tranche), excluding foreign currency effects, and the levels of satisfaction of the considered reference year (vesting condition).
(5)
Share acquisition divided into two tranches for 2021-A and 2021-B plans, the first having vested on June 29, 2023 and the second vesting on June 30, 2025. Share
acquisition divided into four tranches for 2021-M1 (respectively vesting on June 29, 2022, June 29, 2023, July 1, 2024 and June 30, 2025) and 2021-M2 (respectively
vesting on September 22, 2022, September 22, 2023, September 23, 2024 and September 22, 2025). Share acquisition divided into three tranches for 2022-
M1 (respectively vesting on May 19, 2023, May 20, 2024 and May 19, 2025) and 2022-M2 (respectively vesting on September 21, 2023, September 23, 2024 and
September 22, 2025). Share acquisition divided into three tranches for 2023-M1 (respectively vesting on May 24, 2024, May 26, 2025 and May 26, 2026) and 2023-M2
(respectively vesting on September 20, 2024, September 22, 2025 and September 21, 2026). Share acquisition divided into three tranches for 2024-M1 (respectively
vesting on May 22, 2025, May 22, 2026 and May 24, 2027) and 2024-M2 (respectively vesting on September 18, 2025, September 18, 2026 and September 20, 2027).
(6)
For the 2021-A and 2021-B plans, the performance condition will be measured based on the growth of the non-IFRS diluted EPS for the year 2022 (tranche 1) and the
year 2024 (tranche 2), neutralized from currency effects, compared to that of the year 2020 (non‑vesting condition).
(7)
For the 2023-A and 2023-B plans, performance condition based on two elements: for a weight of 80% on a targeted growth between the non-IFRS diluted EPS for the
year 2025, neutralized from currency effects, and the one achieved in 2022 (non‑vesting condition). Such growth must be at least equal to a threshold (expressed as a
percentage) established by the Board of Directors granting the shares; for a weight of 20% on the achievement of three environmental, social and governance criteria by
the Group (mainly non‑market vesting conditions): i) the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse
gas emissions in line with the targets submitted to the Science-Based Target initiative (three sub‑criteria) and iii) the diversity (three sub‑criteria).
(8)
For 2023-M1 and 2023-M2 plans, performance conditions will be measured based on the level of achievement of the following three conditions: for a weight of 40% on
the growth of the non-IFRS diluted EPS for the years 2023 (tranche 1), 2024 (tranche 2) and 2025 (tranche 3), neutralized from currency effects, compared to that of the
year 2022 (non‑market vesting condition); for a weight of 40% on the growth neutralized from currency effects of the non-IFRS revenue and of the non-IFRS operating
margin of the MEDIDATA brand (double criteria) for the years 2023 (tranche 1), 2024 (tranche 2) and 2025 (tranche 3), compared to that of the considered reference year
(non‑market vesting condition); for a weight of 20% on the achievement of three environmental, social and governance criteria by the Group (mainly non‑market vesting
conditions): i) the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse gas emissions in line with the targets
submitted to the Science-Based Target initiative (three sub‑criteria) and iii) the diversity (three sub‑criteria).
(9)
For the 2024-A plan, performance condition based on two elements: for a weight of 80% on a targeted growth between the non-IFRS diluted EPS for the year 2026,
neutralized from currency effects, compared to that of the year 2023. Such growth must be at least equal to a threshold (expressed as a percentage) established by the
Board of Directors granting the shares; for a weight of 20% on the achievement of three environmental, social and governance criteria for the Group: i) the share of total
IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse gas emissions in line with the targets submitted to the Science-Based
Target initiative (two sub‑criteria) and iii) the diversity (three sub‑criteria).
(10) For 2024-M1 and 2024-M2 plans, performance conditions will be measured based on the level of achievement of the following three conditions: for a weight of 30% on
the growth of the non-IFRS diluted EPS 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% on 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 considered reference
year (non‑market vesting condition); for a weight of 20% on the achievement of three environmental, social and governance criteria for the Group (mainly non‑market
vesting conditions): i) the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, ii) the reduction in greenhouse gas emissions in line with the
targets submitted to the Science-Based Target initiative (two sub‑criteria) and iii) the diversity (three sub‑criteria).
(11) Performance conditions related to the following plans have been fulfilled: 2020-A, 2020-B, 2021-A (tranche 1), 2021-B (tranche 1), 2021-M1 (tranches 1, 2 and 3),
2021-M2 (tranches 1, 2 and 3), 2022-M1 (tranches 1 and 2), 2022-M2 (tranches 1 and 2), 2023-M1 (tranche 1) and 2023-M2 (tranche 1). Performance conditions will be
measured by the March 11, 2025 Board of Directors related to the following plans: 2021-A (tranche 2), 2021-B (tranche 2), 2021-M1 (tranche 4), 2021-M2 (tranche 4),
2022-A1, 2022-B, 2022-M1 (tranche 3), 2022-M2 (tranche 3), 2023-M1 (tranche 2), 2023-M2 (tranche 2), 2024-M1 (tranche 1) and 2024-M2 (tranche 1).
The Company recorded as operating items an accrual for
the total foreseeable costs relating to the rights to receive
Dassault Systèmes shares granted to beneficiaries directly
contributing to its activity. The expense related to other
Group beneficiaries is recorded as exceptional item, offset by
an accrued income for the same amount, representing the
recharge to subsidiaries due on maturity dates of the plans.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Note 9
Research and Development Expense
In 2024, the Company recorded a total of €399.5 million of
research and development expenses, representing 22.0%
of software revenue. This amount reflects a full‑cost
basis including IT and facility costs, as well as employee
profit sharing for research and development teams, net of
intercompany recharges and grants.
Note 10
Fixed Assets
(in millions of euros)
Year ended December 31,
2023
Addition
Disposal
2024
Goodwill
112.2
-
-
112.2
Software
91.0
2.4
(6.2)
87.1
Technologies and customer assets
554.0
1.7
-
555.7
INTANGIBLE ASSET
757.2
4.1
(6.2)
755.1
Machinery and equipment
142.4
24.9
(5.2)
162.0
Fixtures and fittings
47.1
10.8
(2.8)
55.1
Office furniture and equipment
7.1
7.1
(0.3)
13.8
PROPERTY & EQUIPMENT
196.6
42.8
(8.4)
231.0
Investments in subsidiaries
7,142.9
13.0
(6.0)
7,149.8
Loans and advances to subsidiaries
13.5
-
(0.5)
13.0
Treasury Shares
16.6
228.5
(222.7)
22.4
Other financial assets
21.1
218.8
(228.5)
11.4
NON CURRENT FINANCIAL ASSETS
7,194.1
460.3
(457.8)
7,196.6
TOTAL
8,147.9
507.2
(472.4)
8,182.8
Residual goodwill considered as non‑depreciable asset,
amounted to €85.3 million net of provisions.
The property and equipment acquisitions were mainly
related to fit‑out of the new building on the headquarter
campus and Paris-Grande Armée building.
The increase in subsidiaries corresponded to the acquisition
of Eomys Engineering SAS and Amcad Engineering SAS.
The decrease in investments in subsidiaries was primarily
driven by merger impacts of Dassault Data Services SAS
and Eomys Engineering SAS (refer to Note 1 Description of
Business and Key Events of the Year).
The movements in treasury shares were primarily due to the
repurchase of treasury shares and their subsequent sales.
319
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4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 11
Assets Depreciation and Amortization
(in millions of euros)
Amortization
period
Amortization
method
Year ended December 31,
2023
Addition
Disposal
2024
Software
3 to 5 years
Straight-Line
79.6
4.4
(6.2)
77.7
Technologies and customer assets
5 to 10 years
Straight-Line
355.5
39.9
-
395.4
INTANGIBLE ASSET
435.1
44.3
(6.2)
473.2
Machinery and equipment
3 to 6 years Straight-Line/
Degressive
104.7
14.2
(5.2)
113.7
Fixtures and fittings
Over the term of
the lease
Straight-Line
17.2
3.9
(1.9)
19.2
Office furniture and equipment
10 years
Straight-Line
3.0
1.3
(0.2)
4.0
PROPERTY & EQUIPMENT
124.8
19.4
(7.4)
136.9
TOTAL
559.9
63.7
(13.6)
610.0
Note 12
Provision for impairment of assets
(in millions of euros)
Year ended December 31,
2023
Addition
Disposal
2024
Goodwill
21.9
5.0
-
26.9
INTANGIBLE ASSET
21.9
5.0
-
26.9
Investments in subsidiaries
93.3
-
(15.5)
77.8
Other financial assets
-
-
-
-
NON CURRENT FINANCIAL ASSETS
93.3
-
(15.5)
77.8
Doubtful receivable
6.6
2.0
(4.2)
4.4
RECEIVABLE
6.6
2.0
(4.2)
4.4
TOTAL
121.8
7.1
(19.7)
109.1
The impairment tests realized in 2024 on financial investments (refer to Note 2 Significant Accounting Policies) led to a
reversal provision of €15.5 million.
4
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Note 13
Receivables
Gross receivable are as follows:
(in millions of euros)
Less than
1 year
More than
1 year
Year ended December 31,
2024
2023
Non‑current receivables
-
13.0
13.0
13.5
Current receivables
736.4
103.4
839.9
735.3
Accounts receivable
591.9
103.4
695.3
605.8
Current accounts with debit balances
3.8
-
3.8
2.4
Tax and social receivable
108.8
-
108.8
108.0
Other receivable
31.9
0.1
32.0
19.2
Prepaid expenses
103.8
64.7
168.4
156.1
TOTAL RECEIVABLES
840.2
181.1
1,021.3
904.9
Non‑current receivables correspond to a loan granted to a
subsidiary.
The increase of accounts receivable, including related
companies (refer to Note 19 Elements Concerning Related
Companies), is mainly explained by higher commercial
activity in the last quarter of 2024 compare to the last
quarter of 2023. Accounts receivables are depreciated for
€-4.3 million.
Tax receivables mainly comprise tax credits.
Prepaid expenses are mainly composed of IT services paid in
advance.
321
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4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Note 14
Treasury
Marketable Securities and cash
On December 31, 2024, marketable securities amount
to €1,389.6 million compared to €1,425.5 million on
December 31, 2023. They primarily consist of investments in
money market mutual funds and marketable debt securities
with short‑term maturities invested in euros.
Cash
and
marketable
securities
decreased
from
€1,437.4 million at December 31, 2023 to €1,399.6 million
at December 31, 2024 due to the reimburse of the second
tranche of its bonds in September 2024 (refer to Note 1
Description of Business and Key Events of the Year). This
decrease is offset by the increase of its operational and
holding activities as well as centralized cash management for
some of its subsidiaries.
Treasury Shares
Share repurchases are analyzed below as at December 31, 2024:
(in millions of euros)
Year ended December 31,
2023
Addition
Disposal
Reclassment
2024
Non-Current Financial Assets (1)
Number of treasury shares
400,987
6,241,626
(5,971,598)
-
671,015
Gross value
16.6
228.5
(222.7)
-
22.4
Provision for impairment
-
-
-
-
-
NET VALUE TREASURY SHARES
16.6
228.5
(222.7)
-
22.4
Marketable Securities (2)
Number of treasury shares
20,216,897
9,500,000
(6,040,409)
-
23,676,488
Gross value
757.7
364.3
(195.3)
-
926.7
Provision for impairment
-
-
-
-
-
NET VALUE TREASURY SHARES
757.7
364.3
(195.3)
-
926.7
(1)
The Company has been contracting in a liquidity agreement with the broker Oddo BHF SCA since 2015. In 2024 as part of this contract, 6,241,626 shares were acquired at
an average price of €36.61 and 5,971,598 were sold at an average price of €36.63.
(2)
The General Meeting of Shareholders of May 22, 2024 authorized the Board of Directors to implement a share repurchase program limited to 25.0 million of shares. Under
this authorization, the Company may not spend more than an annual aggregate amount of €1 billion.
4
322
Financial statements
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Note 15
Shareholders’ Equity
Share Capital
Changes in share capital during the year ended December 31, 2024 are as follows:
Number
of shares
authorized and
issued
Par value
(in euro)
Capital
(in euros)
SHARES AS OF JANUARY 1
1,337,916,433
0.10
133,791,643
Capital increase
-
-
-
Capital decrease
-
-
-
Shares issued pursuant to exercise of share subscription options
1,758,318
0.10
175,832
SHARES AS OF DECEMBER 31
1,339,674,751
0.10
133,967,475
Shareholder base
On December 31, 2024, the share capital of the Company is held by:
(%)
2024
2023
Public
49.11
50.16
Groupe Industriel Marcel Dassault
39.97
40.02
Charles Edelstenne (1)
5.99
5.97
Bernard Charlès (2)
2.65
1.88
Treasury shares (3) and indirect treasury shares (4)
2.01
1.73
Pascal Daloz (5)
0.27
0.24
TOTAL
100.00
100.00
On December 31, 2024, the voting rights in the Company are held by:
(in % of exercisable voting rights)
2024
2023
Groupe Industriel Marcel Dassault SAS
53.91
53.93
Public
34.25
35.32
Charles Edelstenne (1)
8.05
8.03
Bernard Charlès (2)
3.46
2.43
Pascal Daloz (5)
0.33
0.29
TOTAL
100.00
100.00
(1)
Including shares held in two family companies managed by Mr. Edelstenne.
At December 31, 2024, Mr. Edelstenne held 22,578,565 shares with all ownership rights and 16,910 shares through two family companies which he manages,
representing a total of 1.69% of the capital and 2.25% of the exercisable voting rights, as well as 57,636,000 shares with “beneficial” rights (usufruit). For the beneficial
rights with respect to these 57,636,000 shares, representing 5.80% of the exercisable voting rights, Mr. Edelstenne can only exercise the right to vote on decisions of the
General Meeting concerning the allocation of profits; the holders of the bare ownership rights (nue‑propriété) exercise the voting rights for other resolutions in compliance
with Article 11 of the by‑laws.
For details related to the Company shares held by Mr. Edelstenne on December 31, 2023 and December 31, 2022, see paragraph 6.3.1. of Universal registration documents
(“URD”) for 2023 and 2022, respectively.
(2)
Including shares and voting rights held by Mr. Charlès’ wife and children. As their proxy, Mr. Charlès exercises the voting rights for all resolutions submitted to the General
Meeting of Shareholders. Personally, Mr. Charlès held (i) at December 31, 2024, 23,102,205 shares representing 1.72% of the share capital, and 43,954,410 exercisable
voting rights, i.e. 2.21% of the exercisable voting rights, (ii) at December 31, 2023, 25,202,205 shares representing 1.88% of the share capital, and 48,154,410 exercisable
voting rights, i.e. 2.43% of exercisable voting rights, and (iii) at December 31, 2022, 24,452,205 shares representing 1.83% of the share capital and 45,904,410 exercisable
voting rights, i.e. 2.32% of exercisable voting rights.
(3)
Including 671,015 shares through the liquidity agreement as of December 31, 2024. As of December 31, 2023, such number was 400,987 shares.
(4)
Shares held by SW Securities LLC. This company is a Dassault Systèmes subsidiary; the Dassault Systèmes’ shares held by it do not have voting rights.
(5)
Mr. Pascal Daloz is executive officer since January 9, 2023 and Chief Executive Officer since January 1, 2024.
323
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Stock Options
The main features of the Company stock option plans are as
follows:
—
options vest over various periods ranging from one to
three years and a half, subject to continued employment;
—
options expire ten years from grant date, or after
termination of employment or term of office, whichever
is earlier;
—
options have generally been granted at an exercise price
equal to or greater than the grant date market value (or
the market value the day before the grant) of Dassault
Systèmes share.
The Company issues new shares when options are granted.
The Company does not record any Stock Option Plan
expense.
Other information related to the stock options
A summary of the Group’s stock option activity is as follows:
2024
2023
Number of
options
Weighted
average
exercise price
Number of
options
Weighted
average
exercise price
OUTSTANDING AS OF JANUARY 1,
24,763,785
€27.60
25,771,918
€26.35
Granted
-
-
2,140,126
39.40
Exercised
(1,758,318)
24.41
(2,876,725)
24.67
Forfeited
(229,464)
36.80
(271,534)
33.11
OUTSTANDING AS OF DECEMBER 31,
22,776,003
€27.76
24,763,785
€27.60
Exercisable
20,324,056
€26.37
18,929,104
€24.83
The remaining contractual lives and exercise prices of options outstanding as of December 31, 2024 are presented below:
Stock option plan
Number of
options
Remaining life
(years)
Exercise price
2015‑01
785,674
0.67
€12.40
2016‑01
1,272,396
1.40
€13.80
2017‑01
2,288,107
2.39
€16.40
2018‑01
3,246,387
3.39
€22.00
2019‑01
3,790,084
4.50
€28.00
2020‑01
4,681,337
5.40
€29.09
2020-M-01
4,865
5.19
€26.20
2020-M-02
903,440
5.40
€29.09
2020-M-03
130,095
5.73
€31.57
2021‑01
1,838,303
6.49
€41.32
2022‑01
1,766,799
7.38
€37.17
2023‑01
2,068,516
8.40
€39.40
OUTSTANDING AS OF DECEMBER 31,
22,776,003
4.79
€27.76
4
324
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Movements in Shareholders’ Equity
Changes in shareholders’ equity for the year ended December 31, 2024 are as follows:
(in millions of euros)
2023
Appropriation
of 2023
earnings
Movment in
shareholders’
equity
Net income
for 2024
fiscal year
2024
Share Capital
133.8
-
0.2
-
134.0
Share and contribution premiums
1,444.8
-
44.1
-
1,488.9
Statutory reserve
13.4
0.0
-
-
13.4
Others reserves
0.2
-
-
-
0.2
Retained earnings
3,451.2
558.5
-
-
4,009.7
Income for the fiscal year
861.2
(861.2)
-
853.3
853.3
Regulated provisions
2.9
-
2.4
-
5.2
SHAREHOLDERS’ EQUITY
5,907.4
(302.7)
46.6
853.3
6,504.6
Movements in shareholder’s equity result from the
issuances of new shares from stock option plans as well as
the additional of the derogatory depreciation relating to
property, plant and equipment, offset by the reversal of
depreciation relating to bond costs incurred.
Dividend rights
The May 2024 and May 2023 Shareholders’ Meetings have decided to distribute dividends, fully in cash, for €302.7 million
and €276.2 million, respectively.
Note 16
Provisions for Contingencies and Losses
Movements of provisions for contingencies and losses are as follows:
(in millions of euros)
Year ended December 31,
2023
Addition
Utilization
Reversal of
unutilized
amounts
2024
Reserve for litigation
1.8
1.0
(0.3)
(0.1)
2.5
Provisions for exchange losses
1.9
3.6
(2.1)
-
3.3
Provisions for loss on completion
0.7
-
-
(0.2)
0.5
Other provisions for contingencies
5.2
0.3
-
(1.7)
3.8
PROVISIONS FOR CONTINGENCIES
9.6
4.9
(2.4)
(2.0)
10.1
Provisions for post‑employment benefits
43.2
10.0
-
(0.4)
52.8
Provisions for restructuring
1.4
0.1
(1.1)
-
0.4
Provisions for performance shares*
625.4
253.8
(235.9)
-
643.3
PROVISIONS FOR LOSSES
670.0
263.9
(237.0)
(0.4)
696.6
TOTAL PROVISIONS
679.6
268.9
(239.4)
(2.4)
706.7
*
Refer to Note 8 Performance Shares.
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Changes in provisions for contingencies and losses impact captions of the income statement as follows:
(in millions of euros)
Addition
Utilization
Reversal of
unutilized
amounts
Operating income
150.1
(160.0)
(2.4)
Financial income, net
0.0
(0.0)
-
Exceptional income/(loss)*
118.7
(79.4)
-
TOTAL
268.9
(239.4)
(2.4)
*
Refer to Note 8 Performance Shares.
Provisions for Post‑employment Benefits
The Company commitment related to post- employment
benefits is evaluated and recognized using the prospective
actuarial method based on right pro rata acquisition with
the use of a corridor. This method takes into account rights
acquired by employees on the date of their retirement,
computed on the basis of the employees’ seniority and
annual salary at the time of retirement, recognized on a
straight‑line basis, on period before the retirement age, and
given maximum rights. These rights are acquired and paid as
a lump sum to employees when they retire.
The projected benefit obligation at December 31, 2024 is
determined based on the following assumptions: retirement
between 60 and 66 years of age, discount rate of 3.40%,
average increase in salaries of 3.05% and a 3.40% expected
return on funds. The Company has an insurance policy
with a life insurance company that covers the retirement
payment commitments. In respect of this policy, the funds
amount to a total of €15.5 million as of December 31, 2024.
Actuarial impacts on the cost of past services are spread in
operating income using the corridor method. They amount to
a net expense of €1.8 million, to be spread over 22.4 years
representing the estimated length of residual employee
service.
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Note 17
Financial Liabilities
Financial liabilities are as follows:
(in millions of euros)
Less than
1 year
1 to
5 years
More than
5 years
Year ended December 31,
2024
2023
Bond
1.6
2,050.0
-
2,051.6
2,751.6
Bank loans and borrowings
0.1
-
-
0.1
0.1
Commercial papers
450.0
-
-
450.0
250.0
Employee profit‑sharing scheme
3.7
-
-
3.7
7.5
Other financial liabilities
-
11.9
0.7
12.6
7.8
TOTAL FINANCIAL LIABILITIES
455.3
2,061.9
0.7
2,517.9
3,017.0
Bonds
On November 15, 2024, 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 Company issued a four
tranches of fixed rate bond for a total of €3,650.0 million.
This issuance was part of the financing of the acquisition of
Medidata Solutions, Inc. completed in October 2019.
On September 16, 2024, the Company reimbursed the
second tranche of bond for €700.0 million. The first tranche
was reimbursed on September 16, 2022, for €900.0 million.
The conditions of the remaining tranches of bonds are as follows:
Bond
Nominal amount
(in millions of euros)
Maturity date
Coupon
2026
900.0
September 16, 2026
0.125%
2029
1,150.0
September 16, 2029
0.375%
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. As of December 31, 2024, €5.8 million bond issue premium was booked as an asset.
Commercial papers
In July 2022, the Company launched a program of
commercial papers (Negotiable EUropean Commercial Paper
– NEU CP) with a maximum outstanding amount, authorized
by the Board, of €750.0 million. During 2024, the Company
issued under this program €2,227.0 million with a maximum
maturity of three months and reimbursed €2,027.0 million
under this program.
Line of credit
The Company received a financing commitment in the form
of a revolving line of credit of €750.0 million for a period of
5 years from October 28, 2019. In May 2020 and May 2021,
the Company exercised its option to extend its term for one
year respectively, bringing the new termination date to
October 2026. As of December 31, 2024, the line of credit
was not drawn down.
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Note 18
Trade Payables
Trade payables are as follows:
(in millions of euros)
Less than 1 year
More than
1 year
Year ended December 31,
2024
2023
Trade payables
845.4
0.4
845.8
796.9
Accounts payables
151.6
-
151.6
157.7
Tax and social liabilities
264.9
0.0
264.9
242.1
Current accounts with credit balances
391.8
-
391.8
376.8
Other liabilities
37.2
0.4
37.6
20.4
Unearned revenue
196.0
34.5
230.5
164.9
TOTAL OPERATING LIABILITIES
1,041.4
34.9
1,076.3
961.8
Tax and social security liabilities correspond mainly to
provisions for holiday pay and profit‑sharing.
Unearned revenue is composed primarily of deferred
software, subscription and support revenue relating to
periods subsequent to 2024.
Note 19
Elements Concerning Related Companies
(in millions of euros)
Year ended December 31,
2024
2023
Loans receivable
13.0
13.5
Trade accounts receivable and related items
454.0
387.4
Current accounts receivable
3.8
2.4
Accounts payable and related items
81.3
72.4
Current accounts with credit balances
391.8
376.8
Finance income: dividends collected and net interest received
402.3
555.8
The increase in trade accounts receivable and related items
is principally explained by the re‑invoicing to subsidiaries, in
particular royalties on products for which Dassault Systèmes SE
owns the technology (refer to Note 13 Receivables).
The financial income reflects dividends received from its
subsidiaries (refer to Note 5 Financial Income, Net).
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Note 20
Financial Commitments
Financial Instruments
The fair value of instruments used to manage currency and interest rate exposure is as follows:
(in millions of euros)
Year ended December 31,
2024
2023
Nominal
amount
Fair value
Nominal
amount
Fair value
Forward exchange contract CNH/EUR – sale (1)
164.5
(2.0)
63.1
(0.7)
Forward exchange contract JPY/EUR – sale (1)
131.4
2.8
161.6
1.6
Forward exchange contract GBP/EUR – sale (1)
115.5
(2.9)
74.6
(0.4)
Forward exchange contract KRW/EUR – sale (1)
38.8
1.1
-
-
(1)
Instruments entered into by the Company to hedge the foreign currency exchange risk of royalty flows, and mainly qualified as hedging instruments.
At the end of 2024, foreign exchange contracts mentioned above have maturity dates of less than two years.
Note 21
Other Commitments and Contingencies
Leases
Leases commitments mainly relate to building locations with area exceeding 2,500 square meters and break down are as
follows:
(in millions of euros)
Year ended December 31, 2024
Less than 1 year
1 to 5 years
More than
5 years
Total
Total leases commitments
34.7
153.1
138.5
326.4
Litigation and other proceedings
The Company 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
Company, if any.
However, in the opinion of management, after consultation
with its lawyers and advisers, the resolution of such
litigation and proceedings should not have a material effect
on the financial statements of the Company.
Guarantee pledged
The Group has a central cash management operated through
a banking institution. In this context, the Company offered
a guarantee to the bank in an amount of $500.0 million.
All commitments of the bank are guaranteed by its parent
company.
The Company provides guarantees in the framework of
contracts between subsidiaries and third parties for a total
amount of €17.8 million at December 31, 2024.
Moreover, the Company provides letters of intent for its
subsidiaries Dassault Systèmes UK Limited, Dassault Systèmes
(Suisse) SA, and Dassault Systèmes Deutschland GmbH
for, respectively, a maximum amount of GBP 150.0 million,
CHF 0.4 million and EUR 70.0 million. These letters of intent
expire, respectively, on September 24, 2025, December 31,
2025 and October 20, 2033.
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Note 22
Additional Information
Identity of the Consolidating Company
Dassault Systèmes SE’s business is included in the
consolidated financial statements of Groupe Industriel Marcel
Dassault SAS, whose registered office is located at 9, Rond-
Point des Champs‑Élysées – Marcel Dassault, 75008 Paris,
France, and which belongs to the Dassault family.
Post‑closing events
None.
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Note 23
Information Relating to Subsidiaries and Shareholdings
Cur
rency
Capital
and
reserves (1)
% of
capital
held
Carrying amount (2)
Loans and
advances
granted (2)
Guarantees
provided (2)
Previous
financial
year sales,
excluding
tax (2)
Previous
financial
year
earnings (2)
Dividend
received
on the
financial
year (2)
Gross
value
Net
value
Detailed information on subsidiarises and affiliates (+50% of the capital held by the company)
Dassault Systèmes
Provence SAS
EUR
192.5
100%
32.2
32.2
-
-
63.4
35.3
-
Dassault Systèmes
International SAS
EUR
362.0
100%
774.4
749.4
-
-
-
(324.3)
-
Trust Management
Advisors-Stratorg SAS
EUR
2.0
51%
3.6
3.6
-
-
0.6
0.4
-
AMCAD Engineering SAS (3) EUR
-
100%
9.6
9.6
-
-
-
-
-
Dassault Systèmes
Deutschland GmbH
EUR
65.1
100%
399.4
399.4
-
85.4
374.3
(39.3)
-
Dassault Systèmes Italia
Srl
EUR
14.4
99%
1.9
1.9
-
2.4
87.7
2.9
-
Dassault Systèmes
(Suisse) SA
CHF
7.2
100%
9.7
9.7
-
0.5
31.0
1.1
-
Dassault Systèmes UK
Limited
GBP
82.0
100%
93.4
93.4
-
0.4
211.8
0.2
-
Dassault Systèmes AB
SEK
64.3
100%
16.9
16.9
-
-
80.3
1.9
3.5
Dassault Systemes España
S.L.U
EUR
13.7
100%
9.0
9.0
-
-
46.3
1.2
-
Dassault Systèmes
Belgium SA
EUR
3.8
100%
0.8
0.8
-
-
17.7
0.8
-
Dassault Systèmes Corp.
USD
10,793.5
100%
5,506.1
5,506.1
-
-
-
478.0
396.2
Dassault Systèmes
Canada Inc.
CAD
248.5
100%
105.6
105.6
-
-
60.9
6.8
-
Dassault Systemes Isreal
Ltd.
ILS
48.9
100%
64.9
12.1
-
-
6.7
0.3
-
Dassault Systèmes India
Private Limited
INR
3,184.2
100%
8.8
8.8
-
-
102.3
2.2
-
Dassault Systèmes
Solutions Lab Private
Limited
INR
16,236.8
67%
69.7
69.7
-
-
116.4
19.6
-
Dassault Systèmes K.K.
JPY
7,694.6
100%
43.7
43.7
-
-
294.6
17.9
17.2
TOTAL OF SUBSIDIARIES
AND AFFILIATES
7,149.8
7,072.1
-
88.7
417.0
(1)
In million currency.
(2)
In million euros.
(3)
Informations about the subsidiaries are not availables.
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4.2.2
Selected financial and other information
for Dassault Systèmes SE
4.2.2.1
Financial results of the last five years
2020
2021
2022
2023
2024
Share capital
Share Capital (in millions of euros)
132.6
133.3
133.5
133.8
134.0
Number of shares authorized and issued (1)
265,136,237 1,332,716,653 1,335,039,708 1,337,916,433
1,339,674,751
Statement of income data (in millions of euros)
Revenue
1,716.4
1,839.8
2,135.9
2,301.2
2,462.9
Result before income tax, profit sharing,
amortization and provisions
674.3
790.8
1,198.0
1,214.6
1,186.9
Result before income tax, profit sharing,
amortization and provisions and reversals of
provisions
537.5
612.2
1,050.5
1,104.7
1,079.8
Income tax
54.0
33.6
132.9
51.7
49.4
Regulated employee profit‑sharing
28.1
33.1
56.8
37.9
38.9
Optional employee profit‑sharing
28.1
32.9
22.6
37.1
38.6
Net income
412.9
431.3
781.9
861.2
853.3
Data per share (2) (in euros)
Result after income tax and profit sharing and
before amortization and provisions
1.61
0.38
0.63
0.73
0.71
Basic net income per share
1.56
0.32
0.59
0.64
0.64
Dividend per share
0.56
0.17
0.21
0.23
0.26(2)
Personnel
Average headcount (3)
3,706
3,811
4,026
4,340
4,833
Personnel costs (in millions of euros)
355.3
377.6
439.9
449.2
511.5
Social security contributions (in millions of euros)
167.2
194.2
166.5
218.6
215.8
(1)
After the five‑for‑one share split on Dassault Systèmes’ share on July 7 2021.
(2)
To be proposed for approval at the General Meeting scheduled for May 22, 2025.
(3)
Apprentices and professional training contractors are excluded.
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4.2.2.2
Maturity of trade receivables and trade payables
Trade receivables
Pursuant to Article D. 441‑6 of the French Commercial Code, unpaid invoices issued to customers that were past due as of
December 31, 2024 are broken down as follows:
(in millions of euros)
(A) Overdue split
Year ended December 31, 2024
0 day
(indicative)
1 to
30 days
31 to
60 days
61 to
90 days
91 days
and over
Total
(1 day
and over)
Number of invoices
14,125
10,944
Total amount of invoices (VAT excluded)
258.9
8.8
3.4
0.7
8.8
21.7
Percentage of total external revenue (VAT excluded)
28.8%
1.0%
0.4%
0.1%
1.0%
2.4%
Total amount of trade receivables excluded from (A) related to
claims or not yet issued (VAT excluded)
14.0
General payment terms applied by the Company to third parties are set out from 30 days end of the month to 60 days net.
Trade payables
Pursuant to Article L. 441‑14 of the French Commercial Code, unpaid invoices received from suppliers that were past due as of
December 31, 2024 are broken down as follows:
(in millions of euros)
(A) Overdue split
Year ended December 31, 2024
0 day
(indicative)
1 to
30 days
31 to
60 days
61 to
90 days
91 days
and over
Total
(1 day
and over)
Number of invoices
1,261
78
Total amount of invoices (VAT excluded)
24.3
0.1
0.0
0.0
(0.0)
0.1
Percentage of total external purchases (VAT excluded)
6.6%
0.0%
0.0%
0.0%
0.0%
0.0%
Total amount of trade payables excluded from (A) related to
invoices not yet recognized (VAT excluded)
36.8
Reference payment terms applied by the Company with
third parties are generally end of the month 45 days. More
favorable terms for small vendors of the domestic market have
been applied since the outburst of the health crisis in 2020.
Overdue invoices are mostly related to compliance issues and
are monitored very closely for prompt and fair resolution.
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4.2.3
Statutory Auditors’ Report on the parent
company financial statements
This is a translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking users. This
statutory auditors’ report includes information required by European regulations or French law, such as information about the appointment of Statutory Auditors
or verification of the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in
accordance with, French law and professional auditing standards applicable in France.
To the Shareholders,
Opinion
In compliance with the engagement entrusted to us by your Shareholders’ Meetings, we have audited the accompanying
financial statements of Dassault Systèmes SE for the year ended December 31, 2024.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of
the Company at December 31, 2024 and of the results of its operations for the year then ended in accordance with French
accounting principles.
The audit opinion expressed above is consistent with our report to the Audit Committee.
Basis for opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the “Responsibilities of the Statutory Auditors relating to
the audit of the financial statements” section of our report.
Independence
We conducted our audit engagement in compliance with the independence requirements of the French Commercial Code (Code
de commerce) and the French Code of Ethics (Code de déontologie) for Statutory Auditors for the period from January 1, 2024
to the date of our report, and, specifically, we did not provide any non‑audit services prohibited by Article 5 (1) of Regulation
(EU) No. 537/2014.
Justification of assessments – Key audit matters
In accordance with the requirements of Articles L. 821‑53 and R. 821‑180 of the French Commercial Code relating to the
justification of our assessments, we inform you of the key audit matters relating to the risks of material misstatement that,
in our professional judgment, were of most significance in our audit of the financial statements, as well as how we addressed
those risks.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on specific items of the financial statements.
Valuation of investments in subsidiaries and loans and advances to subsidiaries
Description of risk
As described in Note 10 “Fixed Assets” to the financial statements, investments in subsidiaries, loans and advances to
subsidiaries amounted to €7,149.8 million and €13.0 million respectively at December 31, 2024, therefore representing some
of the largest assets on the balance sheet. Investments in subsidiaries are carried at cost and may be impaired, as applicable,
based on their net realizable value.
As indicated in the section entitled “Non‑current Financial Assets” of Note 2 “Significant Accounting Policies” to the
financial statements, the calculation of the net realizable value takes into account the amount of shareholders’ equity in the
relevant subsidiaries at the reporting date, together with their long‑term profitability and strategic factors. Estimating the
net realizable value therefore requires management to exercise judgment, relying on stock market ratios’ comparables and
projected cash flows to define the profitability outlook.
Accordingly, due to the inherent uncertainty of certain components of the valuation, in particular the likelihood of achieving
projections, we deemed the valuation of investments in subsidiaries and loans and advances to subsidiaries to be a key audit matter.
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How our audit addressed this risk
In order to assess the estimated net realizable values of investments in subsidiaries and loans and advances to subsidiaries,
based on the information provided to us, our audit work consisted primarily in analyzing the estimated net realizable values
determined by management in relation to the valuation method and underlying data:
—
for valuations based on historical data, we ensured that the equity amounts used were consistent with the financial
statements of the entities concerned;
—
for valuations based on forecast data, we obtained management’s analyses on the profitability outlook and the strategic
nature of these entities;
—
for valuations based on stock market ratio’s comparables, we ensured that the comparable ratios used were consistent
with the market information of the related groups and that the comparable used by management were relevant.
With the assistance of our valuation experts, we assessed the consistency of the assumptions used with the economic
environment at the reporting date and at the date on which the financial statements were prepared.
Where the net realizable value was lower than the carrying value of an investment, we assessed whether an appropriate
impairment loss had been recorded and, where appropriate, whether a provision for contingencies had been recognized with
respect to the subsidiary in question and to any advances or loans.
Lastly, we analyzed the appropriateness of the disclosures provided in Note 2 “Significant Accounting Policies”, Note 10 “Fixed
Assets”, Note 12 “Provision for impairment of assets” and Note 23 “Information Relating to Subsidiaries and Shareholdings”
to the financial statements.
Specific verifications
In accordance with professional standards applicable in France, we have also performed the specific verifications required by
French legal and regulatory provisions.
Information given in the management report and in the other documents provided to the
shareholders with respect to the Company’s financial position and the financial statements
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information
given in Board of Directors’ management report and in the other documents provided to the shareholders with respect to the
Company’s financial position and the financial statements.
We attest to the fair presentation and the consistency with the financial statements of the information about payment terms
referred to in Article D. 441‑6 of the French Commercial Code.
Report on corporate governance
We attest that the Board of Directors’ report on corporate governance sets out the information required by Articles
L. 225‑37‑4, L. 22‑10‑10 and L. 22‑10‑9 of the French Commercial Code.
Concerning the information given in accordance with the requirements of Article L. 22‑10‑9 of the French Commercial Code
relating to compensation and benefits paid or awarded to corporate officers and any other commitments made in their favor,
we have verified its consistency with the financial statements or with the underlying information used to prepare these
financial statements, and, where applicable, with the information obtained by the Company from controlled companies within
its scope of consolidation. Based on this work, we attest to the accuracy and fair presentation of this information.
Concerning the information given in accordance with the requirements of Article L. 22‑10‑11 of the French Commercial Code
relating to those items the Company has deemed liable to have an impact in the event of a takeover bid or exchange offer,
we have verified its consistency with the underlying documents that were disclosed to us. Based on this work, we have no
matters to report with regard to this information.
Other information
In accordance with French law, we have verified that the required information concerning the purchase of investments and
controlling interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the
management report.
Report on other legal and regulatory requirements
Format of presentation of the financial statements intended to be included in the annual financial report
We have also verified, in accordance with the professional standards applicable in France relating to the procedures performed
by the Statutory Auditors relating to the annual and consolidated financial statements presented according to the European
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single electronic format, that the presentation of the financial statements intended to be included in the annual financial
report mentioned in Article L. 451‑1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared
under the Chief Executive Officer’s responsibility, complies with the single electronic format, defined in European Delegated
Regulation No. 2019/815 of December 17, 2018.
On the basis of our work, we conclude that the presentation of the financial statements to be included in the annual financial
report complies, in all material respects, with the European single electronic reporting format.
We have no responsibility to verify that the financial statements to be included by the Company in the annual financial report
filed with the AMF correspond to those on which we carried out our work.
Appointment of the Statutory Auditors
We were appointed Statutory Auditors of Dassault Systèmes S.E. by the General Meeting of Shareholders held on June 8,
2005 for PricewaterhouseCoopers Audit and on May 19, 2022 for KPMG.
At December 31, 2024, PricewaterhouseCoopers Audit and KPMG S.A. were in the twentieth and the third consecutive year of
their engagement, respectively.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with French
accounting principles, and for implementing the internal control procedures it deems necessary for the preparation of financial
statements that are free of material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting, unless it
expects to liquidate the Company or to cease operations.
The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control
and risk management systems, as well as, where applicable, any internal audit systems, relating to accounting and financial
reporting procedures.
The financial statements were approved by the Board of Directors.
Responsibilities of the Statutory Auditors relating to the audit of the financial statements
Objective and audit approach
Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the
financial statements as a whole are free of material misstatement. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions taken by users on the basis of these financial statements.
As specified in Article L. 821‑55 of the French Commercial Code, our audit does not include assurance on the viability or quality
of the Company’s management.
As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditors exercise
professional judgment throughout the audit. They also:
—
identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, design
and perform audit procedures in response to those risks, and obtain audit evidence considered to be sufficient and
appropriate to provide a basis for their opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control;
—
obtain an understanding of the internal control procedures relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal
control;
—
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management and the related disclosures in the notes to the financial statements;
4
336
Financial statements
Parent company financial statements
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
—
assess the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to
the date of the audit report. However, future events or conditions may cause the Company to cease to continue as a going
concern. If the Statutory Auditors conclude that a material uncertainty exists, they are required to draw attention in the
audit report to the related disclosures in the financial statements or, if such disclosures are not provided or are inadequate,
to issue a qualified opinion or a disclaimer of opinion;
—
evaluate the overall presentation of the financial statements and assess whether these statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Report to the Audit Committee
We submit a report to the Audit Committee which includes, in particular, a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control that we
have identified regarding the accounting and financial reporting procedures.
Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of
most significance in the audit of the financial statements and which are therefore the key audit matters that we are required
to describe in this report.
We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014,
confirming our independence within the meaning of the rules applicable in France, as defined in particular in Articles
L. 821‑27 to L. 821‑34 of the French Commercial Code and in the French Code of Ethics for Statutory Auditors. Where
appropriate, we discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and
the related safeguard.
Neuilly‑sur-Seine and Paris La Défense, March 12, 2025
The Statutory Auditors,
PricewaterhouseCoopers Audit
KPMG S.A
Richard Béjot
Partner
Jacques Pierre
Partner
Xavier Niffle
Partner
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4
Financial statements
Parent company financial statements
4
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
4.2.4
Statutory Auditors’ Special Report on Related Party Agreements
This is a free translation into English of the Statutory Auditors’ special report on related-party agreements issued in French and is provided solely for the
convenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing
standards applicable in France.
To the Shareholders,
In our capacity as Statutory Auditors of Dassault Systèmes SE, we hereby report to you on related-party agreements.
It is our responsibility to report to shareholders, based on the information provided to us, on the main terms and conditions of
agreements that have been disclosed to us or that we may have identified as part of our engagement, as well as the reasons
given as to why they are beneficial for the Company, without commenting on their relevance or substance or identifying any
undisclosed agreements. Under the provisions of Article R. 225-31 of the French Commercial Code (Code de commerce), it is
the responsibility of the shareholders to determine whether the agreements are appropriate and should be approved.
Where applicable, it is also our responsibility to provide shareholders with the information required by Article R. 225-31 of
the French Commercial Code in relation to the implementation during the year of agreements already approved by the Annual
General Meeting.
We performed the procedures that we deemed necessary in accordance with professional standards applicable in France to
such engagements. These procedures consisted in verifying that the information given to us is consistent with the underlying
documents.
AGREEMENTS SUBMITTED FOR THE APPROVAL OF THE ANNUAL GENERAL MEETING
Agreements authorized and entered into during the year
We were not informed of any agreements authorized and entered into during the year to be submitted for the approval of the
Annual General Meeting pursuant to the provisions of Article L. 225-38 of the French Commercial Code.
AGREEMENTS ALREADY APPROVED BY THE ANNUAL GENERAL MEETING
Agreements approved in previous years that were not implemented during the year
We were informed of the following agreements approved by the Annual General Meeting in previous years, which remained in
force but were not implemented during the year.
With the Company’s Board members, in connection with the insurance policy
“Civil liability of Directors and Corporate Officers”
Advance payment to Board members of any legal fees incurred in proceedings
instituted against them in the exercise of their corporate office
At its meeting on June 28, 1996, the Board of Directors authorized the advance payment by the Company of any legal fees
and financial consequences that the Board members could incur if their personal liability is sought, in the event that the
insurance policy signed with the insurance company does not cover these advances and financial consequences.
Payment of legal fees of Board members for any proceedings instituted in the United States
At its meeting on September 23, 2003, the Board of Directors authorized the payment by the Company of any fees and travel
expenses that the Board members of the Company and its subsidiaries have to pay to prepare their personal defense before a
civil, criminal or administrative Court in the United States within the scope of an inquiry or investigations carried out against
the Company.
Paris La Défense and Neuilly‑sur-Seine, March 12, 2025
The Statutory Auditors,
KPMG S.A
PricewaterhouseCoopers Audit
Jacques Pierre
Partner
Xavier Niffle
Partner
Richard Béjot
Partner
4
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Financial statements
Legal and Arbitration Proceedings
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
4.3
Legal and Arbitration Proceedings
In the context of its ordinary course of business, Dassault
Systèmes is occasionally involved in disputes or tax audits and
occasionally receives requests from regulatory authorities.
In particular, Dassault Systèmes may be subject to tax audits
and reassessments by the tax authorities of the countries
in which it exercises or has exercised a business activity. To
Dassault Systèmes’ knowledge, there are no governmental,
legal or arbitration proceedings (including any proceedings
of which Dassault Systèmes is aware, whether pending or
threatened), that are liable to have, or have had over the
twelve months immediately prior to the publication of this
Universal registration document, any material impact on the
Company’s financial position or profitability.
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5
CORPORATE
GOVERNANCE 5
5.1
Report of the Board of Directors on Corporate Governance
340
5.1.1
Composition and Practices of the Board of Directors
341
5.1.2
Executives of Dassault Systèmes
365
5.1.3
Compensation Policy for Corporate Officers (Mandataires Sociaux)
365
5.1.4
Summary of the Compensation and Benefits due to Corporate Officers
(Mandataires Sociaux)
372
5.1.5
Interests of Executive Management and Employees in the Share Capital of
Dassault Systèmes SE
384
5.1.6
Application of the AFEP-MEDEF Code
391
5.1.7
Other Information Required by Articles L. 225‑37 and L. 22‑10‑8 et seq. of the French
Commercial Code
391
5.2
Enterprise risk management and internal control
396
5.2.1
Definitions and Objectives of Enterprise Risk Management and Internal Control
396
5.2.2
Organizational Framework
396
5.2.3
Processes
399
5.2.4
Internal Control Procedures Relating to the Preparation of Financial
and Accounting Information and of Non-Financial Information
401
5.2.5
Internal Control Assessment
402
5.2.6
Internal Control Limitations
402
5.3
Summary of Share Transactions by Dassault Systèmes Executives
403
5.4
Information About the Statutory Auditors
406
5.5
Declarations Regarding the Administrative and Management Bodies
407
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5.1
Report of the Board of Directors
on Corporate Governance
Report of the Board of Directors to the Combined General Meeting of May 22, 2025
To the Shareholders of Dassault Systèmes,
The purpose of this report is to describe, inter alia, the
composition and practices of the Board of Directors of
Dassault Systèmes, the application thereto of the principle
of balanced representation of men and women and the
policy and details of the compensation elements of corporate
officers (mandataires sociaux).
This report was drawn up in accordance with the French
Commercial Code (Code de commerce) and the regulations
of the French Financial Markets Authority (AMF), based on
work carried out by the Finance, Legal and Internal Audit
teams of Dassault Systèmes. It was reviewed by the Audit
Committee and approved by the Board of Directors on
March 11, 2025.
Since its IPO in 1996, Dassault Systèmes has complied with
the best international standards of corporate governance.
Dassault Systèmes currently adheres to most of the
recommendations of the AFEP-MEDEF Code (available on
the MEDEF website: www.medef.com) and therefore
summarizes in a table the reasons why it does not apply
certain of these recommendations (see paragraph 5.1.6
“Application of the AFEP-MEDEF Code”).
Shareholder dialog
Dassault Systèmes is committed to meeting the expectations
and concerns of its shareholders. In 2024, meetings were
held between management team representatives and
investors and proxy agents so that they could discuss
their points of concern such as certain General Meeting
resolutions, the compensation policy for corporate officers or
ESG (Environmental, Social and Governance) matters. These
meetings also gave the management team the opportunity
to present the changes to governance that took place in
January 2024.
Dassault Systèmes takes into account the feedback it
receives by making changes to some of the Company’s
corporate governance practices. Dassault Systèmes has
thus changed the resolutions relating to the allocation of
performance shares proposed to the General Meeting of
Shareholders, by further restricting the decisions of the
Board of Directors (setting the performance criteria in the
resolution, which must be assessed over a minimum period
of three years, and introducing ESG criteria). The level of
transparency regarding the achievement of the criteria to
qualify for variable compensation and the vesting of shares
granted to the Chief Executive Officer has been strengthened.
In line with international practices, Dassault Systèmes has
also introduced a “clawback” mechanism applicable to the
compensation paid to the Chief Executive Officer, described
in paragraph 5.1.3.2 “Compensation Policy Applicable to the
Chief Executive Officer”.
These discussions with investors and voting advisory
agencies also give us an opportunity to clarify certain
practices established to take into account the specific
characteristics of Dassault Systèmes, such as (i) the
gradual
process
of
associating
Mr.
Bernard
Charlès
with the Company’s capital until 2023 with the aim of
recognizing his entrepreneurial role for over 35 years with
Dassault Systèmes and providing him with an equity stake
comparable to that of founders of companies in the same
sector, and more generally, of his peers in technology
companies around the world, or (ii) the alignment of Mr.
Pascal Daloz’s level of compensation, as Chief Executive
Officer since January 1, 2024, with the practices observed
in the international technology companies to which the
Company compares itself.
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5.1.1
Composition and Practices of the Board of Directors
(1)
Groupe Industriel Marcel Dassault SAS was represented by Ms. Marie-Hélène Habert-Dassault until January 8, 2025.
(2)
The two directors representing employees were appointed, in accordance with Dassault Systèmes SE’s by‑laws, by the two trade unions that obtained the highest
number of votes in the first round of the elections for members of the Social and Economic Committee for Dassault Systèmes SE and its direct or indirect subsidiaries
whose registered offices are located on the French territory.
(3)
Excluding directors representing employees, not accounted for in accordance with the law.
(4)
Excluding directors representing employees.
The social, societal and governance policies relate to the year 2024 and apply only in accordance with applicable local and
national regulations. They are reviewed annually and can be adjusted, when necessary, with regard to the evolution of the
legal framework around the world, for example in the United-States.
5.1.1.1
Composition of the Board of Directors
As of the date of this Universal registration document, the
Board of Directors of Dassault Systèmes comprises twelve
members whose term of office is four renewable years:
—
Bernard Charlès (Executive Chairman of the Board of
Directors);
—
Pascal Daloz (Chief Executive Officer);
—
Charles Edelstenne (Honorary Chairman);
—
Geneviève
Berger
(lead
director
of
sustainable
development);
—
Xavier Cauchois;
—
Catherine Dassault;
—
Laurence Daures (lead independent director);
—
Odile Desforges;
—
Soumitra Dutta;
—
Groupe Industriel Marcel Dassault SAS, represented by
Olivier Costa de Beauregard (1);
—
Anne-Laure Chevalier (director representing employees) (2);
—
Christine Defert (director representing employees) (2).
The average age of the directors is 65.
In
the
composition
of
the
Board
of
Directors,
Dassault Systèmes seeks a balance between experienced and
new directors, between independent and non‑independent
directors, between women and men, as well as a diversity
of skills, profiles and nationality or country of residence.
Dassault
Systèmes
monitors
the
evolution
of
the
composition of the Board by making projections based on all
of these criteria, which has led to greater diversity within the
Board in recent years.
In terms of internationalization, the Board has one non-
French director (Indian) who is also a UK resident and one
director who is a Swiss resident, representing 17% of the
Board.
A percentage of women above the
40% threshold required by law
Dassault Systèmes is committed to ensuring a balanced
representation of men and women on the Board. With 50%
of its directors being women (3), Dassault Systèmes was at
December 31, 2024 and until January 8, 2025, above the
40% threshold required by law. This percentage has been
stable since 2019. Following the change of permanent
representative of Groupe Industriel Marcel Dassault SAS, the
percentage of women is, since January 9, 2025, temporarily
reduced to 40%, in compliance with the law.
Dassault Systèmes’ intention is to maintain a proportion
of male and female representation on the Board of 50% (4).
Taking into account this criterion thus contributed to the
proposal to the General Meeting of Shareholders on May 22,
2025 to nominate two women, Ms. Marie-Hélène Habert-
Dassault director of Dassault Systèmes in her own name
from 2014 to May 2024, and then permanent representative
of Groupe Industriel Marcel Dassault from May 2024 to
8 January 2025, and Ms. Nathalie Rouvet Lazare replacing
Odile Desforges. Thus, the Board of Directors will be
composed of five women and six men (excluding the directors
representing the employees), it being understood that it is
planned to propose the appointment of a sixth woman in
May 2026.
In addition, 100% of the directors representing employees
are women.
Skills in line with Dassault Systèmes’ strategy
The directors of Dassault Systèmes have a complementary
set of skills and experience that line up with the Company’s
strategy, and enable it to respond to the challenges it faces.
Among the five independent directors, three have industry
expertise (the manufacturing industry, life sciences, and
new technologies) and two have accounting and financial
expertise. The non‑independent directors provide the Board
with extensive knowledge of the Company and its industry
and businesses.
Dassault Systèmes is updating the composition of its Board
of Directors in line with the specific nature of its business
activities.
The strengthening of activities in the sector of bioscience
and material science is a major long‑term differentiating
factor for Dassault Systèmes. Thus, expertise in innovation,
research, physics, and human biology, as well as a good
knowledge
of
engineering
companies
were
favored
in the appointment of Ms. Geneviève Berger in 2023.
Dassault Systèmes is committed to developing ecosystems
in the service of its purpose; thus, understanding network
dynamics is a future area of enrichment for the Board.
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ESG at the highest level of Dassault Systèmes’
corporate governance
As social, societal and environmental responsibility (CSR)
is a core element of Dassault Systèmes’ strategy and
achievements, the governance system put in place aims to
ensure that social and environmental issues are better taken
into account within the Company and within the Board of
Directors.
Ms. Geneviève Berger, who is a physicist, a doctor in
medicine and who holds a PhD in human biology, is lead
director for sustainable development.
She led the French National Center for Scientific Research
(CNRS) from 2000 to 2003 before spending several years as
head of research for Unilever and Firmenich. From 2015 to
2023, she was a director and a member of the Environment
and Society Committee at Air Liquide, after spending nine
years at AstraZeneca as an independent director responsible
for sustainable development matters and a member of
the Scientific Committee. She is also a member of the
Supervisory Board of Institut Curie. Ms. Geneviève Berger
thus has considerable expertise in the area of ESG and, more
generally, in the scientific field.
A percentage of independent directors greater than
the recommendations of the AFEP-MEDEF Code
The proportion of independent directors within the Board
of Directors of Dassault Systèmes is, at the date of this
Universal registration document, 50% (1), above the ratio
of one third recommended by the AFEP-MEDEF Code for
controlled companies.
To assess such independence, Dassault Systèmes bases
its decision on the definition of the AFEP-MEDEF Code,
which has been incorporated into the internal regulation of
the Board of Directors, whereby a director is independent
when he or she has no relationship whatsoever with
Dassault Systèmes SE, the Company or its management
team, which might compromise his or her free judgment.
(1)
Excluding directors representing employees, not accounted for in accordance with the AFEP-MEDEF Code.
(2)
Excluding directors representing employees.
At its meeting on March 11, 2025, the Board of Directors
assessed, as it does every year, the independence of
its members, after a review by the Compensation and
Nomination Committee. The Board of Directors thus
determined that five directors are independent: Ms. Berger,
Ms. Daures and Ms. Desforges as well as Mr. Cauchois
and Mr. Dutta. This decision by the Board is based on the
answers from the directors to a dedicated questionnaire and
the information available to Dassault Systèmes SE.
In particular, the Board of Directors has also assessed the
independence of Mr. Soumitra Dutta, whose term of office as
director is due to expire and whose renewal is proposed to
the General Meeting of May 22, 2025. As each of the eight
independence criteria set out in the AFEP-MEDEF Code was
met in his case (see the table below), the Board concluded
that he is independent.
The Board of Directors also reviewed and determined the
independence of Ms. Nathalie Rouvet Lazare, and her
nomination as director is proposed to the General Meeting of
Shareholders of May 22, 2025.
As none of the independent directors have a business
relationship with Dassault Systèmes, the Board of Directors
did not have to express an opinion, as to this day, either on
the materiality of any such relationship or on the criteria
used to assess it.
Dassault Systèmes’ intention is to maintain the proportion
of independent directors on the Board at 50% (2). The
application of this criterion thus resulted in a proposal the
appointment of Ms. Nathalie Rouvet Lazare to replace
Ms. Odile Desforges, whose term of office expires on May 22,
2025 and who, after three terms of office of four years each,
can no longer be considered independent within the meaning
of the AFEP-MEDEF Code. It is also contemplated to propose
the appointment of a new female independent director in
May 2026.
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
The table below shows the situation of each director (1) as of March 11, 2025 with respect to the independence criteria set out
in the AFEP-MEDEF Code (see page 38 of the Code):
(1)
Excluding directors representing employees.
Criteria
Bernard
Charlès
Pascal
Daloz
Charles
Edelstenne
Geneviève
Berger
Xavier
Cauchois
Catherine
Dassault
Laurence
Daures
Odile
Desforges
Soumitra
Dutta
Groupe
Industriel Marcel
Dassault SAS
(represented by
Olivier Costa
de Beauregard)
Criterion 1:
Employee/corporate
officer during the previous
five years
X
X
X
X
Criterion 2:
Cross‑directorships
Criterion 3:
Significant business relations
Criterion 4:
Family relationship
X
X
Criterion 5:
Auditor
Criterion 6:
Terms of office exceeding
twelve years
X
X
Criterion 7:
Status of non‑executive
officer
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Criterion 8:
Status of major shareholder
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
X
Regarding the two directors whose nomination is proposed at the General Meeting of Shareholders of May 22, 2025:
Criteria
Marie-Hélène
Habert-Dassault
Nathalie
Rouvet Lazare
Criterion 1: Employee/corporate officer during the previous five years
X
Criterion 2: Cross‑directorships
Criterion 3: Significant business relations
Criterion 4: Family relationship
X
Criterion 5: Auditor
Criterion 6: Terms of office exceeding twelve years
Criterion 7: Status of non‑executive officer
N/A
N/A
Criterion 8: Status of major shareholder
N/A
N/A
Appointment of a lead director among
the independent directors
In the interest of a balance of power related to the combining
of the functions of Chief Executive Officer and Chairman of
the Board of Directors, the Board of Directors, at its meeting
on March 15, 2022, decided to appoint a lead independent
director, from among the independent directors, whose
specific remits are described below:
—
to chair the annual meeting of independent directors and
report back to the Board of Directors;
—
to call for an ad hoc session of independent directors
when a key strategic decision is submitted to the Board
(acquisition of a company of a significant size, etc.);
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—
to submit recommendations regarding the practices of
the Board to the Chairman and the Secretary of the Board
of Directors;
—
to oversee the formal review of the Board of Directors
carried out by the Secretary of the Board;
—
to prevent and manage situations, or potential situations,
of conflict of interest brought to his or her attention,
and inform the Board of Directors thereof, including
by reviewing any new directorships envisaged by the
directors.
To fulfill his or her remit, the lead independent director:
—
shall have access to any documents or information that
he or she judges necessary, in particular the work carried
out by the committees;
—
may request assistance from the Secretary of the Board
of Directors.
The lead independent director must report annually to the
Board of Directors.
The table below presents the composition of the Board of
Directors of Dassault Systèmes at the date of this Universal
registration document.
Composition of the Board of Directors of Dassault Systèmes*
PERSONAL INFORMATION
EXPERIENCE
POSITION ON THE BOARD
PARTICI
PATION IN
BOARD
COMMITTEES
Age
Gender
Nationality
Number
of shares
Number of
terms of
office in listed
companies (1)
Indepen
dence
Initial date of
appointment
Term
expires
Length
of service on
the Board
DIRECTORS
EXECUTIVE OFFICERS
Bernard Charlès
67
H
France
23,102,205
0
04/08/1993
2026 32 years
Pascal Daloz
56
H
France
3,574,295
2
07/22/2020
2026
5 years
DIRECTORS
Charles Edelstenne
87
H
France
80,231,205
2
04/08/1993
2026 32 years
Geneviève Berger
70
F
France
500
1
X
05/24/2023
2027
2 years
X
Xavier Cauchois
67
H
France
1,500
1
X
05/22/2018
2026
7 years
X
Catherine Dassault
57
F
France
183,280
0
07/20/2016
2027
9 years
Laurence Daures
51
F
France
1,505
0
X
05/26/2016
2028
9 years
X
Odile Desforges
75
F
France
2,100
0
X
05/30/2013
2025 11 years
X
Soumitra Dutta
61
H
India
500
0
X
05/23/2017
2025 (2)
8 years
X
Groupe Industriel Marcel Dassault
N/A N/A
France
535,449,840
2
05/22/2024
2028 ≤ 1 year
Permanent representative of
Groupe Industriel Marcel Dassault
(Olivier Costa de Beauregard)
64
H
France
2,830
2
DIRECTORS REPRESENTING
EMPLOYEES
Anne-Laure Chevalier
58
F
France
16,750
0
05/22/2024
2028
< 1 year
Christine Defert
62
F
France
0
0
05/22/2024
2028
< 1 year
*
As of the date of this Universal registration document.
(1)
Number excluding the term of office held within Dassault Systèmes SE.
(2)
Renewal proposed for approval at the General Meeting scheduled for May 22, 2025.
The roles and duties performed by the corporate officers of Dassault Systèmes SE are stated in the table below.
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Bernard Charlès – Executive Chairman of the Board of Directors
Age: 67
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Executive Chairman
of the Board of Directors
of Dassault Systèmes
Term expires:
General Meeting called to
approve the financial
statements for the year
ending December 31, 2025
Date of first appointment:
04/08/1993
Number of Dassault
Systèmes shares owned
at December 31, 2024:
23,102,205
Attendance rate
at 2024 Board meetings:
100%
Biography
Bernard Charlès has been Executive Chairman of the Board of Directors of
Dassault Systèmes since January 1, 2024, after serving as Chairman & Chief Executive
Officer from January 9, to December 31, 2023. He was Chief Executive Officer from
2002 to early 2023. Since 1995, Bernard Charlès has had executive functions which he
shared with Charles Edelstenne. Prior to holding this position, Bernard Charlès served as
Dassault Systèmes’ Director of the New Technology, Research and Strategy Department
from 1986 to 1988 and as Director of Strategy, Research and development from 1988 to
1995.
He was Vice chairman of the Board of Directors from 2016 until January 8, 2023.
Other offices and positions
Within the Dassault Systèmes Group
Chairman of the Board of Directors of Dassault Systemes Corp. and of Centric
Software, Inc.
Outside the Dassault Systèmes Group
None
Other positions held, and expired, during the past five years
Within the Dassault Systèmes Group
Chairman of the Board of Directors of Dassault Systemes Simulia Corp. until 2020 and
of Dassault Systemes SolidWorks Corporation until 2024, Chief Executive Officer of
Dassault Systèmes until December 31, 2023
Outside the Dassault Systèmes Group, in France
Independent Director of Sanofi (listed company) until 2021
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Pascal Daloz – Chief Executive Officer
Age: 56
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Chief Executive Officer
of Dassault Systèmes
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2025
Date of provisional
appointment by decision
of the Board of Directors:
07/22/2020
Date of ratification:
May 26, 2021
Number of Dassault
Systèmes shares owned
at December 31, 2024:
3,574,295
Attendance rate
at 2024 Board meetings:
100%
Biography
Pascal Daloz has been Chief Executive Officer of Dassault Systèmes since January 1,
2024, after serving as Deputy CEO & Chief Operating Officer from January 9 to
December 31, 2023. He joined Dassault Systèmes in 2001 as Vice-President R&D in
charge of Sales Development and subsequently was Vice-President, Strategy and
Business Development (2003); Executive Vice-President, Strategy and Marketing (2007);
Executive Vice-President, Corporate Strategy and Market Development (2010); Executive
Vice-President, 3DS Global Brands and Corporate Development (2014); Chief Financial
Officer and Corporate Strategy Officer (2018); and subsequently Chief Operating Officer
& Chief Financial Officer in 2020 and 2023.
From 1992 to 1997 he was a consultant for technology innovation management at
Arthur D. Little, and then senior analyst for the technology sector at Crédit Suisse First
Boston until 2001.
Other offices and positions
Within the Dassault Systèmes Group, in France
President of Outscale SAS and of Dassault Systèmes International SAS
Within the Dassault Systèmes Group, outside France
Chairman of the Board of Directors of Dassault Systemes Americas Corp., Medidata
Holdings, Inc. and Medidata Solutions Inc.
Outside the Dassault Systèmes Group
Director of the PSL Foundation, Honorary Co-Chairman of Alliance Industrie du Futur,
independent director of Sopra Steria Group S.A. (listed company), and independent
director member of the Supervisory Board of STMicroelectronics N.V. (listed company)
since May 22, 2024
Other positions held, and expired, during the past five years
Within the Dassault Systèmes Group
Director of Dassault Systemes SolidWorks Corporation and of Dassault Systemes Simulia
Corp. until 2020, Deputy Chief Executive Officer of Dassault Systèmes until December 31,
2023, and Chief Executive Officer of Medidata Solutions, Inc. until March 2024
Outside the Dassault Systèmes Group
Director of Institut d’Etudes Avancées de Nantes until 2021, and of Fondation Mines-
Télécom until 2023
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Charles Edelstenne – Founder, Honorary Chairman & Director
Age: 87
Nationality: French
Business address:
Groupe Industriel Marcel
Dassault SAS –
9 Rond-Point des Champs‑Élysées
– Marcel Dassault, 75008 Paris
– France
Main position:
Director
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2025
Date of first appointment:
04/08/1993
Number of Dassault
Systèmes shares owned
at December 31, 2024:
80,231,475
(the majority of which are
beneficial ownership shares)
Attendance rate
at 2024 Board meetings:
100%
Biography
Charles Edelstenne is founder, Honorary Chairman & Director of Dassault Systèmes,
having been Chairman of the Board of Directors until January 8, 2023. He had been its
Manager (1981–1993) and then its Chairman & Chief Executive Officer (1993–2002).
He is Honorary Chairman of Groupe Industriel Marcel Dassault SAS (GIMD) after having
served as Chairman until January 8, 2025.
Charles Edelstenne is also Honorary Chairman and Director of Dassault Aviation after
having occupied the positions of Vice-President responsible for economic and financial
affairs (from 1986 to 2000), General Secretary (from 1975 to 1986) and Chairman &
Chief Executive Officer (from 2000 to 2013).
He holds a chartered accountant qualification.
Other offices and positions
Within the Dassault Group, in France
Honorary Chairman and Director of Dassault Aviation S.A. (listed company); Chairman
of the Board of Dassault Médias SAS; Chairman of Rond-Point Immobilier SAS;
Representative of GIMD as Chairman of Rond-Point Investissements SAS; Chairman and
member of the Board of Directors of Groupe Figaro SAS; and Chairman of Société du
Figaro SAS
Within the Dassault Group, outside France
Director of Dassault Falcon Jet Corporation; Representative of GIMD as Chairman and
deputy member of the Board of SITAM Belgique S.A.
Outside the Dassault Group
Director of Carrefour S.A. (listed company); Honorary Chairman of Gifas (1); and Manager
of the Arie, Arie 2, Nili and Nili 2 partnerships
Other positions held, and expired, during the past five years
Chairman of GIMD until January 8, 2025; Director of SABCA (listed company) until 2020;
Chairman of the Board of Directors of Dassault Systèmes SE until 2023; Director of
Thalès S.A. (listed company); Chief Executive Officer of Dassault Médias S.A.; Chairman
of Rond-Point Holding SASU; Manager of Roind-Point Investissements SAS; Manager of
SCI Maison Rouge; and Chief Executive Officer of Dassault Wine Estates SASU until 2025
(1)
Groupement des Industries Françaises Aéronautiques et Spatiales.
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Geneviève Berger – Independent director and Lead director of Sustainable Development
Age: 70
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Director
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2026
Date of first appointment:
05/24/2023
Number of Dassault
Systèmes shares owned
at December 31, 2024:
500
Attendance rate at
2024 Board meetings:
100%
Attendance rate
at 2024 Scientific
Committee meetings:
100%
Attendance rate
at the meeting
of independent
directors in 2024:
100%
Member of the Scientific Committee
Biography
Ms. Geneviève Berger is a Doctor of Medicine (MD) and has a PhD in physical sciences
and human biology. In 1991 she founded, and ran until 2000, the mixed laboratory for
parametric imaging at the French National Center for Scientific Research (CNRS) and
Broussais Hôtel-Dieu hospital. She was Director General of the CNRS from 2000 to 2003.
She worked as a university professor and hospital doctor at La Pitié-Salpêtrière hospital
from 2003 to 2008 before joining Unilever, first as a director and then as an executive
member in charge of research and development from 2008 to 2014.
Ms. Geneviève Berger was Chief Research Officer for the Swiss company Firmenich from
2015 to 2021.
Since 2022 she has also been a member of the Supervisory Board of Institut Curie.
Other offices and positions
Non‑executive director of Kerry Group plc. (Ireland) (listed company)
Other positions held, and expired, during the past five years:
Director of AstraZeneca until 2021 and of Air Liquide (listed company) until 2023
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Xavier Cauchois – Independent Director
Age: 67 years
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Director
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2025
Date of first appointment:
05/22/2018
Number of Dassault
Systèmes shares owned
at December 31, 2024:
1,500
Attendance rate at 2024
Board meetings:
100%
Attendance rate at 2024 Audit
Committee meetings:
100%
Attendance rate
at the meeting of independent
directors in 2024:
100%
Chairman of the Audit Committee
Biography
Xavier Cauchois has more than 30 years of experience in auditing and consulting,
as a partner of PwC France in the Paris office. He has been responsible for several
management roles in France and at the European level and has supported his clients,
notably in the technology, telecoms and media sectors, as well as in the health sector
and more generally in industry.
He was head of PwC Europe and France for the Technology sector until 2009 and also a
member of the Global Strategic Committee for Auditing from 2005 to 2008.
He was a member of the France Executive Committee of PwC in charge of “Partners &
Strategy” from 2013 to 2016.
Other offices and positions
Director of Temenos AG (listed company)
Other positions held, and expired, during the past five years
Independent director of Technicolor S.A. (listed company) until 2022, and of Technicolor
Creative Studios S.A. (listed company) until 2023
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Catherine Dassault – Director
Age: 57
Nationality: French
Business address:
Groupe Industriel
Marcel Dassault SAS –
9 Rond-Point des Champs‑Élysées
– Marcel Dassault, 75008 Paris
– France
Main position:
Active member of associations
recognized to be of public
interest; Lead Director
of development of the Institut
de l’Engagement
Term expires:
General Meeting called
to approve the financial
statements for the year ending
December 31, 2026
Date of first appointment:
07/20/2016
Number of Dassault
Systèmes shares
owned at December 31, 2024:
183,280
Attendance rate at 2024
Board meetings:
100%
Biography
Catherine Dassault is a lead director of development at the Institut de l’Engagement,
which helps young volunteers enrolled in France’s Civic Service scheme to pursue their
studies, find a job or set up their own business. Before devoting her time to helping
develop and fund medical research and education, Catherine Dassault studied law and
psychology and worked in the advertising and communications industry.
Other offices and positions
Director of Fondation AP-HP, Manager of Green Spark Invest SARL, Manager of TCBD &
Fils (partnership) and Chair of Fonds de dotation Citadelle
Other positions held, and expired, during the past five years
Director of Dassault Aviation SA (listed company) until 2021
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Laurence Daures – Independent and Lead Director
Age: 51
Nationality: French
Business address:
ESSEC Business School –
3 Avenue Bernard Hirsch –
95021 Cergy-Pontoise –
France
Main position:
Associate professor
in the Finance department –
ESSEC Business School
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2027
Date of first appointment:
05/26/2016
Number of Dassault
Systèmes shares owned
at December 31, 2024:
1,505
Attendance rate at 2024
Board meetings:
100%
Attendance rate at 2024
Audit Committee meetings:
100%
Attendance rate at 2024
Compensation and Nomination
Committee meetings:
100%
Attendance rate at
the meeting of independent
directors in 2024:
100%
Chair of the Compensation and Nomination Committee
Member of the Audit Committee
Biography
Laurence Daures is Professor of Finance at the ESSEC Business School.
She holds a PhD in Finance from HEC Paris (2003), a Master’s in Management from
EDHEC, a “Master 104 Finance” degree from Paris Dauphine University, and a Master’s
in Economic Analysis and Policy from the Paris School of Economics.
She served first as assistant professor, then co-Director and subsequently Director of
the ESSEC Finance department between 2004 and 2011, then as associate professor
between 2011 and 2024. She also taught at ENSAE between 2000 and 2010.
As an academic researcher, she is the author of several publications on organizing and
regulating capital markets and has received distinctions for her work. She was the 2013
recipient of the Vega Prize from the Federation of European Securities Exchanges and
received the 2015 award for best research Article on derivative products granted by the
Montreal Institute of Structured Finance and Derivatives (IFSID).
Other offices and positions
Independent Director of LCL – Le Crédit Lyonnais S.A.
Other positions held, and expired, during the past five years
None
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Odile Desforges – Independent Director
Age: 75
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Director
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2024
Date of first appointment:
05/30/2013
Number of Dassault
Systèmes shares owned
at December 31, 2024:
2,100
Attendance rate
at 2024 Board meetings:
100%
Attendance rate at 2024
Audit Committee meetings:
100%
Attendance rate at
the meeting of independent
directors in 2024:
100%
Member of the Audit Committee
Biography
Odile Desforges graduated from the École Centrale Paris in 1973. She began her career
at the French Transport Research Institute, before joining the Renault Group in 1981 as
Planner and then Product Engineer. In 1986, she joined the Purchasing Department as
manager for external equipment. She then became Body Equipment Purchasing General
Manager for the Renault/Volvo Purchasing Organization, then for Renault. In 1999, she
became Executive Vice-President of Renault-VI Mack Group, before becoming President
of Volvo Group’s 3P Business Unit in 2001.
In 2003, she was appointed Senior Vice-President, Purchasing, and Chairwoman & Chief
Executive Officer of Renault Nissan Purchasing Organization (RNPO). Between 2009 and
2012, she was Executive Vice-President, Engineering and Quality, and a member of the
Group Executive Committee.
Other offices and positions
None
Other positions held, and expired, during the past five years
Director of Imerys (listed company) until 2020, of Safran (listed company) until 2021, and
independent director of FORVIA SE (formerly Faurecia) (listed company) until May 2024
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Soumitra Dutta – Independent Director
Age: 61
Nationality: Indian
Business address:
Saïd Business School,
University of Oxford,
Park End Street,
Oxford OX1 3LW, UK
Main position:
The Peter Moores Dean,
Saïd Business School,
University of Oxford
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2024
Date of first appointment:
05/23/2017
Number of Dassault Systèmes
shares owned
at December 31, 2024:
500
Attendance rate
at 2024 Board meetings:
88.88%
Attendance rate at 2024
Scientific Committee meetings:
100%
Attendance rate at 2024
Compensation and Nomination
Committee meetings:
75%
Attendance rate
at the meeting of independent
directors in 2024:
100%
Chairman of the Scientific Committee
Member of the Compensation and Nomination Committee
Biography
Soumitra Dutta is Dean of the Saïd Business School at the University of Oxford since
2022.
He began his career in 1985 as a research assistant at the University of California,
Berkeley, USA. Between 1988 and 1990, he gained further research experience at
General Electric. He then joined Insead, the international management school based
in Fontainebleau (France), where he served as lecturer then Dean of Technology and
E-learning. In 1999, he set up eLab@Insead, the school’s research and analytics center
focused on big data analytics for businesses, which he headed until 2012. In 2002, he
was named Dean of Executive Education at Insead. During his tenure at Insead, Soumitra
Dutta also participated in setting up and managing three strategy consultancies
specialized in new technologies and innovation, which he developed before selling
them. From 2012 to 2022, he was successively Dean of the Samuel Curtis Johnson
Graduate School of Management and Founding Dean of the College of Business at Cornell
University (New York, United States).
Other offices and positions
Director of Reynolds Foundation since February 2024.
Other positions held, and expired, during the past five years
Director of Sodexo (listed company) until 2021, member of the Shareholders Board of
ZS Associates (United States) until 2022 and Chairman of the Board of Directors of The
Global Business Schools Network (GBSN) until 2024.
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Groupe Industriel Marcel Dassault represented by Olivier Costa de Beauregard – Director
Address:
Groupe Industriel
Marcel Dassault SAS –
9 Rond-Point
des Champs‑Élysées
– Marcel Dassault,
75008 Paris –
France
Term expires:
General Meeting
called to approve the
financial statements
for the year ending
December 31, 2027
Date of first
appointment:
05/22/2024
Number of
Dassault Systèmes
shares owned at
December 31, 2024:
535,449,840
Attendance rate
at 2024 Board meetings:
100%
Other offices and positions:
Within the Dassault Group, in France:
Chairman of Dassault Médias SAS, Chairman of Dassault Invest 2 SAS, Chairman of Dassault
Invest 3 SAS, Chairman of Dassault Real Estate SAS, Chairman of Financière Dassault SAS,
Chairman of Rond Point Investissements SAS, Chief Executive Officer of Dassault Wine
Estates SAS, Director of Artcurial SA and Member of the Supervisory Board of Immobilière
Dassault SA (listed company)
Within the Dassault Group, outside France:
Chairman of the Board of Directors and deputy director of Sitam Belgique SA (Belgium) and
Chairman of the Board of Directors of Sitam Luxembourg SA (Luxembourg)
Outside the Dassault Group:
Director, Member of the Strategic Committee, Member of the Human Resources, Remuneration
and CSR Committee of Biomérieux SA (listed company), Member of the Supervisory Board of
Rothschild & Co SCA and Director of MNH SAS
Other positions held, and expired, during the past five years:
None
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Olivier Costa de Beauregard
Age: 64
Nationality: French
Business address:
Groupe Industriel
Marcel Dassault SAS–
9 Rond-Point des
Champs‑Élysées –
Marcel Dassault,
75008 Paris – France
Main position:
Chief Executive Officer
of Groupe Industriel
Marcel Dassault (GIMD)
Date of appointment
as permanent
representative:
01/09/2025
Biography
Olivier Costa de Beauregard has served as CEO of Groupe Industriel Marcel Dassault (GIMD) since
2006.
An Honorary Inspector of Finance, he is a graduate of the Ecole Normale Supérieure, the Institut
d’Etudes Politiques of Paris and the Ecole Nationale d’Administration (ENA).
Upon leaving ENA in 1986, he was assigned to the General Finance Inspectorate. In 1990, he
served as advisor at Société Générale de Belgique (Suez Group), and then in 1991 at UAP to the
Group’s Chief Investment Officer.
From 1993 to 1995, he served as technical advisor in the office of Prime Minister Edouard
Balladur. In 1995, he was appointed Director of Development at UAP Vie, then Director of Axa
UAP France, in charge of Strategy and Planning. In 1998, he joined Crédit Commercial de France
and then HSBC as a Director. In 2005, he joined Groupe Industriel Marcel Dassault as Deputy
Chief Executive Officer.
Other offices and positions
Within the Dassault Group, in France
Chairman of the Management Board of Immobilière Dassault SA (listed company), Chairman
of the Board of Directors of C.P.P.J. S.A., Director of Dassault Médias SAS and of CCM
Benchmark Group SAS, Member of the Supervisory Board of Les Maisons du Voyages SAS,
of the Supervisory Board of Marco Vasco SAS, and of the Supervisory Board of Le Particulier
et Finances Editions SAS, Permanent Representative of Groupe Industriel Marcel Dassault on
the Board of Directors of Artcurial S.A., Permanent Representative of Dassault lnvest 2 on the
Supervisory Committee of Collector Square SAS, Representative of Groupe Industriel Marcel
Dassault as Chairman of Financière Dassault SAS, Representative of Groupe Industriel Marcel
Dassault as Chairman of Dassault lnvest 2 SAS, Representative of Groupe Industriel Marcel
Dassault as Chairman of Dassault lnvest 3 SAS, Representative of Groupe Industriel Marcel
Dassault as Chairman of Dassault Real Estate SAS, CEO of Dassault Wine Estates SAS and of
Rond Point Investissements SAS, Chairman of Société d’Exploitation des Vignobles Dassault SAS
Within the Dassault Group, outside France
Deputy Director of Sitam SA (Switzerland), of Sitam Venture SA (Switzerland) and of
Sitam Belgique SA (Belgium), Director and Vice-Chairman of Dasnimmo SA (Switzerland),
Representative of Groupe Industriel Marcel Dassault as Chairman of the Board of Directors of
Sitam Luxembourg SA (Luxembourg), Chairman of the Board of Directors and Chief Executive
Officer of Sitam America (United States), Director, Chairman and Secretary of Dassault
Immobilier Canada Inc. (Canada) and Co-Manager of DRE Trebol de Diagonal SARL (Spain)
Outside the Dassault Group
Permanent representative of Groupe lndustriel Marcel Dassault on the Supervisory Board of
Rothschild & Co, Director of Cendres et Métaux SA (Switzerland), Chairman of the Supervisory
Board of La Maison SA (Luxembourg), Chairman of Val‑de-Grâce Investissement SAS and
Manager of Société Civile Immobilière Fenoux-Groult SCI and of OMCB SCI
Other positions held, and expired, during the past five years
Director of Marcel Dassault Trading Corporation (United States), Permanent Representative of
Dassault Développement on the Board of Directors of Genoway S.A., Director of SABCA S.A.
(Belgium), Director of Terramaris International S.A. (Switzerland), Chief Executive Officer
of Dassault Wine Estates SAS, Chairman of Dassault Wine Estates SAS, Co-Manager of SCEA
Château La Fleur Saint Emilion until 2020, Vice-Chairman and member of the Supervisory Board
of Marco Vasco S.A., Vice-Chairman and member of the Supervisory Board of Les Maisons du
Voyage S.A., Representative of Financière Dassault, non‑voting board member of Mandarine
Gestion S.A., Chairman of Financière de Tourville SAS until 2023, Chairman of Dassault Real
Estate SAS, Chairman of Dassault lnvest 3 SAS, Chairman of Dassault lnvest 2 SAS, Co-Manager
of Rond Point Investissements EURL, President of Financière Dassault SAS and Chairman of the
Board of Directors of Sitam Luxembourg (Luxembourg) until 2024
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Anne-Laure Chevalier – Director representing employees
Age: 58
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Director of Legal Organization
and Development
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2027
Date of first appointment:
05/22/2024
Number of Dassault
Systèmes shares owned
at December 31, 2024:
16,750
Attendance rate at 2024
Board meetings:
100%
Biography
Anne-Laure Chevalier is the director representing employees appointed by the CFE-CGC.
She has served as Director of Legal Organization and Development of Dassault Systèmes
since 2018, after being responsible for Special Projects and Legal Deployments since
2010. From 1992 to 2010, she served successively as junior counsel for Contracts,
senior counsel for Major Accounts, then as Manager of the global Contracts department.
She joined Dassault Systèmes in 1990 in the department of training documentation
translation. Anne-Laure Chevalier holds a DEA in British and North American Business
Law from the University of Paris I Panthéon-Sorbonne.
Other offices and positions
None
Other positions held, and expired, during the past five years
None
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Christine Defert – Director representing employees
Age: 63
Nationality: French
Business address:
Dassault Systèmes –
10 rue Marcel-Dassault,
78140 Vélizy-Villacoublay –
France
Main position:
Executive assistant
Term expires:
General Meeting called
to approve the financial
statements for the year
ending December 31, 2027
Date of first appointment:
05/22/2024
Number of Dassault
Systèmes shares owned
at December 31, 2024:
0
Attendance rate at 2024
Board meetings:
100%
Biography
Christine Defert is a director representing employees, appointed to this position by the
CFDT labor union. She has served as the executive assistant of two Dassault Systèmes
Industries Vice‑chairmen since 2007. She served as a member of the Social and Economic
Committee (CSE) of Dassault Systèmes and as an alternate representative of the CSE
on the Board of Directors from 2017 to 2024 and member of the European Committee
from 2020 to 2024. Before 2007, she served as administrative manager and executive
assistant in several startups in France.
Christine Defert is a member of the executive committee of the CFDT union for the
metallurgy companies (Symetal) and as labor relations advisor since 2023.
Other offices and positions
None
Other positions held, and expired, during the past five years
None
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5.1.1.2
Practices of the Board of Directors
Separation of the offices of Chairman of
the Board and Chief Executive Officer
Since 2002, Dassault Systèmes has separated the offices of
Chairman of the Board and Chief Executive Officer (1).
In addition to providing a balance of power, this separation
of functions allows each of them to focus on well‑defined
remits.
As such, the Chairman of the Board organizes and supervises
the work of the Board of Directors and reports thereon at the
General Meeting of Shareholders. He oversees the smooth
running of the corporate bodies of Dassault Systèmes SE
and compliance with best governance practices, and ensures
that the directors are able to fulfill their duties. Mr. Bernard
Charlès leads the Board’s work on Strategy, Governance, Risk
Management and Corporate Social Responsibility aspects.
The Chief Executive Officer keeps the Chairman of the
Board regularly informed of significant matters concerning
Dassault Systèmes, particularly with respect to its strategy,
organization and investment projects.
The Chairman of the Board also oversees the maintenance
of quality relations with shareholders in close coordination
with measures taken in this area by the Chief Executive
Officer. To report on this mission, an overview of the change
in shareholding in the Company and shareholder dialog
is presented and discussed each year during the Board of
Directors meetings.
Given his extensive experience and in‑depth knowledge of
Dassault Systèmes, and having expressed his availability to
devote himself to the long‑term matters proposed by the
Chief Executive Officer, Mr. Bernard Charlès continues to
contribute to the Company’s strategy, fundamental research
strategy and the development of governmental or sensitive
relations with certain customers.
All of these tasks of the Chairman of the Board are directed
toward serving Dassault Systèmes and his actions are taken
into account in reviewing and determining his compensation.
The Chief Executive Officer is vested by law with the most
extensive powers to act on behalf of Dassault Systèmes SE,
subject
to
the
limitations
of
powers
indicated
in
paragraph 5.1.1.4 “Powers of the Chief Executive Officer”
below. He represents Dassault Systèmes SE in its dealings
with third parties.
The Board of Directors has set up a number of special
committees to help it perform its tasks: the Audit Committee
(established in 1996), the Compensation and Nomination
Committee and the Scientific Committee (established in
2005). These Committees report regularly to the Board
of Directors as to the performance of their missions. The
composition of these Committees and their practices are
described in paragraph 5.1.1.3 “Composition, Practices and
Activities of the Board Committees”.
(1)
These functions have been, exceptionally, combined for a transitional period, from January 9, to December 31, 2023, Mr. Bernard Charlès acting during this period of time
as Chairman and Chief Executive Officer.
The Board of Directors also appointed a lead independent
director,
whose
specific
remits
are
described
in
paragraph 5.1.1.1 “Composition of the Board of Directors”,
and a lead director of sustainable development matters.
Mr. Charles Edelstenne, having served as Chairman of the
Board of Directors until January 8, 2023, is a significant
shareholder and continues to play an active role as a director.
Since January 9, 2023, he has been appointed Honorary
Chairman, an honorary title to honor his role as founder of
the Company and officer during more than forty years.
Measures taken to ensure a balance of
power within the Board of Directors
Since Dassault Systèmes is committed to ensuring a balance
of power within the Board of Directors, several measures
have been taken in this regard:
—
the Board of Directors, during the meeting held on
March 15, 2022, decided to appoint Ms. Laurence Daures
as lead independent director among the independent
directors. She is responsible for contributing to the
prevention and management of conflicts of interest
within the Board of Directors, including reviewing any
new directorships envisaged by the directors. She is also
responsible for making recommendations concerning the
Board’s functioning and overseeing its formal evaluation.
In addition, she may request an extraordinary meeting of
the independent directors when a key strategic decision
is submitted to the Board (for an exhaustive list of her
duties, see paragraph 5.1.1.1 “Composition of the Board
of Directors”);
—
at the date of this Universal registration document,
50% of the members of the Board of Directors are
independent directors (excluding directors representing
employees – see paragraph 5.1.1.1 “Composition of the
Board of Directors”);
—
100% of the members of all Board committees
are
independent
directors
(see
paragraph
5.1.1.3
“Composition, Practices and Activities of the Board
Committees”);
—
independent directors meet, each year, without the
presence of executive officers and other directors, to
hold a general discussion on the functioning of the Board
of Directors and discuss specific subjects (for details
regarding the sessions held in 2024, see paragraph
“Meetings of independent directors (annual executive
sessions)” below);
—
the Board of Directors must authorize all acquisitions or
disposals of entities, shareholdings or assets (excluding
intragroup transactions) and any use of external funding,
including bond funding, if the amount of the transaction
exceeds €750 million (see paragraph 5.1.1.4 “Powers of
the Chief Executive Officer”);
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—
within the scope of its duties, the Compensation and
Nomination Committee reviews the succession plan
for the executive officers and for all members of the
Executive team each year.
Main provisions of the Board’s internal regulation
The Board of Directors has drawn up an internal regulation
which sets out the necessary consideration of social and
environmental issues in the definition and implementation of
Dassault Systèmes’ strategic directions.
It stipulates the frequency of Board meetings and how
Board members may participate in them. It also provides
the information rules of the Board, whether such
information is provided on a regular basis (e.g. information
on off‑balance sheet commitments and the cash position)
or in case of events which may have a material impact
on Dassault Systèmes’ prospects, outlook or on the
implementation of Dassault Systèmes’ strategy.
The internal regulation provides for the appointment of a
lead director and specifies their missions.
The internal regulation requires that, each year:
—
the Board reviews the independence of the directors;
—
the independent directors meet without the executive
officers and other directors to hold a general discussion
regarding the practices of the Board of Directors and
debate specific subjects; and
—
the Board discusses its functioning. Every three years,
the Board conducts a formal review.
In terms of confidentiality obligations, the Board’s internal
regulation stipulates that the directors, or any persons
attending meetings of the Board or one of its Committees,
must keep confidential all information obtained in connection
with the fulfillment of their duties.
With respect to the prevention and management of conflicts
of interest, the executive officers must first obtain the
approval from the Board prior to accepting a new term of
office in a listed company.
Each director and executive officer is required to inform the
Chairman of the Board of Directors, prior to any commitment
or decision on their part, of:
—
any situation of conflict of interest, even potential,
with the Company or one of its subsidiaries and, where
applicable, to refrain from attending the discussion and
taking part in the vote on the corresponding deliberation.
In particular, the personal involvement of a director
in a transaction in which the Company or one of its
subsidiaries has a direct interest, or which has come to
their attention in their capacity as a director, must be
notified to the Chairman of the Board of Directors prior to
its conclusion; and
—
their intention to accept a new term of office or new
duties or missions in a third‑party company (French or
foreign, listed or unlisted).
The Chairman of the Board of Directors examines the
request, seeking the opinion of the Chief Executive Officer
and the Lead Director, informs the director concerned of
his position and, if required by the AFEP-MEDEF corporate
governance code, informs or refers the matter to the Board
of Directors for an opinion.
If the situation of conflict of interest or the request for a
new term of office or new duties or missions in a third‑party
company concerns the Chairman of the Board of Directors,
the procedure detailed above must be followed, in which
case the role of Chairman of the Board is performed by the
Chief Executive Officer.
In addition, directors are not permitted to use their title or
position to obtain benefits of any kind, for themselves or
third parties, nor are they permitted to speak on behalf of
the Company.
The internal regulation also states the minimum number of
shares that must be held by directors (excluding directors
representing employees) for the duration of their terms of
office and at the latest two years after their appointment.
This number is 500 shares with a minimum of 250 shares
during the first year in office. Eventually, it requires directors
to comply with the rules set up regarding the prevention of
insider trading.
The Audit Committee has its own charter.
The Board of Directors’ activities in 2024
The Board of Directors met nine times in 2024, with an
attendance rate of 99%.
The Board of Directors discussed mainly the following issues
in accordance with legal requirements:
—
the definition and review of strategic directions;
—
the review of the ESG (Environment, Social and
Governance) strategy – the Company’s targets, plans
of action and achievements – and the results of the
works carried out within the framework of the CSRD
(Corporate Sustainability Reporting Directive), including
the conclusions of the double materiality assessment
and the implementation of the extra‑financial reporting,
following a review by all the independent directors and in
particular the lead director of sustainability matters;
—
the financial statements and the budget (approval of the
annual and consolidated financial statements of 2023,
the consolidated financial statements for the first half
of 2024 and the provisional financial statements for
2024; review of the quarterly results and the financial
objectives for 2024); the Board was kept informed of
Dassault Systèmes’ financial situation through the
reports of the Audit Committee and the presentations
made at each meeting by the Chief Executive Officer and
the Executive Vice-President, Chief Financial Officer;
—
the review of acquisition projects;
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—
the notice of the General Meeting of Shareholders and
the drafting of the Universal registration document 2023;
—
the review of the assessment of the internal control
system;
—
the compensation of corporate officers and allocation of
shares and share subscription options;
—
the Board’s composition and practices (including a review
of the independent status of directors and a formal
review of the Board);
—
Dassault Systèmes SE’s governance and compliance with
corporate governance rules and recommendations;
—
the policy on equal employment and pay;
—
the compliance program, including risk mapping for
corruption and influence peddling, in accordance with the
recommendation of the French Anti-Corruption Agency,
and the Ethics Committee’s management report;
—
the prevention and management of risks within the
Company, following a review by all the independent
directors (i.e., all the members of the three committees
of the Board of Directors) at a special annual meeting (see
paragraph “Meetings of independent directors (annual
executive sessions)” below);
—
the review of the shareholding.
Consideration by the Board of social
and environmental issues
Back in February 2012, Dassault Systèmes published
its purpose, which aims to contribute to sustainable
development in all its components: to provide companies and
individuals with 3DEXPERIENCE universes enabling them
to imagine sustainable innovations, capable of harmonizing
product, nature and life.
This purpose determines not only the choice of acquisitions
and product developments, but also the culture and values of
the Company and each of its organizations.
Social, societal and environmental responsibility (CSR) is at
the heart of Dassault Systèmes’ strategy and achievements.
It is applied at every level of the Company within the Board of
Directors and the Executive Committee, which itself relies on
the Sustainability Steering Committee and the Sustainable
Development,
Sustainable
Procurements,
Sustainable
Finance, and Audit & Risks departments (for more details,
refer to sections 2.2.1.3.1 and 2.2.1.3.2).
Meetings of independent directors
(annual executive sessions)
Every year, the three committees of the Board of Directors
(composed exclusively of independent directors) hold
dedicated sessions.
In September 2024, two sessions were held:
—
a first session dedicated to sustainability issues;
—
a second session devoted to the prevention and
management of risks within the Company and to the
conclusions of the double materiality assessment carried
out within the framework of the CSRD (Corporate
Sustainability Reporting Directive).
The session dedicated to sustainability issues allowed a
detailed review, together with the Sustainability Steering
Committee (see details of the governance established around
these issues in paragraph 2.1 “Sustainability Governance”),
of the progress made for each of the pillars of the Company’s
strategy. The development of the portfolio of solutions
to enable Dassault Systèmes’ customers to reduce their
environmental impact (“handprint” pillar) were the subject of
particular focus: independent directors have reviewed usage
cases to demonstrate the impact of the Company’s solutions
for the decarbonization of the economy and circularity. In
particular, the objectives set in this respect were reviewed
and discussed.
The session devoted to the management of risks within the
Company provided an initial opportunity to review, together
with the Company’s Enterprise Risk Management Steering
Committee (see paragraph 5.2 “Company Risk Management
and Internal Control Procedures”), the latest work carried
out within the framework of the ERM (Enterprise Risk
Management) defined by the Company. Risk mapping and
some methodological aspects, particularly in relation to the
work on the CSRD, were reviewed. A specific update was
dedicated to the evolution and treatment of cybersecurity
risk. The emerging risks that could affect Dassault Systèmes
in the medium‑to‑long term were also presented.
The independent directors subsequently reviewed the
findings of the work carried out in relation to the CSRD, in
particular the results of the double materiality assessment.
The external and internal audit work was presented to them.
As it is the case each year, these presentations were followed
by discussions among the independent directors, without
the presence of Dassault Systèmes’ teams, on the practices
of the Board in order to provide the Board with an opinion
and recommendations on the subject.
Directors’ training
Each year, all the directors of Dassault Systèmes are invited
to attend a dedicated information day on the 3DS Paris
Campus and the 3DEXPERIENCE Forum event in France or
the United States, where they can receive feedback from the
Company’s customers and partners.
In 2024, the first year of the new 5‑year strategic plan, the
theme of the annual information day for directors was: the
cycle of life with virtual twin experiences.
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The various sessions provided the opportunity to present:
—
Dassault Systèmes’ ambition to connect life cycle
management with virtual twins;
—
the strategic axes to achieve the 5‑year plan and extend
the addressable market by 2040;
—
new immersive collaboration experiences;
—
the shift from product lifecycle management (PLM) to
cycle of life of selected end‑products in the three sectors
of the economy in which Dassault Systèmes operates;
—
the implications and opportunities of artificial intelligence
for Dassault Systèmes and its customers, and its legal
impact.
In accordance with the AFEP-MEDEF Code, each director
may request, if he or she considers it necessary, additional
training in specific aspects of Dassault Systèmes, its business
lines, business sector and ESG challenges, and in particular,
climate‑related issues.
Directors representing employees are also offered training
tailored to their duties.
Finally, the members of the Audit Committee receive,
upon appointment, information on the specific accounting,
financial and operational aspects of Dassault Systèmes.
The Board’s review of its practices and performance
The Board of Directors is constantly seeking to improve its
composition and practices. To this end:
—
it solicits the independent directors’ comments on the
subject. The independent directors meet each year during
a dedicated session to provide an opinion, in particular,
on the practices of the Board;
—
it holds a debate at least once a year on its functioning,
particularly to check that important issues are suitably
prepared and debated; and
—
it conducts a formal review every three years, in
accordance with its internal regulation and the AFEP-
MEDEF Code.
The results of the formal reviews organized in 2021 and
2024 with all directors were positive overall. During the
formalized evaluation of 2024, as during the previous
evaluations completed, the Board of Directors considered
that it was not desirable to use an outside firm to conduct this
evaluation for the following reasons: (i) the confidentiality
of the information shared during meetings of the Board of
Directors, and (ii) the small number of low signals reported
during previous discussions of the Board’s practices and
formalized evaluations.
The comments and suggestions made by the directors have
been taken into account:
—
the schedule for meetings of the Board and its
committees was modified and the independent directors’
session extended to allow them to comprehensively
discuss, in addition to corporate governance, other
strategic subjects in a holistic manner;
—
management continued to pay close attention to the
subjects covered during the directors’ annual information
day, which the independent directors found rewarding;
—
management ensures that joint meetings are organized
between committees, particularly the Audit Committee
and the Scientific Committee, in order to take a global
approach to issues or, for example, to plan ahead for
major decisions when a significant acquisition is being
considered.
Following their meeting in September 2024, the independent
directors reported that they were very satisfied with the
practices and composition of the Board of Directors and
made few recommendations for change. They reiterated
their wish to see joint sessions of the Audit Committee and
the Scientific Committee.
The formal review of the Board’s practices has included an
assessment of the Chairman’s contribution. The directors
are highly satisfied with the performance of this role, and no
recommendations were made.
The Board of Directors thus declared that it was satisfied with
its overall functioning and with the effective contribution
of each director to its work, notably on the basis of their
respective skills, the attendance and the involvement in the
debates of the Board and its committees. The Compensation
and Nomination Committee is in charge of reviewing the
effective contribution of the independent directors to the
Board’s work before reporting its conclusions to the Board of
Directors.
5.1.1.3
Composition, Practices and Activities
of the Board Committees
Audit Committee
The Audit Committee consists solely of independent
directors: Mr. Xavier Cauchois, who chairs the Committee,
Ms. Odile Desforges and Ms. Laurence Daures. All have
financial or accounting expertise.
The Audit Committee, in line with its charter, is responsible
for overseeing:
—
matters related to the preparation and the auditing of
accounting, financial and non‑financial information, in
compliance with applicable regulations;
—
questions related to the implementation of regulations in
the process of being rolled out;
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—
the preparation process for financial and non‑financial
information, the effectiveness of the internal control and
risk management systems, the audit by the Statutory
Auditors of the annual financial statements and
consolidated financial statements and the independence
of the Statutory Auditors; and
—
the relationship between Dassault Systèmes and its
Statutory Auditors. In this regard, the Audit Committee
is involved in appointing and reappointing the Statutory
Auditors. It monitors the Statutory Auditors to ensure
they fulfill their mission and takes into account the
findings and conclusions of the Haut Conseil du
Commissariat aux Comptes after audits have been
conducted.
On
all
these
matters,
this
Committee
reports
its
recommendations to the Board of Directors.
The Audit Committee also provides the Board of Directors
with regular reports on its activities, the results of the
process of certification of the financial statements by the
Statutory Auditors, how this process contributed to the
integrity of the financial and non‑financial information and
the role it played in this process. It informs the Board of
Directors immediately of any difficulties it encounters.
It approves the annual plan for internal audits and gives its
opinion on the department’s organization.
Eventually, it authorizes the Statutory Auditors to provide
services other than the certification of the financial
statements.
In the performance of its missions, the Audit Committee
is given presentations by Dassault Systèmes’ finance
department, particularly regarding risks and, as the case may
be, off‑balance sheet commitments, and during the audit of
the financial statements, a presentation from the Auditors on
the results of the statutory audit and the accounting options
selected. With respect to the efficiency of the internal control
and risk management systems, the Statutory Auditors
inform the Audit Committee of their main findings and the
Internal Audit Director reports on the conclusions of his/
her work. In addition, the Committee may call on external
experts, having assessed their expertise and independence.
In 2024, the Audit Committee met nine times, including
three meetings at the headquarters, which were attended
by the Chief Executive Officer, the Chief Financial Officer,
the General Secretary, the Sustainable Finance Director,
the Group Controller, the Financial Reporting Director,
the Internal Audit Director, the General Counsel, and the
Statutory Auditors, with whom regular discussions were
held without the management of Dassault Systèmes
attending such discussions. The attendance rate at the Audit
Committee meetings in 2024 was 100%.
During 2024, the Audit Committee had the opportunity to
discuss, or to give its opinion on, various topics brought to its
attention at its regular meetings, including:
—
as part of the quarterly and annual closings, a review
of Dassault Systèmes’ performance, its targets and the
consolidated and parent company financial statements;
—
the authorization of services other than certification
of the financial statements performed by the Statutory
Auditors;
—
the validation and follow‑up of an audit plan for fiscal
year 2024;
—
the duties and activities of the Audit & Risks team:
– changes in the internal control assessment system,
– review of internal control for the fiscal year 2024,
– review of internal audit work for the fiscal year 2024,
– review of fraud cases,
– update of the Audit & Risks team Charter,
– review of Group risk mapping and risk‑related
governance during the independent directors meeting;
—
examination of the annual review of the IFACI
Professional Certification obtained by the Audit & Risks
team and relating to the internal audit system;
—
the external audit plan and budget for 2024;
—
the activities of the Audit Committee relating to the
extra‑financial reporting were as follows:
– review and discussion with the Statutory Auditor
authorized
to
certify
information
relating
to
sustainability of extra‑financial performance for the
2023 financial year, in particular the result of the
taxonomy and the evolution of the carbon footprint
with regard to the carbon footprint reduction
trajectory,
– review of the process of choosing the Statutory
Auditor authorized to certify information relating to
sustainability in charge of auditing the sustainability
report during the first application of the European
Directive on corporate sustainability reporting (CSRD)
in 2024, as well as validation by the Audit Committee
of the 2024 audit budget,
– review of the system implemented by the Company in
preparation for the application of the CSRD including:
– monitoring the CSRD implementation project and
more specifically the reporting of sustainability
indicators,
– delving deeper into the issues linked to CSRD
sustainability standards and the preparation of the
first sustainability report during a special session,
– the closure options and the approach adopted
for the publication of qualitative and quantitative
information for the first year of application of the
CSRD;
—
the update of the revenue recognition principles mainly
related to the Group’s new business models;
—
the status of the projects to simplify the Group’s legal
structure;
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—
review of the main points of concern of financial analysts
and investors;
—
review of the changes in the financial information
systems in the context of the Group’s transition to a
subscription model;
—
the monitoring of tax risks, changes to the tax
environment, in particular in France and the United
States, and getting Dassault Systèmes ready for the
OECD’s Pillar II GloBE program;
—
the monitoring of the main disputes and other
proceedings (civil, commercial or tax proceedings) which
are generally linked to its day‑to‑day operations;
—
acquisition projects;
—
the monitoring of the Group’s financing policy;
—
the main account closing options for the fiscal year.
Compensation and Nomination Committee
The Compensation and Nomination Committee is composed
solely of independent directors: Ms. Laurence Daures, who
chairs the Committee, and Mr. Soumitra Dutta.
The main duties of this Committee are:
—
to propose to the Board of Directors the amounts for
compensation and benefits of the executive officers,
including the rules for calculating variable compensation
and for verifying the application of these rules;
—
to propose the amount and the rules for allocation of the
directors’ compensation in respect of their directorship;
—
to propose to the Board of Directors the appointment
or renewal of directors and organize their selection
procedure, which breaks down into several steps:
determining the selection criteria in line with the
diversity policy applicable to the Board, search for
candidates, meeting the selected candidates, and
decision by the Committee with a view to making a
recommendation to the Board;
—
to examine the independence of those directors who are
identified as such, based on the criteria set out in the
AFEP-MEDEF Code;
—
to assess the effective contribution of the independent
directors to the work of the Board;
—
to examine Dassault Systèmes’ appointment policy
and to be informed of the compensation policy for the
managers, including non‑corporate officers;
—
to discuss the employee profit‑sharing and incentive
plan, in particular the allocation of performance shares
and share subscription options; and
—
to propose to the Board of Directors solutions in case
of vacancy of the position of Chairman of the Board
and of Chief Executive Officer. In this respect, on the
recommendation of the Compensation and Nomination
Committee, before being appointed Chairman & Chief
Executive Officer in January 2023, Mr. Bernard Charlès
had been appointed as Vice chairman of the Board of
Directors so that he could act as Chairman of the Board
in the event of absence or vacancy in relation to the
Chairman position. Similarly, before being appointed
Deputy Chief Executive Officer in January 2023,
Mr. Pascal Daloz had been managing operations at
Dassault Systèmes since 2020. On January 1, 2024, the
final step of the succession plan prepared several years
ago was implemented with the appointment of Mr.
Bernard Charlès as Chairman of the Board and Mr. Pascal
Daloz as Chief Executive Officer.
In addition, the Committee meets regularly with the
members of Dassault Systèmes’ Executive Committee as
well as members of the management teams and oversees
preparations for the future through an annual review,
with the Chief Executive Officer, of the composition
of the Executive Committee and of the short- and
medium‑long‑term succession plan for its members.
When the Compensation and Nomination Committee carries
out its appointment work, it liaises with the Chairman of the
Board of Directors and the Chief Executive Officer.
In relation to its duties, the Committee met four times in
2024, with an attendance rate of 87.50%. During these
meetings, it carried out all of the missions described above;
it also made observations and recommendations to the Board
on the following subjects:
—
the governance and composition of the Board of
Directors and its committees, including the appointment
of Groupe Industriel Marcel Dassault as a new director,
represented in 2024 by Ms. Marie-Hélène Habert-
Dassault and in 2025 by Mr. Olivier Costa de Beauregard,
and the appointment of two new directors representing
employees;
—
the independence of directors, which was reviewed
based on the responses of each director to a dedicated
questionnaire, and the assessment of their actual
contribution to the Board’s work;
—
the amount and the allocation of the compensation
allocated to directors;
—
the compensation of executive officers, particularly in
the context of change of the governance in 2024;
—
the composition of the Executive Committee in 2024,
the short and medium‑long term succession plan for its
members and their compensation;
—
the
performance
share
allocation
plans
for
Dassault Systèmes executives and employees; and
—
the new employee share ownership plan.
On a general and ongoing basis, the Compensation and
Nomination
Committee
monitors
the
compliance
of
Dassault Systèmes with applicable laws and regulations
and best practices in the area of corporate governance, in
particular with respect to the composition and practices of
the Board.
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Scientific Committee
Like the other Board committees, the Scientific Committee
is composed solely of independent directors: Soumitra
Dutta, Chairman of the Committee, and Geneviève Berger.
The Committee reviews the main directions of research and
development, as well as Dassault Systèmes’ technological
achievements, and makes recommendations on these
matters. The persons in charge of these matters within
Dassault Systèmes are invited to the Committee’s meetings.
The Scientific Committee met twice in 2024, with an
attendance rate of 100%.
The Scientific Committee reviewed the main lines of
Dassault
Systèmes’
strategy,
and
more
specifically
investments in relation to the “generative economy” and to
“3D UNIV+RSES”. The following topics were addressed:
—
Dassault Systèmes works with its customers to develop
3D UNIV+RSES, sets of virtual twins developed on the
3DEXPERIENCE platform, which combine generative
artificial
intelligence,
modelling,
simulation
and
real‑world data. Thus, 3D UNIV+RSES make it possible
to observe and experience the world, to learn from
these experiences, to reveal real‑world evidence based
on multimodal data, and to represent the world through
abstractions – multidisciplinary and multiscale modeling
and simulations;
—
the Company will offer virtual twins of organizations, to
represent the current and projected companies’ mode of
operation;
—
Dassault Systèmes now proposes an offer of “Virtual
Twin as a Service”; these are online services associated
with virtual twins, available on the 3DEXPERIENCE
Cloud. Virtual Twin as a Service goes hand in hand with
the implementation of new business models, whose
goals are to serve new markets and create new value
more quickly;
—
in the field of health and care, the approach chosen
by Dassault Systèmes is to consider the individuals
throughout their lives, both during periods of illness
and when they are healthy, and to bring together all
the stakeholders (research laboratories, pharmaceutical
companies, healthcare establishments, etc.), in order to
offer comprehensive prevention and support solutions;
—
in the field of nutrition, Dassault Systèmes offers
solutions that enable its customers to become part of the
generative economy, i.e., to meet the needs of consumers
while making frugal use of the planet’s resources.
5.1.1.4
Powers of the Chief Executive Officer
Pursuant to French law, the Chief Executive Officer
represents Dassault Systèmes SE in dealings with third
parties within the limits set by its corporate purpose and by
the powers reserved by law to the shareholders or the Board
of Directors.
However, under Dassault Systèmes SE’s by‑laws, certain
decisions of the Chief Executive Officer are submitted to
the prior approval of the Board. This covers, in particular,
the acquisition or the disposal of an entity, shareholding or
asset (excluding internal transactions) or the use of external
funding (bank loan or capital market issue, including bond
issue), if the amount of the transaction exceeds a threshold
set each year by the Board. This threshold, which was set by
the Board on March 11, 2025, is €750 million. On March 11,
2025, the Board also authorized the Chief Executive Officer
to grant guarantees, endorsements or securities in the name
of Dassault Systèmes SE:
—
without any limitation on the amount, in order to
guarantee any commitments made with respect to
tax and customs administrations or those made by
companies controlled by Dassault Systèmes SE;
—
up to an aggregate amount of €750 million in other cases.
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5.1.2
Executives of Dassault Systèmes
The Executive Committee, chaired by Mr. Pascal Daloz, brings together the heads of Dassault Systèmes’ main business lines
and functions. It consists of 13 members, 5 of whom are women:
Pascal Daloz (1)
Chief Executive Officer
Florence Hu-Aubigny
Executive Vice-President, Research & Development
Philippe Laufer
Executive Vice-President, 3DS Global Brands
Elisa Prisner
Executive Vice-President, Corporate Strategy & Platform Transformation
Patrick Johnson
Executive Vice-President, Corporate Research & Sciences
Florence Verzelen
Executive Vice-President, Industry, Marketing & Sustainability
Rouven Bergmann
Executive Vice-President, Chief Financial Officer
Laurence Barthès
Executive Vice-President, Chief People & Information Officer
Olivier Ribet
Executive Vice-President, EMEA (2)
Samson Khaou
Executive Vice-President, Asia-Pacific
Erik Swedberg
Executive Vice-President, Americas
Victoire de Margerie
Vice-President Corporate Equity, Marketing & Communications
Grégory Abate
General Secretary
(1)
Mr. Pascal Daloz is an executive officer (dirigeant mandataire social exécutif) within the meaning of the AFEP-MEDEF Code.
(2)
Europe Middle East Africa.
Gender equality objective within governing bodies
Upon the proposal of executive management, the Board of
Directors has set the objective of maintaining a proportion
of women of approximatively 40% within the Executive
Committee.
This proportion has been 38.5% since 2020.
Dassault Systèmes has a strong ambition in terms of
gender equality and promotes diversity of profiles for top
positions of responsibility with specific actions taken at
the recruitment stage and a follow‑up based on objectives
that are assessed annually (see paragraph 5.1.7.5 “Gender
Equality within the Executive Team and Top Positions of
Responsibility”).
5.1.3
Compensation Policy for Corporate Officers
(Mandataires Sociaux)
A compensation policy in line
with the corporate interest, strategy
and durability of Dassault Systèmes
Dassault Systèmes’ long‑term strategy is based on
its purpose, which aims at contributing to sustainable
development in all its components: to provide business and
people with 3DEXPERIENCE universes in order to imagine
sustainable innovations, capable of harmonizing products,
nature and life.
Dassault Systèmes’ compensation policy is defined to be
in the Company’s corporate interest in order to attract,
motivate and retain highly qualified profiles, for whom
competition in the market is intense, to promote the
Company’s success and durability, which depend on the
achievement of its strategic objectives, including in relation
to ESG, as well as its commercial and financial objectives, in
the medium and long term.
Any change in the compensation of executive officers is based
on the performance Dassault Systèmes, changes in its scope
and its market shares. The development of macro‑economic
data and data specific to Dassault Systèmes SE (including
the employment and compensation conditions applicable to
employees, in particular the level of overall salary increases)
over the past three years is also reviewed.
Any significant change in the compensation of executive
officers is thus made over long intervals, in accordance
with the recommendation of the AFEP-MEDEF Code. The
compensation paid to the Chairman of the Board of Directors
and the Chief Executive Officer was last revised on January 1,
2024, on which date Mr. Pascal Daloz became Chief Executive
Officer, replacing Mr. Bernard Charlès, who has continued to
serve as Executive Chairman of the Board of Directors.
In the ten years prior to this change in governance:
—
the compensation paid to the Chairman of the Board of
Directors was increased in 2015 and again in 2021;
—
the compensation paid to the Chief Executive Officer was
increased in 2015, 2018 and 2021.
to account for Dassault Systèmes’ successive transformations
and the expansion of its scope.
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In 2021, these increases were decided by taking into account
the compensation conditions of employees:
—
the increases in the fixed compensation of the Chairman
of the Board of Directors and the target annual
compensation for objectives achieved of the Chief
Executive Officer were at a level equivalent to half of
the overall increase of Dassault Systèmes SE employees’
salaries between 2018 and 2021;
—
the increase in the fixed compensation of the Chairman of
the Board of Directors and the Chief Executive Officer was
effective on the date on which the fixed compensation of
the employees was also increased.
The compensation structure of the Chief Executive
Officer is the same as that of the Executive team. Their
compensation is composed of a fixed portion and a variable
portion (short term and long term). The variable portion
may represent a significant part of the total compensation
if the annual targets are achieved or outperformed. The
applicable criteria and the targets are reviewed every year
in order to be consistent with Dassault Systèmes’ strategic
orientations. However, the Chief Executive Officer is not
eligible for the profit‑sharing payments from which all
Dassault Systèmes SE’s employees benefit, unlike the other
members of the Executive team attached to France.
Shareholder approval
The compensation policy for the corporate officers
(mandataires sociaux) of Dassault Systèmes is set out
each year in March by the Board of Directors, upon the
recommendation of the Compensation and Nomination
Committee.
The Committee exercises its missions with complete
independence based on the benchmarking of compensation
granted to directors, Chairmen of Boards of Directors or
Supervisory Boards, and CEOs of companies in the CAC 40
index mainly, as well as CEOs of international technology
companies. The benchmark used by the Committee is
stable. The members of the Committee, all of whom are
independent directors, discuss the subject of compensation
in the absence of the executive officers concerned.
In accordance with Article L. 22‑10‑34, II of the French
Commercial Code, the compensation elements paid or
granted in 2024 to Mr. Bernard Charlès, Executive Chairman
of the Board of Directors, and Mr. Pascal Daloz, Chief
Executive Officer, are subject to a shareholders’ vote. The
payment of the variable or extraordinary compensation
elements resulting from the implementation of the
compensation policy for the 2024 fiscal year applicable to
Mr. Bernard Charlès and Mr. Pascal Daloz, approved by the
General Meeting held on May 22, 2024, is thus subject to
shareholder approval at the next General Meeting.
In 2024, such resolutions relating to compensation
elements paid or granted in 2023 to Mr. Charles Edelstenne,
Chairman of the Board of Directors until January 8, 2023
(7th resolution), Mr. Bernard Charlès (8th resolution) and
Mr. Pascal Daloz (9th resolution) were approved at 98.20%,
78.73% and 91.17%, respectively.
Some of the information included in the corporate
governance report is also submitted to a vote of the
shareholders in accordance with Article L. 22‑10‑34, I of the
French Commercial Code.
Furthermore, in accordance with Article L. 22‑10‑8 of
the French Commercial Code, the compensation policy
for corporate officers, as set forth in paragraph 5.1.3, will
be subject to the approval of the next General Meeting.
Pursuant to Article L. 22‑10‑34, II of the French Commercial
Code, the payment of variable or extraordinary compensation
elements resulting from the implementation of this
compensation policy for 2025 to Mr. Pascal Daloz will be
subject to shareholder approval at the General Meeting called
to approve the financial statements for the 2025 fiscal year.
For more details on the resolutions proposed, see
paragraph 7.1 “Presentation of the Resolutions Proposed by
the Board of Directors to the General Meeting of May 22,
2025”.
5.1.3.1
Compensation Policy Applicable
to the Executive Chairman of
the Board of Directors
The annual compensation of the Executive Chairman
of the Board of Directors is fixed compensation only, as
recommended by the AFEP-MEDEF Code. He does not
receive any variable compensation (short- or long‑term),
nor does he benefit from any additional retirement plan or
indemnity under a non‑competition or severance payment
clause.
He receives benefits in kind corresponding to the use of a
vehicle and mandatory supplemental medical coverage.
All compensation paid to him by the Company is paid by
Dassault Systèmes SE, a company incorporated under
the laws of France and main operating company of
Dassault Systèmes.
At its meeting on March 12, 2024, the Board of Directors, on
the recommendation of the Compensation and Nomination
Committee, noting the availability of Mr. Bernard Charlès
to devote himself to the very long‑term matters proposed
by the Chief Executive Officer (contribution to the
Company’s strategy, fundamental research strategy and
the development of governmental or sensitive relations
with certain customers), set the amount of fixed annual
compensation for the Executive Chairman of the Board of
Directors at €2,000,000. See paragraph 5.1.1.2 “Practices
of the Board of Directors” for more details on the role of Mr.
Bernard Charlès since January 1, 2024.
At its meeting on March 11, 2025, the Board of Directors
decided, on the recommendation of the Compensation and
Nomination Committee, to leave the amount of the annual
fixed compensation paid to the Executive Chairman of the
Board of Directors unchanged at €2,000,000.
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The amount granted to Mr. Bernard Charlès in his capacity
as Executive Chairman of the Board of Directors reflects the
will of the Chief Executive Officer that Mr. Bernard Charlès,
an entrepreneur for over 35 years at Dassault Systèmes,
continues to contribute to the Company’s strategy,
fundamental research strategy and the development of the
Company’s business and reputation with global institutions
and longstanding customers with whom he has built
strong relationships of trust, and this in a context where
the size and visibility of Dassault Systèmes have increased
considerably. It also takes into account compensation
practices observed for Chairmen of the Board of Directors
who have previously performed executive functions, notably
in CAC 40 companies.
Mr. Bernard Charlès will not receive any new performance
share allocation in 2025, as was the case in 2024.
However, the shares granted to him in 2021, 2022 and
2023 will vest, subject to satisfaction of the applicable
performance and continued employment conditions, in 2025
and 2026. The continued employment condition will be
considered satisfied if Mr. Bernard Charlès is still Executive
Chairman of the Board of Directors at the end of the
presence period, except in the event of retirement, disability
or death. The performance condition will continue to apply in
the event of retirement, but not in the event of disability or
death, as it is the case for employees who are beneficiaries of
long‑term compensation plans.
These shares were granted as part of the gradual process of
associating Mr. Bernard Charlès with the Company’s capital
with the aim of recognizing his entrepreneurial role for over
35 years with Dassault Systèmes and providing him with an
equity stake comparable to that of founders of companies
in the same sector, and more generally, of his peers in
technology companies around the world. Prior to the IPO
of Dassault Systèmes in 1996, Mr. Bernard Charlès had not
benefited from an equity stake in the Company.
The performance condition governing the vesting of these
shares is based on demanding financial and, since 2023,
non‑financial criteria, with a minimum level of achievement
set at 75% of the target for the non‑financial criterion and
80% for the financial criterion. No minimum amount is
therefore guaranteed.
Mr. Bernard Charlès is also required to hold, in registered
form and until he ceases to hold office, 15% of the
performance shares vested since the allocation by the
Board of Directors in 2007. This percentage was calculated
after deducting the number of shares whose sale would be
necessary to pay the taxes, social security contributions
and fees relating to the sale of all such shares. He has also
formally agreed to not enter into forward transactions that
allow him to guarantee a capital gain in the event of the sale
of his performance shares. This prohibition is also stated in
the Dassault Systèmes Insider Trading Rules.
In the event of a change in the Executive Chairman of the
Board of Directors during the year, the Board of Directors
will have the option to adjust the compensation to take into
account the new Executive Chairman’s profile and assigned
missions, in line with Dassault Systèmes’ previous practices.
5.1.3.2
Compensation Policy Applicable
to the Chief Executive Officer
The compensation of the Chief Executive Officer consists
of a fixed and a variable annual compensation as well as
benefits in kind corresponding to mandatory supplemental
medical coverage. In the event of a forced departure, he may
receive an indemnity, subject to the satisfaction of certain
conditions, including a performance condition.
He also receives a performance share allocation; however, he
is not granted any share subscription or purchase options.
The Chief Executive Officer does not receive any multi‑year
variable compensation in cash, additional pension plan or
compensation under a non‑competition clause.
All compensation paid by the Company to the Chief
Executive Officer is paid by Dassault Systèmes SE, a company
incorporated under the laws of France and main operating
company of Dassault Systèmes.
Additionally, only Dassault Systèmes SE grants performance
shares to the Chief Executive Officer.
Fixed and variable annual compensation
The Chief Executive Officer receives a target annual
compensation for objectives achieved comprised of a fixed
portion for 50%, paid monthly, and a variable portion for
50%, paid (subject to the approval of the General Meeting of
Shareholders) annually in relation to the achievement of the
performance criteria previously set by the Board of Directors.
For 2025, these criteria, as set out below by the Board of
Directors, are in line with Dassault Systèmes’ strategic
orientations in the short, medium and long term. Therefore,
they contribute to the objectives of the compensation policy
of Dassault Systèmes to promote the Company’s success and
durability.
These criteria include an ESG indicator, representing 15% of
the variable portion. The purely qualitative portion of these
criteria is limited to 15%.
The ESG criteria and associated targets are reviewed
annually to ensure consistency with Dassault Systèmes’ ESG
strategy for 2027. For more details on Dassault Systèmes’
ESG strategy for 2027, see paragraph 1.8 “Extra‑financial
Performance – Main Figures” and Chapter 2 “Environmental,
Social, Societal and Governance Responsibility”.
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Performance criteria triggering the payment of variable compensation
to the Chief Executive Officer
Type
Weighting
Minimum level
of achievement
Cap
Dassault Systèmes’ ESG indicator based on four environmental,
social and governance criteria*:
Quantifiable
15%
Minimum level
of achievement:
between
75% and 100%
of target,
depending on
the criterion.
Minimum
payment level of
60% and,
in the event
of an
outperformance,
up to a
maximum of
140%.
140%
—
employee pride and satisfaction rates measured via an annual
internal survey
Quantifiable
1/4
140%
—
proportion of women on the Board of Directors, the Executive
team and among People Managers
Quantifiable
1/4
140%
—
share of total IFRS revenue (software and services) deemed
eligible and share of total IFRS revenue (software and services)
deemed aligned within the meaning of EU Taxonomy
Quantifiable
1/4
140%
—
reduction in greenhouse gas emissions in line with the targets
submitted to the Science Based Targets initiative (SBTi):
– *emissions from Dassault Systèmes’ own operations
(scopes 1 and 2) and business travel and commuting (scope 3)
– *percentage of suppliers (by emissions weight) who have set
science‑based targets for reduction
Quantifiable
1/4
140%
Diluted net earnings per share on a non-IFRS consolidated basis
in line with the objectives communicated by Dassault Systèmes
for the year
Quantifiable
20%
140%
Company efficiency processes, measured by the fact that the non-
IFRS operating margin is in line with the objectives announced by
Dassault Systèmes for the year
Quantifiable
15%
140%
Competitive position, measured by relative revenue growth
compared to competitors and consistency of the evolution
in cloud and 3DEXPERIENCE revenue
Quantifiable
15%
140%
Composition of product portfolio
Quantifiable
20%
140%
Implementation of Dassault Systèmes’ short-, medium-
and long‑term strategy contributing to future growth
Qualitative
15%
-
140%
*
These ESG criteria will be calculated at constant scope.
To determine whether the above criteria are met, the
Compensation and Nomination Committee verifies in
March of Year N+1 to what extent the targets set in March
of Year N have been met. The level of achievement of the
objectives determines the amount actually paid for the
variable compensation, which can result in a payment below
the target, or above the target up to 140% overall and per
criterion. No minimum payment is guaranteed and, in the
event of an outperformance, the allocated amount is capped.
In the event of fraud or material error, with the exception
of a change in an accounting standard or its interpretation,
that occurred during the three previous fiscal years and
resulting in the restatement of the individual or consolidated
financial statements of the Company, the Board of Directors,
on an opinion from the Compensation and Nomination
Committee, reserves the right to cancel all or a portion of the
performance shares granted to the Chief Executive Officer
but not yet vested, and/or to cancel or reduce the amount
of the CEO’s annual variable compensation for the current
year. The number of performance shares and/or the amount
of the variable compensation canceled or reduced shall then
be equal to the amount which, on the basis of the restated
financial statements approved by the statutory auditors,
appears to have been incorrectly granted to the Chief
Executive Officer.
During its March 11, 2025 meeting, the Board of Directors
set the amount of the annual target compensation with
targets achieved for the Chief Executive Officer for 2025 at
€2,000,000, composed of a fixed amount of €1,000,000 and
a variable portion of no more than 140% of the fixed portion,
the amount of which will depend upon the achievement of
the targets and will be subject to the approval of the General
Meeting of Shareholders called to approve the 2025 financial
statements.
This amount is unchanged from 2024.
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Performance shares
At its meeting on March 11, 2025, the Board of Directors
decided that 450,000 performance shares will be granted
in 2025 to the Chief Executive Officer, per the authorization
granted by the General Meeting of Shareholders.
This amount is unchanged from 2024.
The vesting of these shares, at the end of a three‑year vesting
period, is subject to conditions of continued employment
and performance that are identical to those stipulated for
the vesting of shares granted to Dassault Systèmes’ eligible
employees (excluding MEDIDATA).
The performance conditions defined by the Board are based
on demanding financial and non‑financial criteria, with no
minimum amount guaranteed. It therefore contributes to the
objectives of the compensation policy of Dassault Systèmes
to promote the Company’s success and durability.
The Board of Directors set these criteria as follows for 2025.
Performance criteria triggering the vesting
of performance shares granted
to the Chief Executive Officer
Type
Weighting
Minimum level of achievement
Cap
ESG indicator based on three environmental,
social and governance criteria*:
Quantifiable
20%
Minimum level of achievement for each
of the three ESG criteria and sub‑criteria:
between 75% and 100% of the target.
For each criterion, a “payment” level
(60% minimum and, in the event of an
outperformance, up to a maximum of
140%) is determined based on the level of
achievement. This “payment” level will be
equal to zero if the minimum level is not
achieved.
The number of shares vested for this
tranche will depend on the weighted
average of the “payment” levels for all ESG
criteria and sub‑criteria.
100%
– proportion of women on the Board of
Directors, the Executive team and among
People Managers
Quantifiable
1/3
See above
140%
– share of total IFRS revenue (software and
services) deemed eligible and share of total
IFRS revenue (software and services) deemed
aligned within the meaning of EU Taxonomy
Quantifiable
1/3
140%
– reduction in greenhouse gas emissions in line
with the targets submitted to the Science
Based Targets initiative (SBTi):
– *emissions from Dassault Systèmes’ own
operations (scopes 1 and 2) and business
travel and commuting (scope 3)
– *percentage of suppliers (by emissions
weight) who have set science‑based targets
for reduction
Quantifiable
1/3
140%
Growth in diluted net earnings per share on
a non-IFRS consolidated basis, neutralized
from currency effects (hereinafter “EPS”):
EPS achieved in 2027 compared with EPS
achieved in 2024
Quantifiable
80%
Minimum level of achievement: 80%
of the target.
No performance shares may be acquired
for this tranche if the achievement level is
below 80%.
If the achievement level is between 80%
and 100%, the number of shares granted
will progress linearly from 50% to 100%.
100%
*
These ESG criteria will be calculated at constant scope.
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No performance shares may be acquired by the Chief
Executive Officer if the achievement level of the targets
for growth in EPS and for each of the ESG criteria is below
the minimum levels set by the Board referred to above. If
the achievement level is greater than 100%, the number
of shares vested will be capped at 100%. There is no
compensation possible between financial and non‑financial
criteria.
If the continued employment condition is not met, except in
the case of retirement, disability or death, no shares will be
acquired by the Chief Executive Officer. As it is the case for
employees who are beneficiaries of long‑term compensation
plans, the performance condition will continue to apply, in
the event of retirement, but not in the event of disability or
death.
There is no mandatory holding period after the vesting of
these shares. However, in accordance with the AFEP-MEDEF
Code and the French Financial Markets Authority (AMF)
recommendations, the Board of Directors has, with each
allocation, set the percentage of shares acquired that the
Chief Executive Officer will be required to keep in registered
form for as long as he holds office.
Accordingly, on March 11, 2025, the Board of Directors
decided that this percentage would be equal, as it has been
every year, to 15% of the shares vested. This percentage is
calculated after deduction of the number of shares that it
would be necessary to sell in order to pay taxes due, social
charges and expenses related to the sale of the total number
of shares vested.
The Chief Executive Officer cannot enter into forward
transactions that allow him to guarantee a capital gain in
the event of the sale of his performance shares. He has
formally agreed to this prohibition which is also stated in the
Dassault Systèmes Insider Trading Rules.
Benefits in kind
The Chief Executive Officer receives benefits in kind
corresponding to mandatory supplemental medical coverage.
Indemnity due in the event of imposed departure
The Chief Executive Officer may receive compensation for
the termination of his functions whose principle and amount
are subject to certain conditions, in particular performance
conditions, in accordance with the French Commercial
Code and the AFEP-MEDEF Code. Thus, the indemnity
would be due in case of a change in control or strategy duly
acknowledged by the Board of Directors, which results in
an imposed departure in the subsequent twelve months.
In the event of forced departure due to poor results at
Dassault Systèmes or mismanagement, the indemnity shall
not be paid.
The indemnity would also not be due in the event that the
Chief Executive Officer were to leave Dassault Systèmes on
his own initiative to take a new position elsewhere, or were
to be assigned a new position within the Company, or if he
were to receive retirement benefits shortly after leaving.
In the event the indemnity is paid to the Chief Executive
Officer, the Board may, by way of exception, reduce
the amount or decide that it is not due in the event of
(i) misconduct other than in connection with his corporate
functions and incompatible with the normal performance of
his term of office, or (ii) events seriously damaging the image
of Dassault Systèmes and significantly reducing the share
price.
The amount of the indemnity due to the Chief Executive
Officer, in the event of the termination of his functions, will
be equivalent to a maximum of two years of compensation
and will depend on satisfying the performance conditions
established for calculating his variable compensation. The
amount paid would be calculated pro rata with respect to the
percentage of variable compensation which was paid during
the three years preceding his departure as compared to the
targeted variable compensation for such years, using the
following formula:
—
the aggregate gross compensation (including variable
compensation but excluding benefits in kind and
directors’ compensation) due in connection with his term
of office as director for the two years ended prior to the
date of departure;
—
multiplied by the quotient of (i) the amount of variable
compensation actually paid during the three fiscal years
ended prior to the date of departure with respect to
their respective years of reference (numerator), divided
by (ii) the amount of target variable compensation
determined for each of these years by the Board of
Directors on the basis of achievement of the objectives
set for Dassault Systèmes (denominator).
The indemnity is thus subject to performance conditions
related
to
achieving
targets
fixed
for
the
variable
compensation.
5.1.3.3
Directors’ Compensation
Each director of Dassault Systèmes SE, including Mr. Bernard
Charlès and Mr. Pascal Daloz, is entitled to compensation in
respect of their office (formerly known as “directors’ fees”).
Since 2022, the annual amount of compensation granted to
directors has been €900,000.
It is proposed to the General Meeting of May 22, 2025 that
the annual amount of compensation granted to directors be
increased to €1,200,000 for the fiscal year 2025 and the
following fiscal years, until a new decision of the General
Meeting of Shareholders, to take into account, in particular,
the increase in the number of directors in the future and
changes in the practices of CAC 40 companies in terms of
directors’ compensation.
In terms of criteria for allocating the total amount among
the directors, Dassault Systèmes is focused on attracting,
motivating and retaining highly qualified profiles.
Subject to approval by the General Meeting of May 22, 2025
of the new amount of compensation granted to directors
and of the compensation policy for corporate officers, the
Board of Directors of March 11, 2025 proposed the following
allocation criteria: €24,000 per director, an additional
€24,000 for the Chairman of the Board, an additional
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€40,000 for the Chairman of the Audit Committee, an
additional €30,000 for the Chairman of the Compensation
and Nomination Committee, an additional €15,000 for
the Chairman of the Scientific Committee, an additional
€30,000 for the lead independent director, and an additional
€20,000 for the lead director of sustainability development
(these amounts being paid in proportion to the actual term
in office during the year); €5,400 per member for physical
presence at a Board or Committee meeting or at a meeting
of independent directors; and €2,700 per member for
participation in a Board, Committee or independent directors’
meeting by conference call or video‑conference.
In the event of the presence of the members of the Board
of Directors at all the scheduled meetings of the Board, the
variable part is thus structurally higher than the fixed part.
5.1.3.4
Terms of office, Employment
Contracts or Service Agreements
with the Company
The
term
of
office
of
the
corporate
officers
of
Dassault Systèmes SE is four years. They are revocable under
the conditions provided by law.
Apart from the two directors representing employees,
Ms. Anne-Laure Chevalier and Ms. Christine Defert, no
directors of Dassault Systèmes SE have an employment
contract. Their employment contracts have an indefinite
term and are subject to legal conditions, in particular with
respect to notice and termination.
The employment contract of Mr. Pascal Daloz, an employee
of Dassault Systèmes SE since 2001, was terminated in
2023.
No contract for the provision of services has been concluded
by the Company with one of its corporate officers.
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5.1.4
Summary of the Compensation and Benefits due
to Corporate Officers (Mandataires Sociaux)
Ratios between the compensation paid to executive
corporate officers of Dassault Systèmes SE and that
paid to employees who are not corporate officers
Below, Dassault Systèmes SE publishes the ratios required
by Article L. 22‑10‑9 of the French Commercial Code relating
to the compensation of corporate officers of listed companies
following the AFEP guidelines on compensation multiples as
of February 2021.
Dassault Systèmes SE is the Company’s main operating
company,
with
its
workforce
representing
90%
of
the workforce in France as of December 31, 2024. As
Dassault Systèmes SE’s equity ratios are representative, the
definition of a larger scope for the purpose of presenting
those ratios is not relevant.
The
elements
included
as
compensation
are
the
compensation and benefits paid in respect of fiscal year N
and comprising the fixed part, the variable part paid during
fiscal year N, the extraordinary compensation (where
applicable) paid during fiscal year N, the compensation
allocated to directors in respect of their term of office as a
director as soon as these elements were received by the
executive officer and paid during fiscal year N, performance
shares granted during fiscal year N and valued at their IFRS
value, and employee saving (profit‑sharing, incentives),
employer contribution and benefits in kind.
Compensation is calculated on a full‑time equivalent basis of
Dassault Systèmes SE employees present in 2023 and 2024
(excluding apprentices).
The compensation elements taken into account for Mr.
Bernard Charlès and Mr. Pascal Daloz are presented in Table
1 of this chapter.
Since 2002, Dassault Systèmes has separated the offices
of Chairman of the Board and Chief Executive Officer. Thus,
until January 8, 2023, Mr. Charles Edelstenne was Chairman
of the Board of Directors and Mr. Bernard Charlès was Chief
Executive Officer.
The two functions were combined for a transitional period in
2023, with Mr. Bernard Charlès acting as Chairman & Chief
Executive Officer from January 9 to December 31.
This combination of functions ended on December 31, 2023,
with Mr. Bernard Charlès remaining Executive Chairman of
the Board and Mr. Pascal Daloz becoming Chief Executive
Officer with effect from January 1, 2024.
As the position of Chairman & Chief Executive Officer only
existed in 2023, and as Mr. Bernard Charlès’ compensation
did not change between 2022 and 2023 despite the change
in position, Dassault Systèmes SE has not deemed it relevant
to present a ratio specifically for the position of Chairman &
Chief Executive Officer for fiscal year 2023.
Mr. Bernard Charlès’s compensation as Chairman & Chief
Executive Officer is presented in the same way as that of
the Vice chairman of the Board of Directors and the Chief
Executive Officer, allowing for a comparison with previous
years.
Chairman of the Board of Directors
2024
2023
2022
2021
2020
Ratio compared to the average compensation
paid to employees of Dassault Systèmes SE
17.8 (1)
NA
9.6
9.5
9.6
(Year‑on‑year change)
NA
NA
+1.1%
-1.0%
+3.2%
Ratio compared to the median compensation
paid to employees of Dassault Systèmes SE
24.0 (1)
NA
12.8
13.5
12.8
(Year‑on‑year change)
NA
NA
-5.2%
+5.5%
0.0%
(1)
The data presented take into account the compensation paid to Mr. Bernard Charlès in his capacity as Executive Chairman of the Board of Directors with effect from
January 1, 2024.
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Chief Executive Officer
2024
2023
2022
2021
2020
Ratio compared to the average compensation
paid to employees of Dassault Systèmes SE
130.8
383.9
291.4
390.0
191.3
(Year‑on‑year change)
NA (1)
+31.7%
-25.3%
+103.9%
-14.2%
Ratio compared to the median compensation
paid to employees of Dassault Systèmes SE
176.0
518.3
389.0
552.2
254.6
(Year‑on‑year change)
NA (1)
+33.2%
-29.6%
+116.9%
-16.9%
(1)
Dassault Systèmes did not deem it relevant to publish the change in 2024, given that the roles of Chairman and Chief Executive Officer were combined, on an exceptional
basis, in 2023.
For 2021, the significant variations observed are explained
by the change in Dassault Systèmes’ share price, which has
an impact on the valuation of performance shares taken into
account in the calculation of the ratio.
Annual trends in the compensation paid to executive corporate officers, in the Company’s performance,
and in the average compensation paid to Company employees over the past five years
The share price and net earnings per share shown in the table below reflect the five‑for‑one stock split of the nominal value of
Dassault Systèmes’ shares on July 7, 2021.
(in euros)
2024
2023
2022
2021
2020
Compensation paid to the Chairman of the Board
Compensation paid to Mr. Charles Edelstenne
NA
NA
1,087,150
1,070,895
1,031,645
Compensation paid to Mr. Bernard Charlès
2,086,155 (1)
NA
(Year‑on‑year change)
NA
NA
+1.5%
+3.8%
+0.4%
Compensation paid to the Chief Executive Officer
Compensation paid to Mr. Bernard Charlès
NA
3,099,235
3,243,587
3,089,077
2,997,377
Compensation paid to Mr. Pascal Daloz
15,320,153
NA
NA
NA
NA
(Year‑on‑year change)
NA
-4.5%
+5.0%
+3.1%
+1.8%
Share price on December 31 of the reporting year
33.50
44.24
33.50
52.31
33.23
(Year‑on‑year change)
-24.3%
+32.1%
-36.0%
+57.4%
+13.4%
Net earnings per share (non-IFRS)
1.28
1.20
1.13
0.95
0.75
(Year‑on‑year change)
+6.7%
+6.2%
+18.9%
+26.7%
+2.7%
Average compensation paid to the Company’s
employees (other than executive officers)
on a full‑time equivalent basis
117,099
122,211
113,623
112,665
107,267
(Year‑on‑year change)
-4.2%
+7.6%
+0.8%
+5.0%
-3.1%
The above compensation of the Vice chairman of the Board of Directors and Chief Executive Officer, then Chairman & Chief
Executive Officer, does not include the shares granted to Mr. Bernard Charlès as part of the gradual process of associating him
with the Company’s capital. The evolution of the valuation of these shares is:
Value of the shares granted to the Vice chairman of
the Board of Directors and Chief Executive Officer,
then Chairman & Chief Executive Officer, as part
of the gradual process of associating him with the
Company’s capital (2)
NA
43,815,000 (3) 29,865,000 (4) 40,845,000 (5) 17,526,600 (6)
(Year‑on‑year change)
NA
+46.7%
-26.9%
+133.0%
-19.4%
(1)
The data presented take into account the compensation paid to Mr. Bernard Charlès in his capacity as Executive Chairman of the Board of Directors with effect from
January 1, 2024.
(2)
Value based on the method chosen for the consolidated financial statements before the spreading of the expense and after taking into account the performance criteria.
(3)
1,500,000 2023-B shares granted in 2023.
(4)
1,500,000 2022-B shares granted in 2022.
(5)
300,000 2021-B shares granted in 2021. This quantity was multiplied by five to attain a total of 1,500,000 following the five‑for‑one stock split of the nominal value of
Dassault Systèmes shares that occurred on July 7, 2021.
(6)
300,000 2020-B shares granted in 2020. This quantity was multiplied by five to attain a total of 1,500,000 following the five‑for‑one stock split of the nominal value of
Dassault Systèmes shares that occurred on July 7, 2021.
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The tables below provide a summary, in accordance with the
recommendations of the French Financial Markets Authority
(AMF) and the AFEP-MEDEF Code, of the compensation
and benefits of any kind paid to the corporate officers of
Dassault Systèmes SE, pursuant to Article L. 22‑10‑9 of
the French Commercial Code (see also paragraphs 5.1.3
“Compensation Policy for Corporate Officers (Mandataires
Sociaux)” and 5.1.5 “Interests of Executive Management and
Employees in the Share Capital of Dassault Systèmes SE”).
The total compensation of the corporate officers paid
and awarded during fiscal year 2024 complies with the
compensation policy adopted in 2023 and the compensation
policy adopted in 2024. This compensation contributes to
the long‑term performance of the Company. With respect
to the Chief Executive Officer, the variable portion of his
compensation is conditional on achieving demanding
performance criteria and is in line with Dassault Systèmes’
strategic orientations in the short, medium and long term.
Payment of this variable portion is also subject to approval
by the General Meeting of Shareholders.
For fiscal year 2024, the amount of compensation granted
to the directors of Dassault Systèmes SE in respect of their
roles as directors totaled €788,000, €320,000 of which was
attributed on the basis of their position (fixed portion) and
€468,000 on the basis of their attendance at meetings of
the Board of Directors and its committees (variable portion).
In accordance with the AFEP-MEDEF Code, the variable
portion of the compensation allocated to the directors is thus
preponderant.
Table 1: SUMMARY OF COMPENSATION AND OPTIONS AND
SHARES GRANTED TO EACH EXECUTIVE OFFICER
(in euros)
2024
2023
Bernard Charlès, Chairman & Chief Executive Officer from January 9 to December 31, 2023,
then Executive Chairman of the Board of Directors from January 1, 2024
Compensation due for the year (detailed in Table 2) (1)
2,086,593
2,976,047
Value of the multi‑year variable compensation paid during the year
None
None
Value of the stock options granted during the year (detailed in Table 4)
None
None
Value of the performance shares granted during the year (detailed in Table 6)
None
None
Value of the other long‑term compensation plans
See table
below
(1)
All compensation paid by the Company to Mr. Bernard Charlès is paid by Dassault Systèmes SE, a company incorporated under the laws of France and the principal
operating company.
Value of the shares granted to Bernard Charlès, Chairman & Chief Executive Officer from January 9
to December 31, 2023, then Executive Chairman of the Board of Directors from January 1, 2024,
as part of the gradual process of associating him with the Company’s capital,
These shares have been granted in 2023 to Mr.
Bernard Charlès, Chairman & Chief Executive Officer
from January 9 to December 31, 2023, as part of the
gradual process of associating him with the Company’s
capital that began several years ago, with the aim of
recognizing his entrepreneurial role for over 35 years
with Dassault Systèmes and giving him an equity stake
comparable to that of founders of companies in the same
sector, and more generally, of his peers in technology
companies around the world. Since January 1, 2024, Mr.
Bernard Charlès has been Chairman of the Board of Directors
and no more shares are granted to him.
(in euros)
2024
2023
Bernard Charlès, Chairman & Chief Executive Officer from January 9 to December 31, 2023, then
Executive Chairman of the Board of Directors from January 1, 2024
Value of the shares granted (1)
NA
43,815,000 (2)
(1)
Value based on the method chosen for the consolidated financial statements before the spreading of the expense and after taking into account the performance criteria.
(2)
1,500,000 2023-B shares granted in 2023.
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(in euros)
2024
2023
Pascal Daloz, Deputy Chief Executive Officer from January 9 to December 31, 2023,
then Chief Executive Officer from January 1, 2024
Compensation due for the year (detailed in Table 2) (1)
1,997,334
1,529,994
Value of the multi‑year variable compensation paid during the year
None
None
Value of the stock options granted during the year (detailed in Table 4)
None
None
Value of the performance shares granted during the year (detailed in Table 6)
13,522,500 (1) (3) 13,144,500 (1) (2)
Value of the other long‑term compensation plans
None
None
(1)
The General Meeting of May 24, 2023 set the maximum number of shares that may be granted to executive officers at 35% of the decided global allocation amount,
assessed on the date of the allocation, i.e. 7,029,078 shares on May 22, 2024.
(1)
All compensation paid and all performance shares granted by the Company to Mr. Pascal Daloz are paid or granted by Dassault Systèmes SE, a company incorporated
under the laws of France and the principal operating company.
(2)
450,000 2023-A shares granted in 2023.
(3)
450,000 2024-A shares granted in 2024.
The 450,000 shares granted to Pascal Daloz (referred to as
“2024-A”) on May 22, 2024 represent 2.24% of the global
allocation decided by the General Meeting of May 24,
2023 (1).
These 2024-A shares will vest on May 24, 2027, subject, in
accordance with the AFEP-MEDEF Code, to the satisfaction
of a continued employment condition and a performance
condition, described below, identical to those provided
for the benefit of Dassault Systèmes eligible employees
(excluding MEDIDATA). The vesting of these shares is subject
to the following criteria:
—
an ESG indicator based on three environmental, social
and governance criteria, representing 20% of the total
weighting of the criteria: the proportion of women on the
Board of Directors, the Executive team and the People
Managers; the share of total IFRS revenue (software
and services) considered eligible pursuant to the EU
Taxonomy; the reduction in greenhouse gas emissions in
line with targets submitted to the Science Based Targets
initiative (SBTi); and
—
growth in the non-IFRS EPS (neutralized from currency
effects) between the EPS achieved in 2026 and the EPS
achieved in 2023, which represents 80% of the total
weighting of the criteria.
For more details on these criteria, see the 2024
compensation policy for executive officers, paragraph 5.1.3.2
“Compensation Policy Applicable to the Chief Executive
Officer” of the Universal registration document 2023.
No performance shares may vest to Mr. Pascal Daloz if the
achievement level of the targets for EPS growth and for each
of the ESG criteria is below the minimum levels set by the
Board. If the achievement level is greater than 100%, the
number of shares vested will be capped at 100%. There is no
possible compensation between the financial criteria and the
non‑financial criteria.
No 2024-A shares may vest to him if the continued
employment condition is not met, except in case of
retirement, disability or death.
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Table 2: Summary of the compensation of each executive officer
The gross compensation before tax of the executive
officers is set forth in the table below. All compensation
paid by the Company to the executive officers is paid by
Dassault Systèmes SE, a company incorporated under
the laws of France, and main operating company of
Dassault Systèmes.
The executive officers do not receive any compensation from
Dassault Systèmes SE other than that shown in the table
below.
(in euros)
2024
2023 (1)
Amounts due
for the year
Amounts
paid in 2024
Amounts due
for the year
Amounts
paid in 2023
Bernard Charlès, Chairman & Chief Executive Officer from
January 9 to December 31, 2023, then Executive Chairman
of the Board of Directors from January 1, 2024
Fixed compensation
2,000,000
2,000,000
1,445,000
1,445,000
Annual variable compensation
None
1,445,000 (2)
1,445,000 (2)
1,590,000 (3)
Multi‑year variable compensation
None
None
None
None
Extraordinary compensation
None
None
None
None
Compensation allocated to directors in respect of their directorship
67,000
66,562
66,562
44,750
Benefits in kind (4)
19,593
19,593
19,485
19,485
TOTAL
2,086,593
3,531,155
2,976,047
3,099,235
Pascal Daloz, Deputy Chief Executive Officer from
January 9 to December 31, 2023, then Chief Executive Officer
from January 1, 2024
Fixed compensation
1,000,000
1,000,000
700,224
700,224
Annual variable compensation (5)
950,000 (6)
735,000 (2)
735,000 (2)
546,000 (3)
Multi‑year variable compensation
None
None
None
None
Extraordinary compensation
None
None
None
None
Compensation allocated to directors in respect of their directorship
47,000
47,000
47,000
44,750
Benefits in kind (7)
334
334
7,091
7,091
Employment benefits (profit‑sharing and vacation pay)
None
15,319
40,679
200,982
TOTAL
1,997,334
1,797,653
1,529,994
1,499,047
(1)
In 2023, Dassault Systèmes SE has paid Mr. Bernard Charlès each of the compensation elements referred to in the table above, with the exception of the compensation
paid in respect of his term of office as a Director, in respect of his office as Chief Executive Officer of Dassault Systèmes. Mr. Bernard Charlès did not receive any
compensation in consideration of his role as Vice chairman of the Board of Directors until January 8, 2023, nor for his role as Chairman of the Board of Directors from
January 9 to December 31, 2023.
(2)
Variable portion due for 2023 and paid in 2024.
(3)
Variable portion due for 2022 and paid in 2023.
(4)
These benefits in kind are linked to mandatory supplemental medical coverage, and use of a vehicle made available to Mr. Bernard Charlès by Dassault Systèmes SE.
(5)
The conditions for determining the variable portion of the Chief Executive Officer’s compensation are described below.
(6)
Variable portion due for 2024 and paid in 2025.
(7)
These benefits in kind correspond to the payment of travel expenses and mandatory supplemental medical coverage.
Conditions for determining the variable
portion of Mr. Pascal Daloz’s compensation
due in respect of financial year 2024
At its meeting on March 11, 2025, upon the recommendation
of the Compensation and Nomination Committee and further
to the review of the achievement of the performance criteria
set in 2024, the Board set the variable portion of the Chief
Executive Officer’s compensation to be paid in 2025 in
respect of 2024, subject to the approval of the General
Meeting of Shareholders, at €950,000, equivalent to 95%
of the annual target variable compensation. This amount
represents 95 % of his fixed compensation paid in 2024. The
Chief Executive Officer’s variable compensation (including
the annual variable compensation and the valuation of the
performance shares allocated during the fiscal year) and fixed
compensation for the 2024 fiscal year thus represent 93.3%
and 6.4%, respectively, of his total compensation (for further
details on the total compensation, see paragraph 5.1.4 Tables
1 & 2 “Summary of the compensation of each executive
officer”).
The applicable performance criteria categories are set forth
in the following table with an indication, for each of them,
of their respective weight and the level of payment resulting
from the level of satisfaction. The level of achievement of the
objectives can result in a payment below the target, or above
the target up to 140%.
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The minimum level of achievement was between 75% and
100% of target, depending on the criterion.
(1)
These indicators are calculated at constant scope.
The associated payment level for each criterion was a
minimum of 60% and, in the event of outperformance, a
maximum of 140%.
Performance criteria categories
Type
Weighting
Target 2024
Actual 2024
Level
of payment
Dassault Systèmes’ ESG indicator
based on four environmental, social
and governance criteria (1):
Quantifiable
15%
89%
—
employee pride and
satisfaction rates measured via
an annual internal survey
1/4
82.7%
78.4%
0%
—
the proportion of women on
the Board of Directors, the
Executive team and among
People Managers
1/4
40%
40%
25.9%
50%
38.5%
26.3%
106.7%
—
share of total IFRS revenue
(software and services) deemed
eligible within the meaning of
EU Taxonomy
1/4
68%
69.8%
110.6%
—
reduction in greenhouse gas
emissions in line with the
targets submitted to the
Science Based Targets initiative
(SBTi):
– *emissions from
Dassault Systèmes’ own
operations (scopes 1 and
2) and business travel and
commuting (scope 3)
1/4
Scopes 1 & 2 and
scope 3: -15.2%
-52.8%
139.2%
– *percentage of suppliers
(by emissions weight) who
have set science‑based
targets for reduction
Suppliers: 42%
47.9%
Diluted net earnings per share on a
non-IFRS consolidated basis in line
with the objectives communicated
by Dassault Systèmes for the year
Quantifiable
20%
1.29
1.28
97%
Company efficiency processes,
measured by the fact that the non-
IFRS operating margin is in line
with the objectives announced by
Dassault Systèmes for the year
Quantifiable
15%
32.5%
31.9%
88%
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Performance criteria categories
Type
Weighting
Target 2024
Actual 2024
Level
of payment
Competitive position, measured by
relative revenue growth compared
to competitors and by the growth
in cloud and 3DEXPERIENCE
revenue
Quantifiable
15%
The Compensation and
Nomination Committee
set (i) a target for
Dassault Systèmes’
revenue growth
compared with revenue
growth for the three
sectors, (ii) a target
for cloud revenue as
a proportion of total
software revenue
and (iii) a target
for 3DEXPERIENCE
revenue as a proportion
of eligible software
revenue.
For confidentiality
reasons, no further
details are given on this
criterion.
Dassault
Systèmes is at
the lower end of
the target set for
one of the three
sectors.
The cloud reve
nue as a propor
tion of total
software revenue
and the
3DEXPERIENCE
revenue as a pro
portion of eligible
software revenue
were both at the
lower end of the
target range.
For confidentia
lity reasons, no
further details
are given on the
performance.
62%
Composition of product portfolio
Quantifiable
20%
The Compensation and
Nomination Committee
defined achievement
targets (i) for the
solutions roll‑out plan
and (ii) for flagship
projects.
Roll‑out plan
and 6 flagship
projects
completed.
115%
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Performance criteria categories
Type
Weighting
Target 2024
Actual 2024
Level
of payment
Implementation of
Dassault Systèmes’ short-,
medium- and long‑term strategy
contributing to future growth
Qualitative
15%
The Committee noted the continued
implementation in 2024 of the major
strategic orientations approved by the
Board of Directors, which led to the
announcements of November 13, 2024
and February 4, 2025:
—
preparation of the fundamentals of 3D
UNIV+RSES, which include generative
Artificial Intelligence technologies at the
heart of Intellectual Property Lifecycle
Management (IPLM) on a global scale,
based on the 3DEXPERIENCE platform.
“3D UNIV+RSES” represents the seventh
generation
of
world
representation
introduced by Dassault Systèmes over
the past 44 years;
—
new positioning of the Company in the
Life Sciences and Healthcare sector.
For confidentiality reasons, no further
details are given on the actions
implemented and achievements of 2024.
112%
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Table 3: Compensation received by non-executive directors
(1)
Mr. Tanneguy de Fromont de Bouaille and Mr. Hervé Andorre served as directors representing employees until May 2024 and Ms. Anne-Laure Chevalier and Ms. Cristine
Defert replaced them since May 2024.
Non‑executive directors do not receive any compensation
from the Company other than that indicated in the table
below, except for Mr. Tanneguy de Fromont de Bouaille, Mr.
Hervé Andorre, Ms. Anne-Laure Chevalier and Ms. Christine
Defert (1), who also received compensation in respect of their
employment contracts.
All compensation paid by the Company to the non‑executive
directors is paid by Dassault Systèmes SE, a company
incorporated under the laws of France, and main operating
company of Dassault Systèmes.
The compensations presented in the table below are gross compensations.
(in euros)
2024
2023
Amounts due
for the year
Amounts
paid in 2024
Amounts due
for the year
Amounts
paid in 2023
Hervé Andorre* (1)
(director representing employees until May 2024)
16,760
47,000
47,000
44,750
Geneviève Berger
60,500
39,164
39,164
-
Xavier Cauchois
98,500
96,250
96,250
89,500
Anne-Laure Chevalier
(director representing employees since May 2024)* (2)
30,240
-
-
-
Catherine Dassault
47,000
47,000
47,000
42,500
Laurence Daures
124,250
119,750
119,750
113,500
Christine Defert
(director representing employees since May 2024)* (3)
30,240
-
-
-
Odile Desforges
78,500
76,250
76,250
69,500
Soumitra Dutta
79,500
75,000
75,000
79,500
Charles Edelstenne (4)
47,000
47,438
47,438
64,750
Tanneguy de Fromont de Bouaille* (5)
(director representing employees until May 2024)
16,760
47,000
47,000
44,750
GIMD represented by Ms. Habert-Dassault
30,240
-
-
-
Marie-Hélène Habert-Dassault (6)
(director in her own name until May 21, 2024)
14,510
47,000
47,000
44,750
Toshiko Mori
(Director until May 24, 2023)
-
21,336
21,336
53,750
TOTAL
674,000
663,188
663,188
647,250
(1)
The compensation due to Mr. Hervé Andorre, director representing employees, in respect of his term of office as a Director was paid to Ensemble à DS.
(2)
The compensation due to Ms. Anne-Laure Chevalier, director representing employees, for her term of office as a director was paid to the CFE-CGC.
(3)
The compensation due to Ms. Christine Defert, director representing employees for her term of office as a director was paid to the CFDT.
(4)
GIMD paid to Mr. Charles Edelstenne in 2024 and 2023 a gross compensation of €1,865,058 and €1,066,990, respectively, for his term as Chairman of GIMD, as well as
benefits in kind for amounts respectively estimated at €4,922 and €4,920.
(5)
The compensation due to Mr. Tanneguy de Fromont de Bouaille, director representing employees, in relation to his term of office as a Director was paid to the CFE-CGC.
(6)
GIMD paid Ms. Marie-Hélène Habert-Dassault, in 2024 and 2023, compensation of €417,952 and €404,153, respectively, for her role as Director of Communication and
Patronage of GIMD. GIMD granted her, in 2024 and 2023, benefits in kind relating to the use of a car, valued at €2,649 and €1,389, respectively. In 2024 and 2023, GIMD
paid Ms. Marie-Hélène Habert-Dassault €30,000 and €60,000, respectively, for her roles as member and Chair of the Supervisory Board of GIMD.
*
Mr. Hervé Andorre and Mr. Tanneguy de Fromont de Bouaille also received compensation, in 2023 and 2024, under their employment contract. Ms. Anne-Laure Chevalier
and Ms. Christine Defert also received compensation, in 2024, under their employment contract. These compensations are not detailed as they were not granted in
respect of their corporate office.
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Table 4: Share subscription or purchase options granted in 2024
to each executive officer by the issuer and by any of dassault systèmes’ companies
(in euros)
No. and date of
the plan
Type of options
(purchase or
subscription)
Value of the
options
Number
of options
granted in
2024
Exercise
price
Exercise
period
Bernard Charlès
-
-
-
-
-
-
Pascal Daloz
-
-
-
-
-
-
TOTAL
-
-
-
-
-
Table 5: Share subscription or purchase options exercised
during 2024 by each executive officer
(in euros)
No. and date
of the plan
Number
of options
exercised
in 2024
Exercise
price
Bernard Charlès
-
-
-
Pascal Daloz
-
-
-
TOTAL
-
Table 6: Shares granted in 2024 to each executive officer
by the issuer and by any of dassault systèmes’ companies
No. and date
of the plan
Number of
performance
shares granted
in 2024
Value of
the shares
(in euros) (1)
Date of
acquisition
Date of
availability
Performance
conditions
Bernard Charlès
-
-
-
-
-
-
Pascal Daloz
2024-A
05/22/2024
450,000
13,522,500
05/24/2027
05/24/2027
Yes
TOTAL
450,000
13,522,500
(1)
Value based on the method chosen for the consolidated financial statements before the spreading of the expense and after taking into account the performance criteria.
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Table 7: Shares that became available during 2024 for each executive officer
On May 26, 2024, 1,500,000 shares granted to Mr. Bernard
Charlès (known as “2020-B”) and 400,000 shares granted
to Mr. Pascal Daloz (known as “2020-A”), on May 26, 2020,
were definitively vested at the end of the vesting period,
with the continued employment and performance conditions
having been satisfied.
Indicator
Target
Minimum level of achievement
and vesting scale
Result
Non-IFRS EPS growth rate,
neutralized from currency effects,
achieved in 2023 compared with
the non-IFRS EPS achieved in
2019
45% growth
over the period
(four years)
Minimum level of achievement: 78% of
target (i.e. 35% growth over the period)
– no performance shares shall vest if the
achievement level is less than 78% of target
If the achievement level is between 78% and
100% (or above 100%), the number of shares
that can vest will progress linearly from 80%
to 100%
Growth of the non-
IFRS EPS, neutralized
from currency
effects, over the
period: 68%
I.e. a payout level
equal to 100%
Since the number of shares that may vest is capped at 100%, the Board of Directors noted, on the recommendation of the
Compensation and Nomination Committee, that the 1,500,000 shares granted to Mr. Bernard Charlès vested on May 26,
2024, and the 400,000 shares granted to Mr. Pascal Daloz vested on May 26, 2020.
No. and date of the plan
Number of shares
that became available
in 2024
Bernard Charlès (1)
2020-B – 05/26/2020
1,500,000 (2)
Pascal Daloz
2020-A – 05/26/2020
400,000 (3)
TOTAL
1,900,000
(1)
These shares were granted to Mr. Bernard Charlès in 2020, when he was Vice-Chairman of the Board of Directors & Chief Executive Officer, as part of the gradual process
of associating him with the Company’s capital, with the aim of ultimately recognizing his entrepreneurial role for over 35 years with Dassault Systèmes and giving him
an equity stake comparable to that of founders of companies in the same sector, and more generally, of his peers in technology companies around the world. A portion
of such shares is subject to lock‑up (see paragraph 5.1.3.1 “Compensation Policy Applicable to the Chairman of the Board of Directors” of the Universal registration
document 2023). Since January 1, 2024, Mr. Bernard Charlès has been Chairman of the Board of Directors and no more shares are allocated to him.
(2)
The quantity of shares initially allocated was equal to 300,000 and was multiplied by five to attain a total of 1,500,000 following the five‑for‑one stock split of the
nominal value of Dassault Systèmes shares that occurred on July 7, 2021.
(3)
The quantity of shares initially allocated was equal to 80,000 and was multiplied by five to attain a total of 400,000 following the five‑for‑one stock split of the nominal
value of Dassault Systèmes shares that occurred on July 7, 2021.
From a general perspective, Mr. Bernard Charlès and Mr.
Pascal Daloz retain the Dassault Systèmes shares at the end
of the vesting period for the granted shares. Thus, in 2024,
Mr. Bernard Charlès retained the 1,500,000 shares, and Mr.
Pascal Daloz the 400,000 shares, acquired on May 26, 2024.
Exceptionally, Mr. Bernard Charlès made a family donation of
3,600,000 shares in July 2024.
On December 31, 2023, Mr. Bernard Charlès held
25,202,205 shares in full ownership, representing 1.88% of
Dassault Systèmes’ share capital. Mr. Pascal Daloz held of
3,174,295 shares in full ownership, representing 0.24% of
Dassault Systèmes’ share capital.
On December 31, 2024, Mr. Bernard Charlès held
23,102,205 shares in full ownership, representing 1.72%
of Dassault Systèmes’ share capital. Mr. Pascal Daloz held
3,574,295 shares in full ownership, representing 0.27% of
Dassault Systèmes’ share capital.
Table 8: History of share subscription and purchase options granted
See paragraph 5.1.5 “Interests of Executive Management and Employees in the Share Capital of Dassault Systèmes SE” below.
Table 9: History of performance shares granted
See paragraph 5.1.5 “Interests of Executive Management and Employees in the Share Capital of Dassault Systèmes SE” below.
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Table 10: Variable multi‑annual compensation granted to each executive officer
The Table 10 “Summary of variable multi‑annual compensations for each executive officer” recommended by the AFEP-
MEDEF Code is not relevant as no such variable multi‑annual compensations have been granted to any executive officer of
Dassault Systèmes SE.
Table 11: Monitoring of the AFEP-MEDEF’s Recommendations
As indicated in the table below, Dassault Systèmes SE complies with the main recommendations of the AFEP-MEDEF Code
regarding compensation and benefits granted to executive officers.
Executive officers
Employment
agreement
Additional
retirement plan
Indemnities or
benefits due or
which may become
due in the event of
termination of or
change in functions
Indemnities related
to a non‑competition
clause
Yes
No
Yes
No
Yes
No
Yes
No
Bernard Charlès
X
X
X
X
Executive Chairman of the Board of
Directors
Executive Chairman of the Board of
Directors since (1st appointment):
01/09/2023 – End of term of office:
General Meeting called to approve
the financial statements for the year
ending December 31, 2025
Pascal Daloz
X
X
X*
X
Chief Executive Officer
CEO since (1st appointment):
01/01/2024
*
The conditions for payment and the amount of the indemnities likely to be due are described in paragraph 5.1.3.2 “Compensation Policy Applicable to the Chief Executive
Officer”.
There is no specific additional retirement plan for
the corporate officers. The companies controlled by
Dassault Systèmes SE have not paid any compensations,
or granted any other benefits in kind or granted shares or
subscription options to the executive officers mentioned
above.
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5.1.5
Interests of Executive Management and Employees
in the Share Capital of Dassault Systèmes SE
The Executive team of Dassault Systèmes is given long‑term
incentives notably through allocations of performance shares
to give them a stake in the development and performance
of the Company. In general, performance shares may be
granted to key employees, the number granted to each of
them being dependent on individual performance and level
of responsibility. Until 2023, long‑term incentives could also
be given through allocations of stock options.
In accordance with the AFEP-MEDEF Code, the Board of
Directors shall endeavor to grant the performance shares
during identical periods, usually in May after the General
Meeting. There may have been rare exceptions to this rule,
given the recent changes in the tax and legal frameworks, or
the compliance with the rules regarding knowledge of inside
information by the corporate officers. This rule was complied
with in 2024 with respect to executive officers, as Mr. Pascal
Daloz benefited from only one performance share allocation
on May 22, 2024.
Employee shareholding plan
Dassault Systèmes did not set up an employee shareholding
plan in 2024, but announced the launch of a new plan
on March 13, 2025. This new employee shareholding
plan will be offered to around 99% of Dassault Systèmes
employees and will enable employees to subscribe to a
leveraged shareholding plan with a 15% discount and
a capital guarantee in euros. This will result in a capital
increase reserved for employees amounting to a maximum of
7 million Dassault Systèmes shares. It is due to be launched
on June 27, 2025.
Options to subscribe to Dassault Systèmes shares
As of December 31, 2024, there were 13 active share
subscription option plans for the benefit of certain
Dassault Systèmes managers and employees. The exercise
price of these options was set without a discount for all the
plans.
The new shares created by the exercise of options between
January 1 and the date of the Annual General Meeting
deciding on the allocation of profit related to the most
recently completed fiscal year are entitled to receive the
dividend distributed with respect to that year. As a result,
the new shares are traded on the same line as the previously
existing shares.
However, the new shares created as from the day after this
Annual General Meeting do not have a right to receive this
dividend. Those shares are temporarily listed on a second
trading line until the date the shares trade ex‑dividend, i.e.
without the right to receive the dividend to be distributed on
Dassault Systèmes shares.
The following table provides certain information on the plans
in effect during 2024.
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History of share subscription and purchase options granted
(Corresponding to Table 8 of French Financial Markets Authority (AMF) Position-Recommendation No. 2021‑02)
For all the grants prior to July 7, 2021, the figures in this table
(options, shares and exercise price) reflect the five‑for‑one
stock split of the nominal value of Dassault Systèmes shares
effective on that date, and the correlative multiplication of
the number of shares that may be exercised.
For more visibility, this table is divided into two parts:
(1) plans from 2015 to 2020, and (2) plans from 2020 and
2023, the totals being mentioned in the second part for all
plans.
Stock option plan
2015‑01
2016‑01
2017‑01
2018‑01
2019‑01
2020‑01
Total
General Meeting
05/30/2013
05/26/2016
05/26/2016
05/26/2016
05/23/2019
05/26/2020
Board of Directors
09/04/2015
05/26/2016
05/23/2017
05/22/2018
07/01/2019
05/26/2020
Total number of shares
to be subscribed
pursuant to options
exercise
9,827,775
9,738,925
10,251,850
9,926,005
8,161,870
7,451,580
See table
below.
– by corporate officers
N/A
N/A
N/A
N/A
N/A
N/A
See table
below.
Starting point for
exercising the options
09/04/2016
05/26/2017
05/23/2018
05/22/2019
05/23/2020
05/26/2021
Expiration date
09/03/2025
05/25/2026
05/22/2027
05/21/2028
05/22/2029
05/25/2030
Exercise price (in euros)
12.40
13.80
16.40
22.00
28.00
29.09
Terms of exercise
See note (1)
See note (2)
See note (3)
See note (4)
See note (5)
See note (6)
Total number of shares
subscribed pursuant
to options exercised as
of 12/31/2024
7,299,596
6,722,929
5,978,778
5,383,483
3,436,346
1,826,036
See table
below.
Cumulative number of
options canceled
or lapsed as
of 12/31/2024
1,742,505
1,743,600
1,984,965
1,296,135
935,440
944,207
See table
below.
Number of options
outstanding as
of 12/31/2024
785,674
1,272,396
2,288,107
3,246,387
3,790,084
4,681,337
See table
below.
(1)
The 2015‑01 options are exercisable by one‑third tranches as from September 4, 2016, 2017 and 2018, respectively, provided that the beneficiary fulfills the condition of
presence and the performance condition relating to the diluted net earnings per share on a non-IFRS consolidated basis (hereinafter referred to as the “EPS”), and/or the
achievement of the target for his or her respective brand.
(2)
The 2016‑01 options are exercisable by one‑third tranches as from May 26, 2017, 2018 and 2019, respectively, provided that the beneficiary fulfills the condition of
presence and performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
(3)
The 2017‑01 options are exercisable by one‑third tranches as from May 23, 2018, 2019 and 2020, respectively, provided that the beneficiary fulfills the condition of
presence and performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
(4)
The 2018‑01 options are exercisable by one‑third tranches as from May 22, 2019, 2020 and 2021, respectively, provided that the beneficiary fulfills the condition of
presence and performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
(5)
The 2019‑01 options are exercisable by one‑third tranches as from May 23, 2020, 2021 and 2022, respectively, provided that the beneficiary fulfills the condition of
presence and the performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
(6)
The 2020‑01 options are exercisable by one‑third tranches as from May 26, 2021, 2022, 2023 and 2024, respectively, provided that the beneficiary fulfills the condition
of presence and the performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
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Stock option plan
2020-M-01
2020-M-02
2020-M-03
2020-M-04
2021‑01
2022‑01
2023‑01
Total
(including the
table above)
General Meeting
05/23/2019 05/26/2020 05/26/2020 05/26/2020 05/26/2020 05/26/2020 05/24/2023
Board of Directors
03/11/2020 05/26/2020 09/23/2020 12/04/2020 06/29/2021 05/19/2022 05/24/2023
Total number of shares
to be subscribed
pursuant to options
exercise
65,965
3,292,050
175,875
57,045
2,257,255
1,989,674
2,140,126
65,335,995
– by corporate officers
N/A
N/A
N/A
N/A
N/A
NA
NA
N/A
Starting point for
exercising the options
03/31/2021 05/26/2021 09/23/2021 12/04/2021 06/29/2022 05/19/2023 05/24/2024
Expiration date
03/10/2030 05/25/2030 09/22/2030 12/03/2030 06/28/2031 05/18/2032 05/23/2033
Exercise price (in euros)
26.20
29.09
31.57
30.43
41.32
37.17
39.40
Terms of exercise
See note (1)
See note (2)
See note (3)
See note (4)
See note (5)
See note (6)
See note (7)
Total number of shares
subscribed pursuant to
options exercised as of
12/31/2024
43,045
1,516,105
20,880
20,615
46,729
45,404
-
32,339,946
Cumulative number
of options canceled
or lapsed as of
12/31/2024
18,055
872,505
24,900
36,430
372,223
177,471
71,610
10,220,046
Number of options
outstanding as of
12/31/2024
4,865
903,440
130,095
-
1,838,303
1,766,799
2,068,516
22,776,003
(1)
The 2020-M-01 options are exercisable by one‑third tranches from March 31, 2021, 2022 and 2023, respectively, provided that the beneficiary fulfills the condition of
presence and performance condition relating to the EPS (neutralized from currency effects).
(2)
The 2020-M-02 options are exercisable by one‑third tranches from May 26, 2021, 2022 and 2023, respectively, provided that the beneficiary fulfills the condition of
presence and the performance condition relating to the EPS (neutralized from currency effects).
(3)
The 2020-M-03 options are exercisable by one‑third tranches from September 23, 2021, 2022 and 2023, respectively, provided that the beneficiary fulfills the condition
of presence and the performance condition relating to the EPS (neutralized from currency effects).
(4)
The 2020-M-04 options are exercisable by one‑third tranches from December 04, 2021, 2022 and 2023, respectively, provided that the beneficiary fulfills the condition
of presence and the performance condition relating to the EPS (neutralized from currency effects).
(5)
The 2021‑01 options are exercisable by one‑third tranches as from June 29, 2022, 2023, 2024 and 2025, respectively, provided that the beneficiary fulfills the condition
of presence and the performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
(6)
The 2022‑01 options are exercisable by one‑third tranches as from May 19, 2023, 2024 and 2025, respectively, provided that the beneficiary fulfills the condition of
presence and the performance condition relating to the EPS (neutralized from currency effects), and/or the achievement of the target for his or her respective brand.
(7)
The 2023‑01 options are exercisable by one‑third tranches as from May 24, 2024, 2025 and 2026 respectively, provided that the beneficiary fulfills the continued
employment condition and a performance condition relating to the EPS (neutralized from currency effects) and the achievement of targets related to three ESG criteria
(and their sub‑criteria).
For information regarding the dilutive effect on share capital
by the exercise of options, see also paragraph 6.2.1 “Share
Capital at December 31, 2024”.
As of December 31, 2024, no corporate officer held share
subscription options.
For
information
regarding
the
equity
interests
in
Dassault Systèmes SE of the corporate officers, see
paragraphs 5.1.1 “Composition and Practices of the Board of
Directors” and 6.3 “Information About the Shareholders” in
this Universal registration document.
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Share subscription and purchase options of the top ten employees of Dassault Systèmes
who are not corporate officers and the options they exercised during 2024
(Corresponding to Table 9 of French Financial Markets Authority (AMF) Position-Recommendation No. 2021‑02)
For all the grants prior to July 7, 2021, the figures in this table
(options, shares and exercise price) reflect the five‑for‑one
stock split of the nominal value of Dassault Systèmes shares
effective on that date, and the correlative multiplication of
the number of shares that may be exercised.
The following table shows, on aggregate, the total number
and weighted average exercise price of options granted
to, and options exercised by, the ten Dassault Systèmes
employees who obtained or exercised the largest number of
Dassault Systèmes stock options during 2024 and who are
not corporate officers of Dassault Systèmes SE.
Total number
of options
Weighted
average price
per option
Plan
2016‑01
Plan
2017‑01
Plan
2018‑01
Plan
2019‑01
Plan
2020‑01
Options exercised in 2024 by the ten
employees who subscribed for the largest
number of options
522,450
After the
splitting of the
nominal value:
€25.43
32,676
27,535
130,175
130,929
201,135
Options granted in 2024 to the ten
employees who were granted the largest
number of options
None
Performance shares
The General Meeting of May 24, 2023 authorized the Board
of Directors to grant Dassault Systèmes shares for up to a
maximum of 1.5% of Dassault Systèmes SE’s capital at the
date of the allocation by the Board (i.e. 20,083,082 shares
as of May 21, 2024). The Board, at its meeting on May 22,
2024, used this authorization to grant (i) 3,927,215 “2024-
A” performance shares to 2,294 beneficiaries, all employees
of the Company excluding MEDIDATA, as well as (ii) 450,000
“2024-A” performance shares to Mr. Pascal Daloz.
In connection with the share buyback program authorized
by the General Meeting, on May 22, 2024 the Board of
Directors granted 878,771 “2024-M1” performance shares
to 484 beneficiaries, all employees of MEDIDATA. On
September 18, 2024 the Board of Directors granted 35,166
“2024-M2” performance shares to 16 beneficiaries, all
employees of MEDIDATA.
None of the beneficiaries of the “2024-A” plan is a
beneficiary of the “2024-M1” plan or the “2024-M2” plan.
The following table provides certain information on the plans
in effect during 2024.
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History of performance share allocations
(Corresponding to Table 10 of French Financial Markets Authority (AMF) Position-Recommendation No. 2021‑02)
For all the grants prior to July 7, 2021, the number of shares
in this table reflect the five‑for‑one stock split of the nominal
value of Dassault Systèmes shares effective on that date,
and the correlative multiplication of the number of shares
that may be acquired.
For more visibility, this table is divided into two parts: (1) the
plans for the 2020 to 2022 fiscal years and (2) the plans for
the 2022 (continued) to 2024 fiscal years, the totals being
mentioned in the second part for all the plans.
Plan Number
2020-A
2021-A
2021-M1
2021-M2
2022-A1
2022-M1
2022-A2
Total
General Meeting
05/22/2018 05/26/2021
(7)
(7) 05/26/2021
(7) 05/26/2021
Date of the Board meeting 05/26/2020 06/29/2021 06/29/2021 09/22/2021 05/19/2022 05/19/2022 09/21/2022
Total number of shares
granted
4,024,830
3,707,845
876,855
16,982
3,690,907
817,809
28,523
Of which the following
numbers were granted to
corporate officers (1)
400,000
400,000
-
-
450,000
-
-
See table
below.
Pascal Daloz
400,000
400,000
-
-
450,000
-
-
See table
below.
Vesting date of shares
05/26/2024
06/29/2023
1st tranche
06/30/2025
2nd tranche
06/29/2022
– 1st tranche
06/29/2023
– 2nd tranche
07/01/2024
– 3rd tranche
06/30/2025
4th tranche
09/22/2022
– 1st tranche
09/22/2023
– 2nd tranche
09/23/2024
– 3rd tranche
09/22/2025
4th tranche 05/19/2025
05/19/2023
1st tranche
05/20/2024
2nd tranche
05/19/2025
3rd tranche 09/22/2025
Date of end of holding
period
None
None
None
None
None
None
None
Performance conditions
Yes (2)
Yes (3)
Yes (4)
Yes (4)
Yes (5)
Yes (6)
Yes (5)
Number of shares vested
as of 12/31/2024
3,912,415
1,811,166
520,525
10,956
2,950
437,425
-
See table
below.
Cumulative number of
shares canceled or null
and void as of 12/31/2024
112,415
110,318
232,090
3,475
70,472
210,568
1,200
See table
below.
Performance shares
remaining at the end
of 2024
-
1,786,361
124,240
2,551
3,617,485
169,816
27,323
See table
below.
(1)
No 2020-A, 2021-A, 2021-M1, 2021-M2, 2022-A1, 2022-M1, 2022-A2, 2022-M2, 2023-A, 2023-M1, 2023-M2, 2024-A, 2024-M1 and 2024-M2 performance shares
were granted to corporate officers (excluding the directors representing employees) other than Mr. Pascal Daloz. For share allocations to Mr. Bernard Charlès, see the table
below “History of share allocations to Mr. Bernard Charlès, in respect of the gradual process of associating Mr. Bernard Charlès with the Company’s capital”.
(2)
The 2020-A Shares vested at the end of the vesting period, subject to the beneficiary fulfilling a condition of presence and the following performance condition, the
achievement of which was measured in 2023: growth in EPS compared to that achieved in 2019. The Board, when granting these shares, has set two limits: if the growth
of the EPS is at least equal to the upper limit, all the shares vested; If this is below the lower limit, no shares will be vested. Between these two thresholds, the number of
shares granted will varies linearly.
(3)
The 2021-A Shares will only vest at the end of the vesting period, provided that the beneficiary fulfills a condition of presence and the following performance condition,
the achievement of which was measured in 2022 and 2024 for each of the tranches: growth in EPS compared to that achieved in 2020. The Board, when granting these
shares, has set two limits: if the growth of the EPS is at least equal to the upper limit, all the shares will be vested; If this is below the lower limit, no shares will be vested.
Between these two thresholds, the number of shares granted varies linearly.
(4)
The 2021-M1 and 2021-M2 Shares will only fully vest at the end of the vesting period, provided that the beneficiary fulfills a condition of continued employment and
the following performance condition, the achievement of which was measured in 2021, 2022, 2023 and 2024 for each of the tranches: growth in EPS compared to that
achieved for fiscal year 2020 and double growth criterion for the non-IFRS revenue of the MEDIDATA brand compared to that achieved for the reference year, and an
increase in the percentage of the non-IFRS operating margin of the MEDIDATA brand over the reference year.
(5)
The 2022-A1 and 2022-A2 Shares will only fully vest at the end of the vesting period, provided that the beneficiary fulfills a continued employment condition and the
following performance condition, the achievement of which was measured in 2024: growth in EPS compared to that achieved in fiscal year 2021. The Board, having
granted these shares, has set two limits: if the growth of the EPS is at least equal to the upper limit, all the shares will be vested; If this is below the lower limit, no shares
will be vested. Between these two thresholds, the number of shares granted varies linearly.
(6)
The 2022-M1 Shares will only fully vest at the end of the vesting period, provided that the beneficiary fulfills a condition of continued employment and the following
performance condition, the achievement of which was measured in 2022, 2023 and 2024 for each of the tranches: growth in EPS compared to that achieved in fiscal year
2021 and double growth criterion for the non-IFRS revenue of the MEDIDATA brand over that achieved in the reference year, and an increase in the percentage of the
non-IFRS operating margin of the MEDIDATA brand compared to the reference year.
(7)
Shares granted by the buyback programs authorized by the General Meeting.
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Plan Number
2022-M2
2023-A
2023-M1
2023-M2
2024-A
2024-M1
2024-M2
Total
(including
the table
above)
General Meeting
(14) 05/24/2023
(14)
(14) 05/24/2023
(14)
(14)
Date of the Board meeting
09/21/2022 05/24/2023 05/24/2023 09/20/2023 05/22/2024 05/22/2024 09/18/2024
Total number of shares
granted
24,264
3,707,133
926,310
28,003
4,377,215
878,771
35,166
23,140,613
Of which the following
numbers were granted to
corporate officers (8)
-
450,000
-
-
450,000
-
-
2,150,000
Pascal Daloz
-
450,000
-
-
450,000
-
-
2,150,000
Vesting date of shares
09/21/2023
1st tranche
09/23/2024
2nd tranche
09/22/2025
3rd tranche 05/26/2026
05/24/2024
1st tranche
05/26/2025
2nd tranche
05/26/2026
3rd tranche
09/20/2024
1st tranche
09/22/2025
2nd tranche
09/21/2026
3rd tranche 05/24/2027
05/22/2025
1st tranche
05/22/2026
2nd tranche
05/24/2027
3rd tranche
09/18/2025
1st tranche
09/18/2026
2nd tranche
09/20/2027
3rd tranche
Date of end of holding
period
None
None
None
None
None
None
None
Performance conditions
Yes (9)
Yes (10)
Yes (11)
Yes (11)
Yes (12)
Yes (13)
Yes (13)
Number of shares vested
as of 12/31/2024
15,115
-
280,092
9,332
-
-
-
6,999,976
Cumulative number of
shares canceled or null
and void as of 12/31/2024
1,874
27,774
145,834
-
10,245
28,325
-
954,590
Performance shares
remaining at the end of
2024
7,275
3,679,359
500,384
18,671
4,366,970
850,446
35,166
15,186,047
(8)
No 2020-A, 2021-A, 2021-M1, 2021-M2, 2022-A1, 2022-M1, 2022-A2, 2022-M2, 2023-A, 2023-M1, 2023-M2, 2024-A, 2024-M1 and 2024-M2 performance shares
were granted to corporate officers (excluding the directors representing employees) other than Mr. Pascal Daloz. For share allocations to Mr. Bernard Charlès, see the table
below “History of share allocations to Mr. Bernard Charlès, in respect of the gradual process of associating Mr. Bernard Charlès with the Company’s capital”.
(9)
The 2022-M2 Shares will only fully vest at the end of the vesting period, provided that the beneficiary fulfills a condition of continued employment and the following
performance condition, the achievement of which was measured in 2022, 2023 and 2024 for each of the tranches: growth in EPS compared to that achieved in fiscal year
2021 and double growth criterion for the non-IFRS revenue of the MEDIDATA brand over that achieved in the reference year, and an increase in the percentage of the
non-IFRS operating margin of the MEDIDATA brand compared to the reference year.
(10) The 2023-A Shares will only vest at the end of the vesting period, provided that the beneficiary fulfills a condition of presence and the following performance condition,
the achievement of which will be measured in 2025: growth in EPS compared to that achieved in 2022 and the achievement of targets related to three ESG criteria (and
their sub‑criteria).
(11) The 2023-M1 and 2023-M2 Shares will only fully vest at the end of the vesting period, provided that the beneficiary fulfills a condition of continued employment and the
following performance condition, the achievement of which will be measured in 2023, 2024 and 2025 for each of the tranches: growth in EPS compared to that achieved
in fiscal year 2022, double growth criterion for the non-IFRS revenue of the MEDIDATA brand over that achieved in the reference year, an increase in the percentage of the
non-IFRS operating margin of the MEDIDATA brand compared to the reference year, and the achievement of targets related to three ESG criteria (and their sub‑criteria).
(12) The 2024-A Shares will only vest at the end of the vesting period, provided that the beneficiary fulfills a condition of presence and the following performance condition,
the achievement of which will be measured in 2026: growth in EPS compared to that achieved in 2023 and the achievement of targets related to three ESG criteria (and
their sub‑criteria).
(13) The 2024-M1 and 2024-M2 Shares will only fully vest at the end of the vesting period, provided that the beneficiary fulfills a condition of continued employment and the
following performance condition, the achievement of which will be measured in 2024, 2025 and 2026 for each of the tranches: growth in EPS compared to that achieved
in fiscal year 2023, double growth criterion for the non-IFRS revenue of the MEDIDATA brand over that achieved in the reference year, an increase in the percentage of the
non-IFRS operating margin of the MEDIDATA brand compared to the reference year, and the achievement of targets related to three ESG criteria (and their sub‑criteria).
(14) Shares granted by the buyback programs authorized by the General Meeting.
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History of share allocations to Mr. Bernard Charlès, in respect of the gradual
process of associating Mr. Bernard Charlès with the Company’s capital
(See also paragraph 5.1.3.1 “Compensation Policy Applicable to the Chairman of the Board of Directors” of the Universal
registration document 2023)
Plan Details
2020-B
2021-B
2022-B
2023-B
General Meeting
05/22/2018
05/26/2021
05/26/2021
05/24/2023
Board of Directors
05/26/2020
06/29/2021
05/19/2022
05/24/2023
Total number of shares granted
1,500,000 (1)
1,500,000 (1)
1,500,000
1,500,000
Vesting date of shares
05/26/2024
06/29/2023
– 1st tranche
06/30/2025
– 2nd tranche
05/19/2025
05/26/2026
Date of end of holding period (2)
None
None
None
None
Performance conditions
Yes (3)
Yes (4)
Yes (5)
Yes (6)
Number of shares vested by Bernard Charlès as of 12/31/2024
1,500,000
750,000
-
-
(1)
After adjustment in order to reflect the five‑for‑one stock split of the nominal value of Dassault Systèmes shares in effect as of July 7, 2021.
(2)
Not applicable to the shares subject to the legal lock‑up set by the Board of Directors (see paragraph 5.1.3.1 “Compensation Policy Applicable to the Chairman of the Board
of Directors” of the Universal registration document 2023).
(3)
Performance condition identical to the one stipulated for the 2020-A performance shares granted by the Board on the same day to certain Dassault Systèmes employees
(see table above “History of performance share allocations”).
(4)
Performance condition identical to the one stipulated for the 2021-A performance shares granted by the Board on the same day to certain Dassault Systèmes employees
(see table above “History of performance share allocations”).
(5)
Performance condition identical to the one stipulated for the 2022-A1 performance shares granted by the Board on the same day to certain Dassault Systèmes employees
(see table above “History of performance share allocations”).
(6)
Performance condition identical to the one stipulated for the 2023-A performance shares granted by the Board on the same day to certain Dassault Systèmes employees
(see table above “History of performance share allocations”).
From a general perspective, Mr. Bernard Charlès and Mr.
Pascal Daloz retain the Dassault Systèmes shares at the end
of the vesting period for the granted shares. Thus, in 2024,
Mr. Bernard Charlès retained the 1,500,000 shares, and Mr.
Pascal Daloz the 400,000 shares, acquired on May 26, 2024.
Exceptionally, Mr. Bernard Charlès made a family donation of
3,600,000 shares in July 2024.
On December 31, 2023, Mr. Bernard Charlès held
25,202,205 shares in full ownership, representing 1.88%
of Dassault Systèmes’ share capital. Pascal Daloz held
3,174,295 shares in full ownership, representing 0.24% of
Dassault Systèmes’ share capital.
On December 31, 2024, Mr. Bernard Charlès held
23,102,205 shares in full ownership, representing 1.72%
of Dassault Systèmes’ share capital. Mr. Pascal Daloz held
3,574,295 shares in full ownership, representing 0.27% of
Dassault Systèmes’ share capital.
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5.1.6
Application of the AFEP-MEDEF Code
Dassault Systèmes refers to the recommendations of the
AFEP-MEDEF Code revised in December 2022 and reviews
its corporate governance practices on a regular basis in order
to achieve continual improvement in this area.
As permitted by the said Code and the law, Dassault Systèmes SE
has not adopted all of the Code’s recommendations, or has
adopted certain provisions in modified form, in view of
its particular situation or due to its compliance with other
provisions of the Code. These are summarized in the table
below, together with the reasons for their exclusion/
modification.
Recommendations
of the AFEP-MEDEF Code
Explanation
Proportion of performance shares
in the compensation of executive
officers
(Article 26.3.3)
The shares granted to Mr. Pascal Daloz represent a significant proportion of his total
compensation. This is in line with the practice observed in the international technology
companies with which the Company compares itself.
Appointment of the directors
representing employees to the
Compensation and Nomination
Committee
(Article 19.1)
The Board of Directors favors total independence of its committees and considers
this to be essential to achieve a balance of power in a controlled company. The
independence of the committees therefore helps maintain an overall balance in
Dassault Systèmes’ governance, as does the appointment of an independent lead
director.
The Compensation and Nomination Committee’s discussions are carefully reported
and the Committee’s recommendations are debated during the Board meetings. All
directors, including the directors representing employees, have the opportunity to
express their opinions on the subjects dealt with by the Committee.
5.1.7
Other Information Required by Articles L. 225‑37 and
L. 22‑10‑8 et seq. of the French Commercial Code
5.1.7.1
Specific Conditions Related
to Shareholder Participation
in the General Meeting
Shareholders participate in the General Meetings of
Dassault Systèmes SE in accordance with applicable law and
its by‑laws (Articles 24 to 33). Thus, every shareholder has
the right to participate in General Meetings and deliberations
either personally or via a proxy, regardless of the number of
shares held, according to the conditions specified by Article
27 of the by‑laws of Dassault Systèmes (see paragraph 6.1.2
“Memorandum and Specific By-Laws Provisions”).
In the case of stripping of the ownership of the shares, the
voting right belongs to the bare owner, except for decisions
relating to the allocation of profits, where it belongs to the
beneficial owner.
5.1.7.2
Table Summarizing the Current
Delegations Granted by the
General Meeting of Shareholders
in Respect of Capital Increases
The following table summarizes the delegations of authority
and authorizations granted by the General Meeting to the
Board of Directors and in effect during the 2024 fiscal year
and as of the date of this Universal registration document. It
includes authorizations to increase the share capital and to
buy back and cancel Dassault Systèmes SE’s own shares.
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Resolutions and
General Meetings (“GM”)
Description of the delegation of authority granted
to the Board of Directors
Utilization
in the fiscal year
SHARE BUYBACKS AND CANCELLATION
13th resolution
GM of 05/22/2024
Authorization: purchase of Dassault Systèmes shares.
Duration: approximately 12 months (expiring at the GM approving the
financial statements for the fiscal year ending December 31, 2024).
Cap: 25 million shares representing up to €1 billion.
Cannot be used during a public offering period.
See paragraph 6.2.4
“Share Buyback
Programs”
14th resolution
GM of 05/22/2024
Authorization: cancel shares purchased under the buyback program.
Duration: approximately 12 months (expiring at the GM approving the
financial statements for the fiscal year ending December 31, 2024).
Cap: 5% of share capital in a 24‑month period.
See paragraph 6.2.4
“Share Buyback
Programs”
ISSUANCE OF SECURITIES
14th resolution
GM of 05/24/2023
Authorization: increase the Company’s share capital by issuing shares or
marketable securities giving access to Dassault Systèmes SE share capital
or equity securities giving right to debt securities, with the preemptive
right of shareholders.
Duration: 26 months, i.e. until 07/24/2025.
Cap: for a maximum nominal amount of €12 million for shares or marketable
securities – for a maximum nominal amount of €1 billion for debt securities.
Cannot be used during a public offering period.
None
15th resolution
GM of 05/24/2023
Authorization: increase the Company’s share capital by issuing shares or
marketable securities giving access to Dassault Systèmes SE share capital,
or equity securities giving right to the allocation of debt securities, with
a waiver of their preferential subscription right and by way of a public
offering other than those envisaged by Article L. 411‑2, 1st paragraph,
of the French Monetary and Financial Code.
Duration: 26 months, i.e. until 07/24/2025.
Cap: for a maximum nominal amount of €12 million for shares or marketable
securities – for a maximum nominal amount of €1 billion for debt securities,
to be deducted from the caps set out in the 14th resolution.
Cannot be used during a public offering period.
None
16th resolution
GM of 05/24/2023
Authorization: increase the Company’s share capital by issuing shares
or marketable securities giving access to Dassault Systèmes SE share
capital, or equity securities giving right to the allocation of debt securities,
under the terms of the delegation of authority referred to in the previous
resolution, by way of a public offering as provided for in Article L. 411‑2,
1st paragraph, of the French Monetary and Financial Code.
Duration: 26 months, i.e. until 07/24/2025.
Cap: for a maximum nominal amount of €12 million for shares or marketable
securities – for a maximum nominal amount of €1 billion for debt securities,
to be deducted from the caps set out in the 14th resolution.
Cannot be used during a public offering period.
None
17th resolution
GM of 05/24/2023
Authorization: increase the number of marketable securities to issue in
the case of a share capital increase with or without the preemptive right of
shareholders.
Duration: 26 months, i.e. until 07/24/2025.
Cap: 15% of the initial issue, to be deducted from the cap provided for in
the 14th resolution.
Cannot be used during a public offering period.
None
18th resolution
GM of 05/24/2023
Authorization: increase the share capital by the incorporation of reserves,
profits or premiums.
Duration: 26 months, i.e. until 07/24/2025.
Cap: for a maximum nominal amount of €12 million (to be deducted
from the cap set out in the 14th resolution).
Cannot be used during a public offering period.
None
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Resolutions and
General Meetings (“GM”)
Description of the delegation of authority granted
to the Board of Directors
Utilization
in the fiscal year
19th resolution
GM of 05/24/2023
Authorization: increase the share capital to remunerate contributions
in kind of shares.
Duration: 26 months, i.e. until 07/24/2025.
Cap: 10% of the share capital, to be deducted from the cap provided
for in the 14th resolution.
Cannot be used during a public offering period.
None
17th and 18th
resolutions
GM of 05/22/2024
Authorization: decide one or more mergers through absorption and
consequently to increase share capital by issuing new shares.
Duration: 26 months, i.e. until 07/22/2026.
Cap: for a maximum nominal amount of €10 million, to be deducted from
the cap set out in the 14th resolution of the General Meeting of May 24,
2023, or any subsequent resolution having the same purpose.
Cannot be used during a public offering period.
None
19th and 20th
resolutions
GM of 05/22/2024
Authorization: decide on one or more splits and increase the share capital
accordingly by issuing new shares.
Duration: 26 months, i.e. until 07/22/2026.
Cap: for a maximum nominal amount of €10 million, to be deducted from
the cap set out in the 14th resolution of the General Meeting of May 24,
2023, or any subsequent resolution having the same purpose.
Cannot be used during a public offering period.
None
21st and 22nd
resolutions
GM of 05/22/2024
Authorization: decide on one or more partial asset contributions and
increase the share capital accordingly by issuing new shares.
Duration: 26 months, i.e. until 07/22/2026.
Cap: for a maximum nominal amount of €10 million, to be deducted from
the cap set out in the 14th resolution of the General Meeting of May 24,
2023, or any subsequent resolution having the same purpose.
Cannot be used during a public offering period.
None
ISSUANCE FOR THE BENEFIT OF EMPLOYEES AND EXECUTIVE OFFICERS
20th resolution
GM of 05/24/2023
Authorization: grant free shares, existing or to be issued, for the benefit
of certain employees and/or corporate officers (mandataires sociaux)
of Dassault Systèmes SE and its affiliated entities as defined in Article
L. 225‑197‑2 of the French Commercial Code.
Duration: approximately 24 months (expiring at the GM approving the
financial statements for the fiscal year ending December 31, 2024).
Cap: 1.5% of share capital.
Use of this
authorization
is described in
paragraph 5.1.5
“Interests of Executive
Management and
Employees in the
Share Capital of
Dassault Systèmes SE”
21st resolution
GM of 05/24/2023
Authorization: grant stock options giving right to subscribe to new shares
or purchase existing shares for the benefit of certain employees and/or
corporate officers of Dassault Systèmes SE and its affiliated entities as
defined in Article L. 225‑180 of the French Commercial Code.
Duration: approximately 24 months (expiring at the GM approving the
financial statements for the fiscal year ending December 31, 2024).
Cap: 3% of share capital.
Use of this
authorization
is described in
paragraph 5.1.5
“Interests of Executive
Management and
Employees in the
Share Capital of
Dassault Systèmes SE”
15th resolution
GM of 05/22/2024
Authorization: increase the share capital for the benefit of members of a
company savings plan of Dassault Systèmes SE and/or its affiliated entities.
Duration: 26 months, i.e. until 07/22/2026.
Cap: for a maximum nominal amount of €1 million (to be deducted from
the cap set out in the 14th resolution of the General Meeting of May 24,
2023).
Use of this
authorization
is described in
paragraph 5.1.5
“Interests of Executive
Management and
Employees in the
Share Capital of
Dassault Systèmes SE”
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Resolutions and
General Meetings (“GM”)
Description of the delegation of authority granted
to the Board of Directors
Utilization
in the fiscal year
16th resolution
GM of 05/22/2024
Authorization: increase the Company’s share capital in favor of a category
of beneficiaries.
Duration: 18 months, i.e. until 11/22/2025.
Cap: for a maximum nominal amount of €1 million, to be deducted from
the cap set out in the 14th resolution of the General Meeting of May 24,
2023, and from the cap set out in the 15th resolution of the General
Meeting of May 22, 2024.
Use of this
authorization
is described in
paragraph 5.1.5
“Interests of Executive
Management and
Employees in the
Share Capital of
Dassault Systèmes SE”
It is proposed to the General Meeting among other
resolutions (see paragraph 7.1 “Presentation of the
Resolutions Proposed by the Board of Directors to the
General Meeting of May 22, 2025”):
—
to
renew
the
authorizations
to
purchase
Dassault
Systèmes
shares
and
to
cancel
the
authorizations, which expire on May 22, 2025 (see also
paragraph 6.2.4.2 “Description of the Share Buyback
Program Proposed to the General Meeting on May 22,
2025”);
—
to renew the delegations relating to the issuance of
Dassault Systèmes securities under the conditions set
out in paragraph 7.1.10 “Delegations of authority and
powers to increase the share capital”;
—
to reauthorize the Board of Directors to grant free shares
and options to subscribe to Dassault Systèmes shares;
—
in order to allow for the introduction of an employee
shareholding plan, two new authorizations allowing for
an increase in the share capital reserved for members
of company savings plans and a specific category of
beneficiaries.
5.1.7.3
Draft Resolutions Prepared by the
Board pursuant to the General Meeting
Vote on the Compensation Policy
The draft resolution in respect of the vote on the
compensation policy is set out in paragraph 7.2 “Text of the
Draft Resolutions Proposed by the Board of Directors to the
General Meeting on May 22, 2025”.
5.1.7.4
Possible Consequences in Case
of a Public Tender Offer
The information required by Article L. 22‑10‑11 of the
French Commercial Code is contained in paragraphs
6.3 “Information about the Shareholders” (concerning
control of GIMD), 6.1.2.3 “Shares and Voting Rights”
(concerning the conditions for exercising voting rights)
and 5.1.3.2 “Compensation Policy Applicable to the Chief
Executive Officer” of this Universal registration document.
This Universal registration document is available on the
French Financial Markets Authority (AMF) website (www.
amf-france.org) and on the Dassault Systèmes website
(www.3ds.com). A press release is issued to announce when
the Universal registration document becomes available.
Under the credit agreement executed on June 11, 2019,
if a person or a group of persons acting in concert (with
the exception of GIMD and/or Mr. Charles Edelstenne)
takes control (within the meaning of Article L. 233‑3 I
1st and 2nd paragraphs and II of the French Commercial
Code) of Dassault Systèmes, any lender participating in
the €750 million revolving credit facility may request
the cancellation of its entire commitment in respect of
the facility and the immediate repayment of its share of
all outstanding advances. As of December 31, 2024, the
revolving credit facility had not been drawn upon (see
paragraph 1.4.3 “Material Contracts”).
In addition, if such a change of control results in a rating
downgrade, below investment grade, for the bonds issued
by Dassault Systèmes on September 16, 2019 for a total
of €3.65 billion, bondholders may request the redemption
at par value of the bonds they hold. On September 16,
2022, the Group repaid the first tranche of its bonds for
€900 million. The second tranche of €700 million was
reimbursed on September 16, 2024.
5.1.7.5
Gender Equality Within the
Executive Team and Top
Positions of Responsibility
Dassault Systèmes has a strong ambition in terms of gender
equality, including within the Executive team and top
positions of responsibility.
The policies and main actions implemented by the Company,
as well as the indicators monitored and the objectives
set on this matter, are described in paragraph 2.2.3.1.4
“Management of Strategic Matter 7: Promoting Professional
Opportunities for all employees nurturing Inclusion and
Creativity”. They relate to the year 2024 and apply only in
accordance with applicable local and national regulations.
They are reviewed annually and can be adjusted, when
necessary, with regard to the evolution of the legal
framework in the world, for example in the United-States.
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5.1.7.6
Procedure for Evaluating
Related-Party Agreements
The Board of Directors adopted a procedure for classifying
related‑party
agreements,
subjecting
them,
where
appropriate, to the regulated agreements procedure and, for
routine transactions entered into at arm’s length, regularly
assessing whether they satisfy those conditions.
The Legal Department, with the support of the Finance
Department, is thus responsible for reviewing prior
to its conclusion, and in the event of its amendment,
renewal or extension, any agreement entered into by
Dassault Systèmes SE and a related party (as provided for
in Article L. 225‑38 of the French Commercial Code) and
conducts an annual review of standard agreements entered
into at arm’s length, during the last fiscal year or earlier, as
long as their effects continue.
The results of the assessment of non‑regulated agreements
are presented to the Board’s Audit Committee which decides
upon it.
In early 2025, the Legal Department thus carried out a
review of related‑party agreements considered to be routine
transactions entered into at arm’s length and concluded
that all such agreements continue to satisfy both of these
conditions. [To be confirmed]
5.1.7.7
Agreements With a Company
Controlled by Dassault Systèmes SE
No agreement was entered into directly or by an
intermediary person between, on the one hand, one of
Dassault Systèmes’ corporate officers or shareholders
owning more than 10% of voting rights and, on the other
hand, a company controlled by Dassault Systèmes SE.
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5.2
Enterprise risk management and internal control
5.2.1
Definitions and Objectives of Enterprise Risk
Management and Internal Control
The aim of enterprise risk management is to identify, assess,
address and communicate enterprise risks in the context
of defining and achieving the objectives set by corporate
governance. Dassault Systèmes promotes a risk management
culture that is overseen by a Risk Management Steering
Committee. The Committee relies on standards (COSO ERM
and ISO31000) and tailored guidelines to the specificities of
the Enterprise. Internal control is a key component of the
global risk management process.
According to the COSO, internal control is a process
implemented by the Board of Directors, managers and
employees aimed at providing a reasonable guarantee with
respect to achieving the following objectives: performing
and optimizing operations, the reliability of financial and
accounting information, and compliance with the laws and
regulations in force.
Inspired by the COSO framework and the French Financial
Markets Authority (AMF) reference framework, internal
control procedures at Dassault Systèmes SE and its
subsidiaries aim to:
—
improve the performance and efficiency of operations
through optimized use of available resources (COSO
framework);
—
ensure the reliability, quality and availability of financial
and non‑financial data (COSO and AMF frameworks);
—
ensure that operations comply with legislation in force
and Dassault Systèmes’ internal regulation (COSO and
AMF frameworks);
—
guarantee the security of assets, particularly intellectual
property, the human and financial resources as well as
the image of Dassault Systèmes (AMF framework);
—
prevent risks of error or fraud (COSO and AMF
frameworks).
5.2.2
Organizational Framework
5.2.2.1
Risk Management Participants
and Organization
Risk management is led by a Risk Management Steering
Committee comprised of representatives from the Legal,
Sustainable Finance, Human Resources, and Audit &
Risks departments, overseen by the General Secretary.
The Steering Committee monitors the evolutions in the
Company’s risk mapping, confirming or updating it, as
necessary.
To
do
this,
it
interacts
regularly
with
the
entire
Dassault Systèmes organizational structure, and especially
with:
—
members of the executive committee;
—
representatives from other departments, internal experts
and operational managers (especially the Group heads of
Sustainable Finance, Cybersecurity, Personel Health and
Safety, Information Systems and Compliance), as well
as those in charge of specific risk management systems
developed and maintained for regulatory or operational
reasons.
Each year it holds a meeting with the members of the Board’s
three committees gathered in an independent directors’
session dedicated to risks management and presents a
mapping of the Group’s risks along with the conclusions of
its work over the past period.
The Risk Management Steering Committee uses the risk
management systems required by regulation and/or that
require specific monitoring, namely:
—
social, societal and environmental risks: work mainly
carried out by the Human Resources, Sustainable
Development and Sustainable Finance departments;
—
cybersecurity risks for IT, R&D and cloud infrastructure,
overseen by a dedicated Steering Committee;
—
risks of corruption and influence peddling – French Sapin
2 law, US Foreign Corrupt Practices Act (FCPA), UK
Bribery Act: work carried out by the Business Ethics and
compliance department based on a specific methodology;
—
as well as risks related to the vigilance plan: work carried
out by the Business Ethics and compliance department
based on a specific methodology.
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drives the enterprise risk management
steering committee
directs the enterprise
risk management activities
THE GENERAL SECRETARY
assesses the enterprise risks to formalize
the risk mapping and monitor treatment
THE ENTERPRISE RISK MANAGEMENT
STEERING COMMITTEE
is an executive member
of the steering committee
THE CHIEF FINANCIAL OFFICER
THE EXECUTIVE COMMITTEE
SUSTAINABLE
FINANCE AND
PROCUREMENT
AUDIT
AND RISKS
SUSTAINABILITY
HUMAN
RESOURCES
LEGAL
ENTERPRISE RISK MANAGEMENT
GOVERNANCE
Independent Directors hold an annual meeting dedicated
to enterprise risk management
BOARD OF DIRECTORS
A WORLDWIDE NETWORK OF EXPERTS AND RISK MANAGERS
INDEPENDENT DIRECTORS
manage risks in accordance with priorities identified
by the steering committee
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5.2.2.2
Internal Control Participants
and Organization
All
corporate
governance
bodies
participate
in
the
implementation of internal control and risk management
processes.
The Board of Directors created an Audit Committee, with
the mission described in paragraph “5.1.1.3 Composition,
Practices and Activities of the Board Committees”.
Internal control relies on the responsibility by directions
and subsidiaries of Dassault Systèmes over their respective
area of expertise, and on delegations of powers to certain
members of the Executive Committee of the Company, such
delegations having specific fields of application:
—
subsidiaries’ local chief executive and financial officers
are responsible for preparing the subsidiaries’ financial
statements which are included in Dassault Systèmes’
consolidated financial statements and the annual
financial statements and management reports for each
of their respective subsidiaries, whether the accounts
are prepared by their own financial teams or by shared
internal financial and accounting shared services centers,
located particularly in France, the United States, Japan,
and Malaysia;
—
Dassault Systèmes’ Financial Planning & Analysis
department is responsible for directing the financial
objectives of Dassault Systèmes in accordance with
the budget monitoring procedure and, in this respect,
performs specific controls and analyzes of the quarterly
accounts. It is also responsible for identifying, analyzing
and warning of any differences from the previous year,
the previous quarter and Dassault Systèmes’ budget
objectives, which are subject to a quarterly update;
—
the Audit & Risks department, reporting to the General
Secretary and Finance department and presenting its
work to the Audit Committee, has the main mission of
evaluating the relevance of Dassault Systèmes’ internal
control processes, of alerting senior management and
the Audit Committee regarding possible deficiencies or
risks, and of proposing measures that will limit the risks
and improve the efficiency of operations. The Audit &
Risks department also has the responsibility for the
annual assessment, on behalf of senior management,
of the internal control mechanisms related to financial
reporting; An Audit & Risks department charter has been
published within the company;
—
the team in charge of Business Ethics and Compliance,
reporting to the Legal department, is responsible for
ensuring the deployment and enforcement for the
principles described in the Dassault Systèmes’ Code
of Business Conduct, as well as Dassault Systèmes’
specific policies, recommendations and procedures
regarding ethics and compliance. This department is
supported by an Ethics Committee, which meets every
month and investigates any alleged non‑conformities
brought to its knowledge, in particular through the
internal
Whistleblowing
procedure.
For
matters
pertaining specifically to human rights and environment,
a “Duty of Vigilance” Steering Committee composed
of
representatives
of
the
Business
Ethics
and
Compliance, Purchasing and Audit & Risks and Human
Resources departments follows up and evaluates the
implementation of the Vigilance Plan (see paragraph
“2.4.1 Governance” in section “2.4 Vigilance plan”).
In parallel, Dassault Systèmes’ management has established
the following bodies:
—
a Disclosure Committee, responsible for deciding whether
certain information is considered inside information and
if the publication of such information may be deferred,
ensuring compliance with the conditions allowing a
deferral of publication, documenting it and informing the
French Financial Markets Authority (AMF) at the time of
publication;
—
an Insider Committee responsible for setting and
applying the rules aimed at preventing insider trading.
In particular, this Committee informs all interested
parties (employees, directors, consultants, etc.) of
the periods in which they are prohibited from trading
Dassault Systèmes’ securities. These blackout periods
are longer than those set forth by law. In addition, as
soon as they have regular access to privileged and insider
information in relation to their roles, all persons must
obtain the Insider Committee’s prior approval for any
transactions involving Dassault Systèmes’ securities (as
defined in its Insider Trading Rules). Dassault Systèmes
complies with legal and regulatory provisions regarding
the prevention of insider trading on a general basis.
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5.2.3
Processes
5.2.3.1
Risk Management Process
The Risk Management Steering Committee of the Company
relies on a charter, that was published internally and a
procedure defining activities carried out throughout the year.
The work of the Steering Committee, in connection with
that of Dassault Systèmes’ senior management, is aimed at
identifying, assessing, handling and communicating risks
that could impact Dassault Systèmes’ performance. The
actions taken are aligned with the risk appetite defined by
the Executive Committee.
The
Group’s
risk
appetite
determines
the
level
of
risk‑taking that executive management deems acceptable
or unacceptable to achieve its strategic and operational
objectives. It sets limits at the financial level (nature and
volume of resources) and non‑financial level (ethics and legal,
in particular). This transparent approach allows for informed
risk‑taking and strikes a balance between the potential
negative effects of the risks and the pursuit of opportunities.
The Dassault Systèmes Group’s risk management process is
performed iteratively and consists of the following steps:
a) Risk
identification:
risks
are
identified
through
interviews and surveys with Company management and
industry experts and are analyzed in detail to determine
their causes and potential effects.
These risks are considered over a short‑term and
medium‑term horizon and are classified by type:
– strategic risks: risks that have an impact on the
Group’s ability to execute its strategy and achieve its
objectives;
– financial risks: risks of losses on financial assets (credit
and concentration risks, market risk) and of a balance
sheet imbalance (liquidity, foreign currency, interest
rate, solvency);
– operational
risks:
risks
of
loss
resulting
from
inadequate or failed internal processes, people and
systems or from external events;
– legal or regulatory risks: risks of failure to comply with
new or existing regulations in countries where the
Group conducts business or would like to operate.
b) Risk assessment
Each risk identified is assessed on three dimensions:
– probability of occurrence, which measures the probability
that the scenario(s) described will materialize;
– severity, i.e. the measurement of the potential impacts
on the Group should the risk occur; severity is in turn
assessed on three dimensions: impact on strategic
positioning, impact on image and reputation, and
financial impact;
– level of control, which reflects the effectiveness of the
control actions already implemented.
This assessment is used to rank the risks identified
in terms of action priority, and thus to optimize the
allocation of resources for implementation of treatment
actions.
c) Risk treatment
Each risk identified is placed under the responsibility of
an operational manager, who defines and implements
the mitigation actions. The Risk Management Steering
Committee periodically monitors the relevance and
status of the risk map mitigation actions.
d) Risk communication: the Steering Committee’s conclusions
are reviewed annually by the members of the Board of
Directors’ three committees as part of an independent
director’s session at a meeting devoted to preventing
and managing risks within the Company. These risks,
after taking into account risk management policies, are
summarized in paragraphs 1.9.1 “Risks Related to the
Business” and 1.9.2 “Financial and Market Risks”.
Operational risks are essentially managed by entities and
the Company’s organizational structures. Certain risks,
particularly in the area of intellectual property protection,
ethics and compliance, and legal and financial risks are also
specifically monitored at the Group level.
As
part
of
its
risk
identification
and
assessment
responsibilities, the Company’s Risk Management Steering
Committee also focuses on identifying emerging risks in
order to anticipate the risks and challenges of the future. An
emerging risk can be defined as a new risk that could, in the
medium term or long term, have a negative impact on the
Company’s business and its financial position, but which is
not yet considered a material risk for the Company.
As such, every year the Risk Management Steering
Committee relies on reports from analysts and experts to
provide the Risk Management Steering Committee with
insights into the main emerging risks.
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5.2.3.2
Internal Control Process
The
internal
control
mechanisms
developed
by
Dassault Systèmes rely on the following:
—
control environment: Dassault Systèmes’ business
ethics rules are guided by a strict framework presented
in paragraph “2.2.4.1 G1 – Business Conduct”. It is
formalized in particular in the Code of Business Conduct,
which describes the manner in which the Company
expects its business to be conducted and is intended to
serve as a reference for all Dassault Systèmes employees
to guide their behavior and interactions in their daily
activities. The Code of Business Conduct applies to all
employees of Dassault Systèmes and is available on
Dassault Systèmes’ website and internal platform. It
addresses, in particular (i) compliance with regulations
applicable to Dassault Systèmes’ business, (ii) individual
interactions within Dassault Systèmes and with its
ecosystem and (iii) protecting Dassault Systèmes’
assets (in particular, its intellectual property and
the confidentiality of its clients and partners). The
Code also includes specific policies, procedures and
recommendations concerning the fight against corruption
and influence‑peddling (Responsible Public Affairs
Charter, Anti-Corruption Policy), societal responsibility
(Corporate Social Responsibility Principles), personal
data protection, export embargoes, conflicts of interest,
and insider trading. The distribution of these policies is
accompanied by training, which is specifically provided
to any new employee and to employees joining
Dassault Systèmes as part of the integration process for
its acquisitions;
—
protection and monitoring activities:
– the framework and internal control policies related to
the main processes within the Company (information
technology security, sales administration, human
resources, protection of intellectual property, closing
and publication of financial statements, treasury
management and client credit risk management)
are formalized and updated at the level of both
Dassault Systèmes SE and its main subsidiaries or the
related shared services centers; they are implemented
in newly acquired entities as quickly as possible once
their integration has begun; the framework and the
internal control policies are maintained via a specialized
software tool,
– the financial control points as well as newly
implemented
the
non‑financial
control
points
documented in the internal control framework prevent
or detect risks impacting the financial information in
Dassault Systèmes’ significant entities;
—
monitoring: Dassault Systèmes has rolled out processes
to monitor, review and analyze on a regular basis its
performance at the level of its main brands, GEOs,
entities and distribution channels (governance, budget
reviews, and activity reviews). Quarterly communication
meetings are also held to ensure the dissemination of
Dassault Systèmes’ strategy and culture of integrity
to all its employees and exchanges facilitating its
implementation;
—
audit missions: every year, the Audit & Risks department
carries out a number of audits according to a plan
approved by the Audit Committee. The audit plan is
prepared on a multi‑year basis mainly using the risk
analysis as described in “5.2.3.1 Risk Management
Process”, interviews with executives and the results
of the internal control assessment. If the environment
changes over the year, the audit plan can be adjusted at
the request of Company management and on the advice
of the Audit Committee. In addition to assessing the
effectiveness of internal control, these missions generally
focus on improving the effectiveness and efficiency of
processes and organizations. They result, as necessary,
in recommendations to the audited organizations and to
their management, which must submit corrective action
plans with timetables. The Audit & Risks department
monitors these action plans until it has been determined
that they have been fully implemented. It presents the
results of the audits as well as the status of the corrective
plans to Management and the Audit Committee. The
recommendations resulting from the audits and the
monitoring of the plans are managed using a specialized
software tool made available to the audited parties
across the Group. In 2024, the Audit & Risks department
conducted several missions aimed at assessing the
compliance of the internal control activities, including at
some of Dassault Systèmes’ foreign entities.
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5.2.4
Internal Control Procedures Relating to the
Preparation of Financial and Accounting
Information and of Non-Financial Information
With respect to the internal control processes related to
the preparation of financial and accounting information,
Dassault Systèmes’ focus has been to:
—
operate based on a quarterly system and cycle to update
budget objectives and identify and analyze variations
from the objectives set by the Finance department of
Dassault Systèmes, and from the previous quarter and
fiscal year.
Thus, each of the organizations (GEOs, brands, functions)
prepares a detailed and documented presentation of
its sales activity for the past quarter and the year and
performs a comparative analysis of its financial results
(revenues and costs) in comparison with the budget
targets of the current year and compared to the same
quarter for the previous year.
Budget projections are reviewed, analyzed and updated
each quarter by the executive teams of the Finance
Department to take into account all changes in the
market and the economic environment, particularly as
regards exchange rates, and to present realistic objectives
to shareholders and financial markets;
—
maintain reliable consolidation tools and processes
in order to establish and publish required financial
information
every
quarter
as
soon
as
possible.
The
consolidation
procedure
as
defined
by
Dassault Systèmes SE is based on:
– giving responsibility to the finance teams in the
subsidiaries, who are required to certify the quarterly
statements transmitted to Dassault Systèmes SE and
to provide detailed business reviews and analyses
before the accounts are consolidated,
– consolidation tools that secure data transmission and
processing,
– standardization of processes and information systems,
particularly by centralizing the majority of the
accounting transactions in shared service centers,
– an annual process to monitor off‑balance sheet
commitments and related‑party agreements,
– the detailed review by the Finance department of the
quarterly accounts of Dassault Systèmes SE and its
subsidiaries,
– the detailed analysis by the Accounting department
of all the material software license and/or service
transactions in order to validate the accounting
recognition;
—
systematize the processes by which the Audit
Committee and the Board of Directors review financial
information prior to publication;
—
structure its financial communications to ensure
simultaneous and equivalent publication on its principal
markets of financial results or any other information that
could have an impact on the price of its shares.
In 2024, Dassault Systèmes developed an internal control
system for the preparation of non‑financial information. It
is described in section “2.2.1.3.5 GOV 5 – Risk management
and internal controls over sustainability reporting”. It is an
integral part of the control framework managed by the Audit
& Risks department and will undergo the same assessment.
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5.2.5
Internal Control Assessment
The Company’s management seeks to maintain a high level
of internal control within Dassault Systèmes. Every year,
the operating entities conduct managerial self‑assessments
of their internal control related to requirements deemed
essential. These are performed under the supervision of
the Audit & Risks department, which reports the results to
Company Management and the Audit Committee. A targeted
assessment work, particularly on key control points, is
carried out independently by the Audit & Risks department
based on a targeting and rotation protocol used to cover
the entire Group over a multi‑year cycle. The results are
also presented to the Company management and the Audit
Committee and inform a continuous improvement process
for controls as well as the internal audit plan. The actions
taken to improve control are monitored by the Audit & Risks
department until they have been fully implemented. Newly
acquired entities undergo an internal control assessment
within the first few months of acquisition.
In addition, the efficiency of internal control is assessed
every year by the Statutory Auditors as part of their
assignment.
5.2.6
Internal Control Limitations
The internal control system cannot provide an absolute
guarantee that Dassault Systèmes’ objectives in this area will
be achieved. Inherent limitations apply to all internal control
systems, related in particular to the exercise of individual
judgment, dysfunctions which may result from human
failure, or even to the uncertainties linked to events external
to Dassault Systèmes.
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5.3
Summary of Share Transactions by
Dassault Systèmes Executives
Pursuant to Article 223‑26 of the French Financial Markets
Authority (AMF) General Regulation, the table below
shows transactions involving marketable securities issued
by Dassault Systèmes carried out in 2024 by directors or
executives of Dassault Systèmes or by persons related
to them (according to Article L. 621‑18‑2 of the French
Monetary and Financial Code) on the basis of the declarations
made by the relevant parties to the AMF, available on www.
amf-france.org.
Date
Place
Person concerned
Nature of the transaction
Unit price
(in euros)
Volume
02/02/2024 – Euronext Paris
Erik Swedberg
Exercise of stock options
29.0900
60,000
02/02/2024 – Euronext Paris
Erik Swedberg
Sale of shares
42.1233
60,000
02/02/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9900
37,000
02/05/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.8920
38,000
02/06/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9350
38,000
02/07/2024 – Euronext Paris
Thibault de Tersant
Sale of shares
43.1908
20,000
02/12/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.2710
36,500
02/13/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.2600
37,500
02/27/2024 – Euronext Paris
Erik Swedberg
Exercise of stock options
29.0900
72,455
02/27/2024 – Euronext Paris
Erik Swedberg
Sale of shares
42.7162
72,455
03/01/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.0240
37,500
03/05/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.0790
38,500
03/06/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.0127
38,500
03/08/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.1210
41,000
04/26/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.2170
42,000
04/26/2024 – Euronext Paris
Geneviève Berger
Acquisition of shares
37.3000
500
04/29/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.2493
42,000
04/30/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.2710
42,000
05/02/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.5040
38,000
05/07/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.8232
40,000
05/13/2024 – Euronext Paris
Charles Edelstenne
Acquisition of shares
37.9600
40,000
05/15/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.9105
60,000
05/16/2024 – Euronext Paris
Charles Edelstenne
Acquisition of shares
37.7657
26,077
05/16/2024*
Charles Edelstenne
Acquisition of shares
37.9106
13,923
05/21/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.4610
27,000
05/21/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.4370
27,500
05/26/2024 – Off‑trading platform
Bernard Charlès
Acquisition of performance
shares
0.0000 1,500,000
05/26/2024 – Off‑trading platform
Laurence Baucher-Barthès
Acquisition of performance
shares
0.0000
100,000
05/26/2024 – Off‑trading platform
Samson Khaou
Acquisition of performance
shares
0.0000
100,000
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Date
Place
Person concerned
Nature of the transaction
Unit price
(in euros)
Volume
05/26/2024 – Off‑trading platform
Florence Aubigny
Acquisition of performance
shares
0.0000
250,000
05/26/2024 – Off‑trading platform
Philippe Laufer
Acquisition of performance
shares
0.0000
200,000
05/26/2024 – Off‑trading platform
Hervé Andorre
Acquisition of performance
shares
0.0000
10,000
05/26/2024 – Off‑trading platform
Pascal Daloz
Acquisition of performance
shares
0.0000
400,000
05/26/2024 – Off‑trading platform
Olivier Ribet
Acquisition of performance
shares
0.0000
150,000
05/26/2024 – Off‑trading platform
Florence Verzelen
Acquisition of performance
shares
0.0000
150,000
05/26/2024 – Off‑trading platform
Elisa Prisner
Acquisition of performance
shares
0.0000
15,000
05/26/2024 – Off‑trading platform
Victoire de Margerie
Acquisition of performance
shares
0.0000
10,000
05/26/2024 – Off‑trading platform
Patrick Johnson
Acquisition of performance
shares
0.0000
100,000
05/29/2024 – Over‑the‑counter
GIMD**
Assignment of put options
1.7900
40,000
05/29/2024 – Euronext Paris
Charles Edelstenne
Acquisition of shares
37.9817
23,907
05/29/2024*
Charles Edelstenne
Acquisition of shares
37.9728
16,093
05/30/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.6260
41,000
05/30/2024 – Euronext Paris
Charles Edelstenne
Acquisition of shares
37.2440
3,064
05/30/2024*
Charles Edelstenne
Acquisition of shares
37.2440
4,177
05/31/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.2110
40,500
05/31/2024 – Euronext Paris
Charles Edelstenne
Acquisition of shares
36.7090
80,958
05/31/2024*
Charles Edelstenne
Acquisition of shares
36.7350
31,801
06/04/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.0770
41,000
06/07/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.0300
41,000
07/01/2024 – Off‑trading platform
Rouven Bergmann
Acquisition of performance
shares
0.0000
18,092
07/26/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9435
45,000
07/26/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9935
45,000
07/26/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.0850
62,000
07/26/2024 – Off‑trading platform
Bernard Charlès
Donation of shares
0.0000 3,600,000
07/26/2024 – Euronext Paris
Charles Edelstenne
Acquisition of shares
34.7912
70,145
07/26/2024*
Charles Edelstenne
Acquisition of shares
34.7969
49,855
07/29/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.3093
44,000
07/30/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.1600
44,500
08/28/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.3750
45,000
08/29/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9610
45,000
08/30/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.7055
40,000
405
5
Corporate Governance
Summary of Share Transactions by Dassault Systèmes Executives
5
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Date
Place
Person concerned
Nature of the transaction
Unit price
(in euros)
Volume
08/30/2024 – Euronext Paris
Erik Swedberg
Sale of shares
35.3603
5,000
09/02/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9890
45,000
09/04/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.7434
41,500
09/05/2024 – Over‑the‑counter
GIMD
Assignment of put options
4.9800
40,000
09/06/2024 – Over‑the‑counter
GIMD
Assignment of put options
5.8250
38,000
09/06/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.3480
46,000
09/09/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.4250
43,000
09/10/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.4350
43,000
10/25/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.2671
27,500
10/25/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9849
48,500
10/29/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.7731
48,500
10/29/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.9421
40,500
10/31/2024 – Over‑the‑counter
GIMD
Assignment of put options
6.0540
62,000
10/31/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.2000
44,000
10/31/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.2300
48,500
11/05/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.1720
48,500
11/05/2024 – Over‑the‑counter
GIMD
Assignment of put options
4.1254
41,000
11/05/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.4500
44,500
11/06/2024 – Euronext Paris
Thibault de Tersant
Sale of shares
32.1861
10,000
11/06/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
31.8386
7,200
11/07/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.0500
45,000
11/07/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
32.4655
21,622
11/08/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
33.0460
6,108
11/11/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
32.8822
3,485
11/12/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
32.6296
5,248
11/12/2024 – Over‑the‑counter
GIMD
Assignment of put options
2.1350
45,000
11/12/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.9500
41,000
11/14/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.8270
45,000
11/18/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.7540
45,000
11/20/2024 – Over‑the‑counter
GIMD
Assignment of put options
5.2300
40,000
11/22/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.0670
45,000
11/25/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.4700
42,000
11/27/2024 – Over‑the‑counter
GIMD
Assignment of put options
4.0461
125,000
11/29/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
32.6166
6,097
12/02/2024 – Over‑the‑counter
GIMD
Assignment of put options
3.5600
43,000
12/02/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
32.6100
554
12/03/2024 – Over‑the‑counter
GIMD
Assignment of put options
1.0100
46,000
12/03/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
32.6150
5,942
5
406
Corporate Governance
Information About the Statutory Auditors
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Date
Place
Person concerned
Nature of the transaction
Unit price
(in euros)
Volume
12/04/2024 – Euronext Paris
Laurence Baucher-Barthès
Sale of shares
33.0174
19,968
12/09/2024 – Over‑the‑counter
GIMD
Assignment of put options
0.9875
43,000
12/10/2024 – Euronext Paris
Elisa Prisner
Sale of shares
34.9001
8,571
*
CBOE Europe-DXE Order Books, CBOE Europe BATS Europe, Turquoise, Virtu Financial Ireland Limited, iShares Core Equity ETF Portfolio, Aquis.
**
GIMD was appointed director of the Company as from the General Meeting of May 22, 2024. Declarations by GIMD prior to that date were made as a legal entity related to
Charles Edelstenne, Honorary Chairman and Director of Dassault Systèmes, and to Marie-Hélène Habert-Dassault, Director of Dassault Systèmes in her own name.
From a general perspective, Mr. Bernard Charlès and Mr.
Pascal Daloz retain the Dassault Systèmes shares at the end
of the vesting period for the granted shares. Thus, in 2024,
Mr. Bernard Charlès retained the 1,500,000 shares, and Mr.
Pascal Daloz the 400,000 shares, acquired on May 26, 2024.
Exceptionally, Mr. Bernard Charlès made a family donation of
3,600,000 shares in July 2024.
On December 31, 2023, Mr. Bernard Charlès held
25,202,205 shares in full ownership, representing 1.88%
of Dassault Systèmes’ share capital. Pascal Daloz held
3,174,295 shares in full ownership, representing 0.24% of
Dassault Systèmes’ share capital.
On December 31, 2024, Mr. Bernard Charlès held
23,102,205 shares in full ownership, representing 1.72%
of Dassault Systèmes’ share capital. Mr. Pascal Daloz held
3,574,295 shares in full ownership, representing 0.27% of
Dassault Systèmes’ share capital.
5.4
Information About the Statutory Auditors
Principal auditors
PricewaterhouseCoopers Audit, member of the Compagnie
Régionale des Commissaires aux comptes de Versailles
(Versailles regional association of auditors), 63, rue de Villiers
– 92200 Neuilly‑sur-Seine, France, represented by Mr.
Richard Béjot, whose first mandate began on June 8, 2005
and was renewed on May 24, 2023 for a period of six fiscal
years expiring at the General Meeting approving the financial
statements for the fiscal year ending on December 31, 2028.
KPMG S.A., member of the Compagnie Régionale des
Commissaires aux comptes de Versailles, Tour Eqho, 2 avenue
Gambetta – 92066 Paris La Défense Cedex, represented by
Mr. Jacques Pierre and Mr. Xavier Niffle, whose first mandate
commenced on May 19, 2022 and will expire at the General
Meeting called to approve the financial statements for the
fiscal year ending December 31, 2027.
Statutory Auditors’ fees and services
See Note 26 to the consolidated financial statements.
407
5
Corporate Governance
Declarations Regarding the Administrative and Management Bodies
5
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
5.5
Declarations Regarding the Administrative
and Management Bodies
To Dassault Systèmes SE’s knowledge:
—
there is no family relationship between the directors, or
between a director and an executive of Dassault Systèmes
(see paragraph 5.1.2 “Executives of Dassault Systèmes”
above for the list of members) with the exception of
Ms. Catherine Dassault and Groupe Industriel Marcel
Dassault SAS, which belongs to the Dassault family;
—
in the past five years, none of the directors or executives
of Dassault Systèmes:
– has been convicted of fraudulent offenses,
– has been affected by bankruptcy, receivership, liquidations
or placing under administration of a company,
– has been subject to an official accusation and/or
sanctions by statutory or regulatory authorities
(including designated professional bodies),
– has been disqualified by a court from acting as a
member of the administrative, management or
supervisory bodies of an issuer, or from acting in the
management or conduct of the affairs of any issuer;
—
there is no potential conflict of interest between the
duties of the directors toward Dassault Systèmes and
their private interests and/or other duties;
—
no director or executive of Dassault Systèmes has
been selected as a member of an administrative or
management body by virtue of an agreement with major
shareholders, customers, suppliers or others;
—
no director or executive of Dassault Systèmes is party
to a service contract with Dassault Systèmes SE, or one
of its subsidiaries, which provides him or her with a
personal benefit.
5
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Declarations Regarding the Administrative and Management Bodies
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
409
6
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Information about Dassault Systèmes SE, the share capital and the ownership structure
6
INFORMATION ABOUT
DASSAULT SYSTÈMES SE,
THE SHARE CAPITAL AND
THE OWNERSHIP STRUCTURE 6
6.1
Information about Dassault Systèmes SE
410
6.1.1
General Information
410
6.1.2
Memorandum and Specific By-Laws Provisions
411
6.2
Information About the Share Capital
414
6.2.1
Share Capital as of December 31, 2024
414
6.2.2
Potential Share Capital
414
6.2.3
Changes in Dassault Systèmes SE’s Share Capital over the Past Three Years
415
6.2.4
Share Buyback Programs
416
6.3
Information About the Shareholder Base
417
6.3.1
Shareholder Base and Double Voting Rights
417
6.3.2
Controlling Shareholder
419
6.3.3
Agreements Between Shareholders
420
6.4
Stock Market Information
429
6
410
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Information about Dassault Systèmes SE
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
6.1
Information about Dassault Systèmes SE
6.1.1
General Information
6.1.1.1
Commercial Name and Registered Office
Dassault Systèmes
10 rue Marcel Dassault, 78140 Vélizy-Villacoublay, France
Telephone: + 33 (0)1 61 62 61 62
Website: www.3ds.com.
It is specified that the information on Dassault Systèmes’
website is not part of this Universal registration document
(with the exception of that expressly incorporated by
reference in this Universal registration document) and has
not been reviewed or approved by the French Financial
Markets Authority (AMF).
6.1.1.2
Legal Form – Applicable Law
– Place of Registration and
Registration Number – APE Code
Dassault Systèmes SE is a European company (Societas
Europaea) incorporated and registered under French law,
with a Board of Directors, governed by the provisions
of Council Regulation (EC) no. 2157/2001 as well as by
French legislative and regulatory provisions in force at
any time (hereinafter the “Law”). It is registered under
number 322 306 440 with the trade and companies
registry of Versailles. Its APE code is 58.29 C. Its LEI code is:
96950065LBWY0APQIM86.
6.1.1.3
Date of Incorporation and Term
Dassault Systèmes SE was incorporated as a limited liability
company (société à responsabilité limitée) on June 9, 1981
for a 99‑year term starting on the date of its registration,
i.e. until August 4, 2080. It was transformed into a public
limited liability company (société anonyme) on April 8, 1993
and then into a European company (Societas Europaea) on
June 15, 2015.
6.1.1.4
Corporate Purpose
Pursuant to Article 2 of its by‑laws, Dassault Systèmes SE’s
corporate purpose, in France and abroad, is:
—
the
design,
development,
production,
marketing,
purchase, sale, brokerage, rental, maintenance and
provision of after‑sale services of software, digital
content and/or computer hardware;
—
the supply and provision of services of data centers,
including the supply of online software solutions
as a service and the operation and supply of the
corresponding infrastructure;
—
the supply and provision of services to users notably
in the area of training, demonstration, methodology,
display and utilization; and
—
the supply and sale of computer resources, together or
separate from the supply or sale of software or services,
notably in the areas of 3D design, modeling, simulation,
manufacturing, planning, collaboration, lifecycle management,
business intelligence, marketing or consumer 3D solutions in
the domains of products, nature and life.
The purpose of Dassault Systèmes SE also includes:
—
the creation, acquisition, rental and management‑lease
of any on‑going business, the signing of leases, and the
establishment and operation of any facilities;
—
the acquisition, operation or sale of any industrial or
intellectual property rights as well as any know‑how in
the field of computers;
—
and more generally, taking an interest in any business or
company created or to be created as well as in any legal,
economic, financial, industrial, civil and commercial,
personal or real property transactions connected directly
or indirectly, in whole or in part, with the purposes above
or any similar or related purposes.
6.1.1.5
Fiscal Year
The 12‑month fiscal year covers the period from January 1 to
December 31 of each year.
6.1.1.6
Branches, Secondary Establishments
Dassault Systèmes SE has no branch. Dassault Systèmes SE
has 22 secondary establishments as of December 31, 2024,
located at the following addresses:
—
Rue Évariste Galois, ZAC St-Philippe II, lot 24, Quartier
des Lucioles, 06410 Biot ;
—
233 avenue de Rodez, 12450 Luc‑la-Primaube ;
—
53 avenue de l’Europe, 13090 Aix‑en-Provence ;
—
120 rue René Descartes, 29280 Plouzané ;
—
7B avenue de l’Europe, 31520 Ramonville-Saint-Agne ;
—
231 rue Pierre et Marie Curie, 31670 Labège ;
—
37 Chemin des Ramassiers, ZAC des Ramassiers,
31770 Colomiers ;
—
Zac du Perget, Rue Antoine Lavoisier, 31770 Colomiers ;
—
Cité de la Photonique Bâtiment Gienah, 11 avenue de
Canteranne, 33600 Pessac ;
—
Lot N 19, 48 rue Claude Balbastre, 34070 Montpellier ;
—
1 avenue de l’Europe, 34830 Clapiers ;
411
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Information about Dassault Systèmes SE, the share capital and the ownership structure
Information about Dassault Systèmes SE
6
—
15 rue Claude Chappe, bâtiment B – Zac des Champs
blancs, 35510 Cesson-Sevigné ;
—
18
Chemin
de
Malacher,
Immeuble
Le
Signal,
38240 Meylan ;
—
5 rue de l’Halbrane, Technocampus Océan, ZAC Croix
Rouge, 44340 Bouguenais ;
—
1 passage Annette Zelman, 54000 Nancy ;
—
Immeuble
Triopolis
–
46
rue
des
Fusillés
–
59493 Villeneuve d’Ascq;
—
9 avenue de la Créativité – 59650 Villeneuve d’Ascq;
—
20 Boulevard Eugène Deruelle, bâtiment A, Immeuble Le
Britannia, 69003 Lyon ;
—
ZAC du Bois de Côtes – 304 Route National 6,
69760 Limonest ;
—
65‑67 avenue de la Grande Armée – 75016 Paris;
—
5 C Route de Saint-Laurent, 76430 Saint-Romain-de-
Colbosc.
—
1‑3 rue Jeanne Braconnier, Immeuble Terre Europa,
92360 Meudon
6.1.1.7
Documents Available.
to the General Public.
Dassault Systèmes SE’s by‑laws, minutes of the General
Meetings and reports of the Board of Directors to the
General Meetings, reports of the Statutory Auditors,
financial statements for the last three years and, more
generally, all documents provided or made available to
shareholders pursuant to the Law may be viewed at Dassault
Systèmes SE’s registered office.
Some
of
these
documents
are
also
available
on
Dassault Systèmes’ website (https://investor.3ds.com/).
6.1.2
Memorandum and Specific By-Laws Provisions
The by‑laws of Dassault Systèmes SE were last amended on
March 11, 2025.
6.1.2.1
Allocation of Profits
(Article 36 of the By-Laws)
The profits for each year, less any losses from prior periods,
where appropriate, are first allocated to the reserves as
required by Law. An amount of 5% is deducted to form the
legal reserve fund. This deduction ceases to be compulsory
when said fund reaches one‑tenth of share capital; it
becomes compulsory once again when the legal reserve falls
below this amount.
The distributable profit is composed of the profit from the
year less any losses from prior periods as well as the amounts
allocated to reserves as required by Law or the by‑laws, and
increased by retained earnings.
The General Meeting then deducts from this distributable
profit the amounts deemed appropriate to allocate to any
optional, ordinary or special reserves or to the retained
earnings account.
As appropriate, any remaining balance is distributed to all
shares proportionately to the unredeemed paid‑up value.
However, except in the event of a share capital reduction,
no distribution can be made to shareholders if the equity
is, or would be as a result of the distribution, less than the
amount of the share capital plus the reserves that cannot be
distributed under the Law or the by‑laws.
The General Meeting may decide to distribute amounts taken
from available reserves, either to pay or increase a dividend,
or distribute a special dividend. In this case, the resolution
explicitly identifies from which reserves these amounts are
to be withdrawn. Nevertheless, the dividends are distributed
in order of priority starting with the distributable profit of
the year.
After the approval of the financial statements by the General
Meeting, any losses are recorded in a special account and
carried forward against the profits of future years, until they
have been eliminated.
In case of stripping of the ownership of the shares, Article
11 of the by‑laws reserves for beneficial owners the right
to vote on decisions relating to the allocation of profits (see
paragraph 6.1.2.3 “Shares and Voting Rights”).
6.1.2.2
General Meetings
Notice and agenda of meeting
(Articles 25 and 26 of the by‑laws)
General Meetings are convened by the Board of Directors or,
if the Board of Directors fails to convene a General Meeting,
by the Statutory Auditor(s). One or more shareholders who
together hold at least 10% of the subscribed capital may also
request the Board of Directors to call such General Meetings
and set the agenda thereof. The request to convene the
meeting shall set out the items to be put on the agenda.
Notice of the meeting is made through an announcement
placed in a journal of legal notices in the department of the
registered office and in the French Bulletin of required legal
notices (Bulletin des Annonces Légales Obligatoires – BALO).
Shareholders holding registered shares for at least one
month from the date of the announcement are also notified
of all General Meetings by letter sent by standard mail or, at
their request and expense, by registered letter. The General
Meeting cannot be held less than fifteen days after the
announcement is published or the letter is sent to registered
shareholders.
6
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
One or more shareholders, representing at least the required
percentage of capital, also have the possibility of requesting
that items and proposed resolutions be added to the agenda
in accordance with the Law.
Conditions for admission (Article 27 of the by‑laws)
Every shareholder has the right to participate in General
Meetings either in person or by proxy, provided his/her
shares are fully paid‑up and:
—
for holders of registered shares, that they are held in
a registered account (directly or through a financial
intermediary) at 12:00 AM (Paris time) on the second
business day preceding the Meeting;
—
for holders of shares in bearer form, that they are
recorded in a bearer securities account maintained by the
accredited intermediary at 12:00 AM (Paris time) on the
second business day preceding the Meeting.
The registration of shares in a bearer securities account
maintained by the accredited intermediary shall be validated
by a shareholding certificate (attestation de participation)
issued by the accredited intermediary to the holder of the
shares. This certificate must be attached to the voting or
proxy form or to the request for an admission card issued in
the shareholder’s name. A certificate can also be issued to
a shareholder who wishes to attend in person the General
Meeting and who has not received an admission card by the
second business day preceding the Meeting.
Shareholders may vote by mail using a form that will be
sent to them under the conditions indicated by the notice
of meeting. The form, duly completed and accompanied, as
the case may be, by a shareholding certificate (attestation de
participation), must be received by Dassault Systèmes SE at
least three days before the date of the General Meeting, or it
will not be taken into consideration.
A shareholder may be represented by any natural person
or legal entity who has been appointed as proxy, under
the conditions provided by Law. The shareholders who are
legal entities are represented by the natural persons duly
authorized to represent them with respect to third parties
or by any person to whom the power of proxy has been
transferred.
A shareholder, who is a non-French resident as defined in
Article 102 of the French Civil Code, may be represented at
General Meetings by an accredited intermediary registered
according to the provisions of the Law. Such shareholder
will be considered present in calculating the quorum and the
results of voting.
If the Board of Directors so decides when convening the
General Meeting, any shareholder may also participate and
vote at the Meeting by videoconference or by any other
means of telecommunications permitting him/her to be
identified and to participate effectively. Such participation
must comply with the conditions and means provided for by
Law. Such shareholder will be accounted for in calculating
the quorum and the results of voting.
Actions required to amend shareholders’ rights
(Articles 13, 31 and 32 of the by‑laws)
Only an Extraordinary General Meeting can amend
shareholders’ rights in compliance with the provisions of the
Law.
Except as may be otherwise provided for under the provisions
of the Law and with the exception of reverse share splits
carried out in accordance with the Law, no majority may
impose on shareholders an increase in their commitments.
If new classes of shares are created, only an Extraordinary
General Meeting and a Special Meeting of Shareholders of
the specific class of shares may approve an amendment to
the rights of these classes of shares.
6.1.2.3
Shares and Voting Rights
Rights, privileges and restrictions attached to each
class of shares (Articles 13, 29 and 39 of the by‑laws)
All the shares are of the same class and carry, under Dassault
Systèmes SE’s by‑laws, the same rights to the allocation
of profits and any amounts distributed in the event of
liquidation (see paragraph 6.1.2.1 “Allocation of Profits
(Article 36 of the by‑laws)”). However, a double voting right
is awarded to any fully paid‑up share held in registered form
for at least two consecutive years in the name of the same
holder (see the paragraph “Double voting rights (Article 29 of
the by‑laws)” below).
Conditions for exercising voting rights
(Articles 11 and 29 of the by‑laws)
The voting rights attached to equity shares or deferred shares
are proportional to the portion of capital they represent.
Voting is carried out by show of hands, by roll call or by
secret ballot, as decided by the secretariat of the Meeting
or the shareholders. Shareholders may also vote by mail, by
videoconference or by any other means of communication,
in accordance with the by‑laws. For the calculation of the
majority, the votes cast shall not include votes attaching to
shares in respect of which the shareholder has abstained or
has returned a blank or invalid ballot.
In case the ownership of a share is divided, the voting
right attached to the share belongs to the bare owner
(nu‑propriétaire), except for the decisions relating to the
allocation of profits for which it belongs to the beneficial
owner (usufruitier).
Double voting rights (Article 29 of the by‑laws)
Each share gives the right to one vote. Nevertheless, a
double vote has been awarded to all fully paid‑up shares held
in registered form for at least two consecutive years in the
name of the same holder. In the case of a capital increase by
incorporation of reserves, profits or premiums, this double
voting right will be attached on the date of their issuance
to free registered new shares granted to a shareholder in
consideration for his or her old shares giving rise to such
right.
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Information about Dassault Systèmes SE
6
Under the Law, any share converted into a bearer share or
changing hands shall lose the right to the double voting right
except in the case of a transfer from a registered account to
another registered account following an inheritance or a gift
inter vivos to a spouse or a relative entitled to succeed to the
donor’s estate. The double voting right may also be canceled
by a resolution of the shareholders at an Extraordinary
General Meeting, subject to the approval of the Special
Meeting of Shareholders having a double voting right.
Limitations on voting rights
The by‑laws contain no restrictions on the exercise of voting
rights attached to Dassault Systèmes shares except in the
event of stripping of the ownership of the shares (see the
paragraph “Conditions for exercising voting rights Articles 11
and 29 of the by‑laws” above).
6.1.2.4
Declarations Concerning Crossing
of the Ownership Thresholds
(Article 13 of the By-Laws)
In addition to the legal obligation to inform Dassault
Systèmes SE and the French Financial Markets Authority
(AMF) in the event a shareholder’s interest crosses the
thresholds set out in Article L. 233‑7 of the French
Commercial Code (Code de commerce), any natural person
or legal entity, acting alone or in concert with others, who
directly or indirectly holds shares representing at least
2.5% of Dassault Systèmes’ share capital or voting rights,
or a multiple thereof up to 50%, must inform Dassault
Systèmes SE of the total number of shares or voting rights
it holds whenever such thresholds are crossed, whether
over or under. This information must be sent to Dassault
Systèmes SE by registered letter with return receipt
requested, within four trading days following the date of
acquisition or disposal of the shares.
The shareholder must certify in each declaration that
it includes all shares or voting rights held or owned, in
accordance with Articles L. 233‑7 et seq. of the French
Commercial Code. The declaration must also indicate the
date or dates on which the acquisitions or disposals occurred.
In the event of non‑compliance with this requirement, the
shares exceeding the fraction of 2.5% which should have
been declared will lose their voting rights, upon the request
recorded in the minutes of the General Meeting of one or
more shareholders holding a portion of Dassault Systèmes’
share capital or voting rights equal to at least 2.5% of the
share capital or voting rights. The voting rights will be lost
for all general meetings held until the expiration of two years
following the date on which the required declaration is made.
6.1.2.5
Terms in the By-Laws, a Charter or
Regulation of Dassault Systèmes SE
Which Could Delay, Postpone or
Prevent a Change in Control
Other than the aforementioned double voting right (see
paragraph 6.1.2.3 “Shares and Voting Rights”) and the
reporting obligation when holdings exceed 2.5% (see
paragraph 6.1.2.4 “Declarations Concerning Crossing of the
Ownership Thresholds (Article 13 of the By-Laws)”), Article
10 of the by‑laws provides that Dassault Systèmes SE may,
at any time and in compliance with the provisions of the
Law, request that a central depositary maintaining its share
register provides it with the name (or corporate name for
legal entities), the nationality, the year of birth or the year
of incorporation and the postal and, where applicable, email
address of holders of Dassault Systèmes shares in bearer
form which grant, immediately or over time, the right to vote
at General Meetings of Shareholders, as well as the number
of shares held by each of these shareholders and, where
appropriate, any restrictions applicable to such shares.
6.1.2.6
Terms in the By-Laws Concerning
Modifications in Share Capital Which
are More Restrictive Than the Law
The by‑laws of Dassault Systèmes SE do not contain any
provisions governing changes in share capital, which are
more restrictive than those provided by Law.
6.1.2.7
Terms in the By-Laws Concerning
the Directors and Members of
the Executive Team (Articles 14,
15 and 19 of the By-Laws)
Dassault Systèmes SE is administrated by a Board of
Directors established in accordance with the Law. Directors
shall be appointed for four years, renewed or revoked by
shareholders at an Ordinary General Meeting. The number
of directors aged seventy or over cannot exceed half the
members of the Board of Directors at any time. The Board of
Directors also includes two directors representing employees,
appointed by each of the two trade union organizations
that have obtained the highest number of votes in the first
round of the Social and Economic Committee members in
the Company and its direct or indirect subsidiaries whose
registered office is located on French territory.
From among its individual members, the Board of Directors
shall elect a Chairman who may not be more than eighty‑five
years of age, and set his or her term of office. The Chairman
shall organize and supervise the work of the Board of
Directors and reports on the same at the General Meeting
of Shareholders, and shall watch over the running of the
corporate bodies of the Company. The Board of Directors
may also elect a Vice chairman who will serve as Chairman
on an interim basis, in the case of (i) a temporary incapacity
or death of the Chairman or (ii) an absence or unavailability
of the Chairman to preside over a meeting of the Board of
Directors.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Depending on the decision of the Board of Directors, the
general management of the Company shall be undertaken
either by the Chairman of the Board of Directors or by
another individual appointed by the Board of Directors and
who shall take the title of Chief Executive Officer. The Chief
Executive Officer may not be more than seventy‑five years
old. The Chief Executive Officer shall be vested with the
broadest powers to act under any circumstance on behalf of
the Company which he represents in its dealings with third
parties. He or she shall exercise these powers within the
limits of the corporate purpose and subject to the powers
expressly attributed by Law, the Company’s bylaws and the
Board’s internal regulation to shareholders meetings and
the Board of Directors. The Chief Executive Officer may be
dismissed at any time by the Board of Directors. If dismissal
is without cause, costs for damages and related interest may
arise, unless the Chief Executive Officer is also Chairman of
the Board of Directors.
(1)
The amount of share capital and number of shares at December 31, 2024 take into account the share subscription options exercised since March 1, 2024, but not yet
acknowledged by the Board of Directors.
Upon the proposal of the Chief Executive Officer, the Board
of Directors may appoint one or more individuals, whether
directors or not, to assist the Chief Executive Officer as
Deputy Chief Executive Officer. The Deputy Chief Executive
Officer may not be more than seventy‑five years old. In
agreement with the Chief Executive Officer, the Board of
Directors determines the extent and duration of the powers
granted to each Deputy Chief Executive Officer. In dealings
with third parties, each Deputy Chief Executive Officer has
the same powers as the Chief Executive Officer. The Deputy
Chief Executive Officer may be dismissed at any time by the
Board of Directors, at the proposal of the Chief Executive
Officer. If dismissal is without cause, costs for damages
and related interest may arise. In the event of the death,
resignation or dismissal of the Chief Executive Officer, each
Deputy Chief Executive Officer shall retain his/her position
and duties until the appointment of a new Chief Executive
Officer, unless otherwise decided by the Board of Directors.
6.2
Information About the Share Capital
6.2.1
Share Capital as of December 31, 2024
As of December 31, 2024, the number of shares making up Dassault Systèmes SE’s share capital was 1,339,674,751, fully
paid‑up, with a nominal value of €0.10 each, corresponding to a share capital amount of €133,967,475.10 (1).
6.2.2
Potential Share Capital
As of December 31, 2024, outstanding share subscription
options, whether or not exercisable, would, if all were
exercised, result in the issuance of 22,776,003 new shares,
representing 1.67% of Dassault Systèmes SE’s share capital
at that date (on a diluted basis).
On the same date, based on the closing price of its shares
on December 31, 2024 (€33.50 per share), the exercise of
all exercisable issued options, whose exercise price was
less than that closing price, would have resulted in the
issuance of 17,102,385 new shares, representing 1.26%
of Dassault Systèmes SE’s share capital at that date (on a
diluted basis). The dilutive effect per share is also set forth in
Note 11 to the consolidated financial statements.
In connection with the acquisition of SolidWorks in 1997,
Dassault Systèmes SE issued shares to the holders of share
subscription options and warrants issued by SolidWorks
prior to this acquisition. These Dassault Systèmes shares
have historically been held by Dassault Systèmes SE’s
wholly owned U.S. subsidiary, SW Securities LLC. No other
SolidWorks share subscription options or warrants remain
outstanding at this time. As of December 31, 2024, SW
Securities LLC held 2,518,070 shares, or approximately
0.19% of share capital at that date. As the shares held by SW
Securities LLC are to be considered as treasury shares, they
do not carry voting rights and are not eligible for dividends.
Other than the share subscription options granted in
connection with stock option plans and performance share
allocations as described in paragraph 5.1.4 “Summary of
the Compensation and Benefits due to Corporate Officers
(Mandataires Sociaux)” and paragraph 5.1.5 “Interests of
Executive Management and Employees in the Share Capital
of Dassault Systèmes SE”, and the capital increase as part of
the TOGETHER 2025 employee shareholding plan announced
on March 13, 2025, there are no other securities giving a
right to subscribe Dassault Systèmes shares, and there is no
agreement which could result in a capital increase.
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6
Pledge of shares
To Dassault Systèmes SE’s knowledge, there was no pledge of Dassault Systèmes shares in registered form and representing a
significant portion of its share capital as of December 31, 2024.
6.2.3
Changes in Dassault Systèmes SE’s Share
Capital over the Past Three Years
Date
Transaction
Nominal
amount of
changes in
share capital
(in euros)
Amount
of share capital
(in euros)
Number of
shares created
or canceled
Total number
of shares
Nominal
value of
the shares
(in euros)
January 20, 2022
Capital increase as part
of the TOGETHER 2022
employee shareholding plan
430,505
133,392,596
4,305,050
1,333,925,960
0.10
February 28, 2022
Capital increase resulting
from the exercise of share
subscription options
344,328
133,736,924
3,443,280
1,337,369,240
0.10
March 15, 2022
Capital reduction
-430,505
133,306,419
-4,305,050
1,333,064,190
0.10
February 28, 2023
Capital increase resulting
from the exercise of share
subscription options
221,136.30 133,527,555.30
2,211,363
1,335,275,553
0.10
June 15, 2023
Capital increase as part of the
TOGETHER 2023 employee
shareholding plan
468,851.50 133,996,406.80
4,688,515
1,339,964,068
0.10
August 31, 2023
Capital increase resulting
from the exercise of share
subscription options
117,415.90 134,113,822.70
1,174,159
1,341,138,227
0.10
September 20, 2023 Reduction in share capital
by cancellation of shares
-468,851.50 133,644,971.20
-4,688,515
1,336,449,712
0.10
February 29, 2024
Capital increase resulting
from the exercise of share
subscription options
198,565.10 133,843,536.30
1,985,651
1,338,435,363
0.10
February 28, 2025
Capital increase resulting
from the exercise of share
subscription options
199,776.20 134,043,312.50
1,997,762
1,340,433,125
0.10
The changes in equity resulting from transactions through December 31, 2024 set forth above are included in the
“Consolidated Statements of Shareholders’ Equity” in the consolidated financial statements.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
6.2.4
Share Buyback Programs
6.2.4.1
Transactions Carried out by
Dassault Systèmes SE in 2024
During the 2024 fiscal year, Dassault Systèmes purchased,
under the authorizations granted to the Board of Directors
by the General Meetings of May 24, 2023 and May 22, 2024
a total of 9,500,000 of its own shares (excluding shares
acquired through the liquidity agreement, a report of which
is presented below).
These shares were purchased at an average price of
€38.34 per share, giving a total cost of €364,276,979
(excluding tax). The transaction costs paid by Dassault
Systèmes in connection with these repurchased shares
amounted to €117,869 (including tax), to which is added the
tax on financial transactions for an amount of €1,092,831.
These 9,500,000 shares were allocated to the following
objectives:
—
to cover Dassault Systèmes’ obligations resulting from
share attributions to Dassault Systèmes’ employees:
9,500,000 shares;
—
cancellation: 0 shares.
The shares repurchased before 2024 were allocated in 2024
to the following purposes:
—
covering Dassault Systèmes’ obligations resulting from
share allocations to Dassault Systèmes’ employees
decided prior to 2024: 20,216,897 shares;
—
cancellation: 0 shares;
—
liquidity agreement entered into with Oddo BHF SCA
mentioned below: 400,987 shares.
Dassault
Systèmes
directly
held,
on
December
31,
2024, a total of 24,347,503 of its own shares (including
671,015 shares through the liquidity agreement) of a
nominal value of €0.10 each, which had been repurchased
at an average price of €38.98, representing approximately
1.82% of the share capital at that date. Out of these
24,347,503 shares, a total of 23,676,488 shares are at the
disposal of Dassault Systèmes and are granted to cover
the Dassault Systèmes obligations resulting from share
allocations to Dassault Systèmes employees.
On January 5, 2015, Dassault Systèmes SE entered into a
liquidity agreement with Oddo BHF SCA, complying with the
Code of Ethics of the AFEI (French association of investment
firms) recognized by the French Financial Markets Authority
(AMF), implemented as of January 7, 2015 for an initial period
ending on December 31, 2015, automatically renewable
for subsequent twelve‑month terms. This agreement was
amended twice in 2017 and 2018, increasing the resources
assigned to the liquidity agreement to €20 million. The
agreement was amended on June 18, 2019, to comply with
the new requirements of AMF Decision no. 2018‑01 of
July 2, 2018, since replaced by AMF Decision no. 2021‑01 of
June 22, 2021.
During fiscal year 2024, a total of 6,241,626 shares were
purchased and 5,971,598 shares were sold within the
framework of the liquidity agreement. As of December 31,
2024, the following resources appeared on the liquidity
account:
—
671,015 Dassault Systèmes shares; ; and
—
€11,139,634.13 in cash.
During fiscal year 2024, Dassault Systèmes has not entered
into any transactions on derivative securities linked to its
shares nor has it purchased or sold any of its shares through
the exercise or maturity of derivative securities.
6.2.4.2
Description of the Share Buyback
Program Proposed to the General
Meeting on May 22, 2025
Pursuant to Article 241‑2 et seq. of the French Financial
Markets Authority (AMF) General Regulation and Article
L. 451‑3 of the French Monetary and Financial Code, and
in accordance with European Regulations, the terms and
objectives of the Dassault Systèmes share buyback program
that will be submitted for approval at the General Meeting of
May 22, 2025, are described below.
Breakdown of treasury shares by objectives
As of December 31, 2024, Dassault Systèmes held
24,347,503 of its own shares directly and 2,518,070 indirectly
(treasury shares). These 24,347,503 shares were allocated to
the following objectives:
—
to cover Dassault Systèmes’ obligations resulting from
share attributions to employees of Dassault Systèmes or
of an affiliated company: 23,676,488 shares; and
—
a liquidity agreement signed with Oddo BHF SCA
on January 5, 2015, updated on June 18, 2019:
671,015 shares.
Objectives of the new repurchase program
1) To cancel shares for the purpose of offsetting a capital
increase resulting from issues of securities granted under
the conditions set out in Articles L. 225-177 to L. 225-
184, L. 225-197-1 to L. 225-197-5, L. 22-10-56 or L. 22-
10-59 of the French Commercial Code or Articles L. 3332-
18 to L. 3332-24 or L. 3344-1 of the French Labour Code
or under the conditions set out in equivalent regulations;
2) To meet obligations related to stock option allocations
or other allocations, delivery or transfer of shares to
employees or Corporate Officers (mandataires sociaux) of
Dassault Systèmes or of an affiliated company;
3) To provide shares upon exercise of rights attached to
marketable securities giving immediate or future access
to the share capital of Dassault Systèmes, mainly
through redemption, conversion, exchange, presentation
of a warrant or any other means;
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4) To maintain an active market or provide liquidity for
Dassault Systèmes shares under a liquidity contract
entered into with an investment services provider acting
independently in accordance with the French Financial
Markets Authority (AMF)’s accepted market practice and
with a code of ethics recognized by the AMF;
5) To implement any stock‑exchange market practice which
may be accepted by the regulations or by the French
Financial Markets Authority (AMF);
6) To subsequently allocate, retain or reallocate shares
in the context of external growth transactions by
Dassault Systèmes or an affiliated company, in particular
through mergers, demergers, partial demergers or
contributions in kind;
7) Exceptionally, to cancel shares for the purpose of
increasing the profitability of shareholders’ equity
and earnings per share, under an authorization by the
Extraordinary General Meeting permitting shares to be
canceled.
Objectives 1 to 3 and 7 above comply with the terms of
paragraph 2, Article 5 of European Regulation no. 596/2014
dated April 16, 2014, and objective 4 complies with
Decision no. 2021‑01 of June 22, 2021 taken by the French
Financial Markets Authority (AMF). Objective 5 complies
with provisions of Article 13 of European Regulation
no. 596/2014 dated April 16, 2014. Objective 6 does not
benefit from a presumption of legitimacy but it is in the
interest of the Company to have such a possibility, referred
to in Article L. 22‑10‑62 of the French Commercial Code.
The General Shareholders’ Meeting of May 22, 2025 will
also be asked to authorize the Board of Directors to cancel,
as the case may be, all or part of the shares which it may
repurchase in connection with the share buyback program
and to carry out the corresponding reduction in share capital.
Maximum amount allocated to the share
buyback program, maximum number and
characteristics of the securities that Dassault
Systèmes SE proposes to acquire
The Board of Directors is authorized to repurchase
Dassault Systèmes shares representing up to 25 million
shares. The maximum amount of the funds used for the
purpose of buying back shares is set at €1 billion.
Duration of the share buyback program
The program would last 18 months, starting on the General
Meeting of May 22, 2025.
6.3
Information About the Shareholder Base
6.3.1
Shareholder Base and Double Voting Rights
The table below sets forth certain information concerning
Dassault Systèmes SE’s shareholder base over the last three
fiscal years. Pursuant to position/recommendation No.
2021‑02 of the French Financial Markets Authority (AMF), it
specifies:
—
the theoretical or “gross” voting rights, taking into
account the voting rights attached to the shares without
voting rights, in accordance with Article 223‑11 of the
French Financial Markets Authority (AMF) General
Regulation and used as a denominator by shareholders to
calculate their percentage of shares held and voting rights
for the purposes of regulatory declarations (in particular
the declarations with regards to crossing thresholds); and
—
the voting rights that can be exercised at the General
Meeting or “net” voting rights, not taking into account
shares without voting rights.
Double voting rights are attributed to all fully paid‑up shares
held in registered form for at least two consecutive years in
the name of the same holder.
The major shareholders of Dassault Systèmes SE do not hold
voting rights different from those of other shareholders
(such as double voting rights).
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Shareholders
Shares
% of
capital
Theoretical
voting rights
% of
theoretical
voting rights
Voting rights
exercisable in the
General Meeting
% of voting rights
exercisable in the
General Meeting
AT DECEMBER 31, 2024
Groupe Industriel Marcel Dassault
535,449,840
39.97%
1,070,899,680
53.19%
1,070,899,680
53.91%
Charles Edelstenne (1)
80,231,475
5.99%
159,912,950
7.94%
159,912,950
8.05%
Bernard Charlès (2)
35,523,570
2.65%
68,782,430
3.42%
68,782,430
3.46%
Pascal Daloz
3,574,295
0.27%
6,548,590
0.33%
6,548,590
0.33%
Treasury shares (3)
24,347,503
1.82%
24,347,503
1.21%
-
–
Indirect treasury shares (4)
2,518,070
0.19%
2,518,070
0.13%
-
–
Public
658,029,998
49.11%
680,210,252
33.78%
680,210,252
34.25%
TOTAL
1,339,674,751
100%
2,013,219,475
100%
1,986,353,902
100%
AT DECEMBER 31, 2023
Groupe Industriel Marcel Dassault
535,449,840
40.02%
1,070,899,680
53.31%
1,070,899,680
53.93%
Charles Edelstenne (1)
79,871,475
5.97%
159,358,900
7.93%
159,358,900
8.03%
Bernard Charlès (2)
34,023,570
2.55%
65,797,140
3.27%
65,797,140
3.31%
Pascal Daloz
3,174,295
0.24%
5,848,590
0.29%
5,848,590
0.30%
Treasury shares (3)
20,617,884
1.54%
20,617,884
1.03%
-
–
Indirect treasury shares (4)
2,518,070
0.19%
2,518,070
0.13%
-
–
Public
662,261,299
49.49%
683,714,914
34.04%
683,714,914
34.43%
TOTAL
1,337,916,433
100%
2,008,755,178
100%
1,985,619,224
100%
AT DECEMBER 31, 2022
Groupe Industriel Marcel Dassault
535,449,840
40.11%
1,070,899,680
53.52%
1,070,899,680
54.09%
Charles Edelstenne (1)
79,681,475
5.97%
159,168,900
7.95%
159,168,900
8.04%
Bernard Charlès (2)
33,273,570
2.49%
63,547,140
3.17%
63,547,140
3.21%
Pascal Daloz
2,974,295
0.22%
5,348,590
0.27%
5,348,590
0.27%
Treasury shares (3)
18,598,155
1.39%
18,598,155
0.93%
-
–
Indirect treasury shares (4)
2,518,070
0.19%
2,518,070
0.13%
-
–
Public
662,544,303
49.63%
680,993,183
34.03%
680,993,183
34.39%
TOTAL
1,335,039,708
100%
2,001,073,718
100%
1,979,957,493
100%
(1)
Including shares held in two family companies managed by Mr. Edelstenne.
On December 31, 2024, Mr. Edelstenne held 22,578,565 shares with all ownership rights and 16,910 shares through two family companies which he manages,
representing a total of 1.69% of the capital and 2.25% of the exercisable voting rights, as well as 57,636,000 shares with “beneficial” rights (usufruit). For the beneficial
rights with respect to these 57,636,000 shares, representing 5.80% of the exercisable voting rights, Mr. Edelstenne can only exercise the voting rights on decisions of
the General Meeting of Shareholders concerning the allocation of profits; the holders of the bare ownership rights (nue‑propriété) exercise the voting rights for other
resolutions in compliance with Article 11 of the by‑laws.
For details related to the Company shares held by Mr. Edelstenne on December 31, 2023 and December 31, 2022, see paragraph 6.3.1. of the Universal registration
documents (“URD”) for 2023 and 2022, respectively.
(2)
Including shares and voting rights held by Mr. Charlès’ wife and children. As their proxy, Mr. Charlès exercises the voting rights for all resolutions submitted to the General
Meeting of Shareholders. Personally, Mr. Charlès held (i) at December 31, 2024, 23,102,205 shares representing 1.72% of the share capital, and 43,954,410 exercisable
voting rights, i.e. 2.21% of the exercisable voting rights, (ii) at December 31, 2023, 25,202,205 shares representing 1.88% of the share capital, and 48,154,410 exercisable
voting rights, i.e. 2.43% of exercisable voting rights, and (iii) at December 31, 2022, 24,452,205 shares representing 1.83% of the share capital and 45,904,410 exercisable
voting rights, i.e. 2.32% of exercisable voting rights.
(3)
Including 671,015 shares through the liquidity contract as of December 31, 2024. As of December 31, 2023, this number was 400,987 shares.
(4)
SW Securities LLC. This company is a Dassault Systèmes subsidiary; the Dassault Systèmes shares held by it do not have voting rights.
The overall number of theoretical voting rights amounted
to 2,013,219,475 as of December 31, 2024 (the number of
exercisable voting rights was 1,986,353,902). The difference
between the number of theoretical and exercisable voting
rights is explained by the direct and indirect treasury shares.
MFS Investment Management (MFS) notified Dassault
Systèmes SE that as of September 17, 2015 the funds
managed by companies within its group held more than
2.5% of the company’s capital.
BlackRock, Inc. further advised Dassault Systèmes SE that,
as of September 4, 2019, it held more than 2.5% of the
company’s capital.
No other shareholders, except as indicated above, declared
holding 2.5% (threshold set forth in by‑laws) or more than
5% of the company’s share capital or voting rights, directly
or indirectly, alone or in agreement with other shareholders,
pursuant to shareholders’ reporting obligations.
Although
Dassault
Systèmes
SE
voluntarily
delisted
its shares from NASDAQ in October 2008, it continues
to maintain its ADR (“American Depositary Receipts”)
program, which are still traded on the U.S. over‑the‑counter
market (see paragraph 6.4 “Stock Market Information”).
On December 31, 2024, there were 23,937,246 American
Depositary Shares (“ADS”) outstanding, and the number of
recorded ADS holders, holding them either for themselves or
for third parties, was 38.
In December 2024, Dassault Systèmes SE commissioned
a survey on the composition of its shareholder base from
an external specialized services provider. According to
this survey, institutional investors holding more than
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6
3,000 shares each numbered 642, and they held 42.5% of the
Dassault Systèmes SE share capital as of December 31, 2024.
As of December 31, 2024, Dassault Systèmes SE held
671,015 shares under the liquidity contract entered into with
Oddo BHF SCA and 23,676,488 treasury shares. Of these
23,676,488, 4,000,000 shares were bought back during
the buyback program adopted by the General Meeting of
May 22, 2024 and the remainder, i.e. 19,676,488 shares,
under
previous
buybacks.
These
23,676,488
shares
represent approximately 1.77% of the share capital as of
December 31, 2024, with no voting rights or dividend rights
attached to them.
(1)
Directors representing employees are not taken into account for the calculation of the number of independent directors, in compliance with the recommendations of the
AFEP-MEDEF Code.
On December 31, 2024, a total of 707,887,209 shares (i.e.
approximately 52.84% of the capital) are held in registered
form, providing entitlement to 1,355,241,134 exercisable
voting rights (i.e. approximately 67.32% of the gross voting
rights).
The number of Dassault Systèmes shares held by employees,
in accordance with Article L. 225‑102 of the French
Commercial Code, was 21,076,599 shares on December 31,
2024, or approximately 1.57% of the total number of shares
on that date. This percentage was 1.44% as of December 31,
2023, as a result of the correction of a material error on
page 349 of the 2023 Universal registration document.
6.3.2
Controlling Shareholder
Groupe Industriel Marcel Dassault SAS (GIMD), which
belongs to the Dassault family and whose Supervisory
Board is exclusively composed of and chaired by members
of the Dassault family, is the main shareholder of
Dassault Systèmes with, as of December 31, 2024, 39.97% of
the share capital and 53.91% of the exercisable voting rights
(i.e. 53.19% of theoretical voting rights). With more than
50% of the voting rights of Dassault Systèmes held by GIMD,
the Dassault family ultimately controls Dassault Systèmes.
Until January 8, 2025, the Chairman of GIMD was Charles
Edelstenne, founder and Honorary Chairman of Dassault
Systèmes. At December 31, 2024, GIMD was a director of
Dassault Systèmes.
At the date of this Universal registration document, the
Board of Directors of Dassault Systèmes is made up of
50% of independent directors (1), i.e. a proportion exceeding
the requirement stipulated in the AFEP-MEDEF Code
for controlled companies. All the Committees under the
Board (Audit Committee, Compensation and Nomination
Committee and Scientific Committee) are fully composed of
independent directors, as a guarantee of a balanced exercise
of control by GIMD.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
6.3.3
Agreements Between Shareholders
In 2011, 2013, 2014, 2015, 2017, 2018, 2019, 2020, 2022, 2023 and 2024, Dassault Systèmes was informed about collective
undertakings concluded concerning the holding of shares whose characteristics are summarized in the tables hereafter in
accordance with French Financial Markets Authority (AMF) Position/Recommendation no. 2021‑02.
Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 02, 2024
July 12, 2024
July 12, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions stipulated
No specific conditions stipulated
No specific conditions stipulated
Capital and voting rights
% concerned by the
agreement (at its date
of execution)
25.30% of the share capital
23.64% of the share capital
23.80% of the share capital
Names of the signatories
having the capacity
of executives (1)
Mr. Bernard Charlès
Mr. Pascal Daloz
Mr. Bernard Charlès
Mr. Pascal Daloz
Mr. Bernard Charlès
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital
and/or voting rights
of Dassault Systèmes
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 12, 2024
July 12, 2024
July 12, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions stipulated
No specific conditions stipulated
No specific conditions stipulated
Capital and voting rights
% concerned by the
agreement (at its date
of execution)
24.37% of the share capital
24.37% of the share capital
27.92% of the share capital
Names of the signatories
having the capacity of
executives (1)
Mr. Bernard Charlès
Mr. Pascal Daloz
Mr. Bernard Charlès
Mr. Pascal Daloz
Mr. Bernard Charlès
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital
and/or voting rights
of Dassault Systèmes
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
September 17, 2024
July 11, 2024
July 11, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions stipulated
No specific conditions stipulated
No specific conditions stipulated
Capital and voting rights
% concerned by the
agreement (at its date
of execution)
23.62% of the share capital
23.89% of the share capital
23.89% of the share capital
Names of the signatories
having the capacity
of executives (1)
Mr. Bernard Charlès
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital
and/or voting rights
of Dassault Systèmes
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 11, 2024
July 11, 2024
July 11, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions stipulated
No specific conditions stipulated
No specific conditions stipulated
Capital and voting rights
% concerned by the
agreement (at its date
of execution)
25.34% of the share capital
24.07% of the share capital
24.07% of the share capital
Names of the signatories
having the capacity
of executives (1)
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital
and/or voting rights
of Dassault Systèmes
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne and
beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne and
beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne and
beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 11, 2024
July 11, 2024
July 11, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights
% concerned by the
agreement (at its date of
execution)
23.99% of the share capital
23.99% of the share capital
23.70% of the share capital
Names of the signatories
having the capacity of
executives (1)
Mr. Bernard Charlès and
beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès and
beneficiaries (3)
Pascal Daloz
Mr. Bernard Charlès and
beneficiaries (3)
Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital and/or
voting rights of Dassault
Systèmes
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 11, 2024
July 11, 2024
July 11, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights
% concerned by the
agreement (at its date
of execution)
23.71% of the share capital
23.66% of the share capital
23.66% of the share capital
Names of the signatories
having the capacity of
executives (1)
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital and/or
voting rights of Dassault
Systèmes
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne and
beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne and
beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne and
beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 11, 2024
July 11, 2024
July 11, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights
% concerned by the
agreement (at its date of
execution)
23.79% of the share capital
23.80% of the share capital
23.69% of the share capital
Names of the signatories
having the capacity
of executives (1)
Mr. Bernard Charlès and
beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
Mr. Pascal Daloz
Mr. Bernard Charlès
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital and/or
voting rights of Dassault
Systèmes
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 11, 2024
July 11, 2024
Duration of collective undertakings
At least two years
At least two years
Contractual duration of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights % concerned by the agreement
(at its date of execution)
23.69% of the share capital
23.69% of the share capital
Names of the signatories having the capacity
of executives (1)
Mr. Bernard Charlès and
beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès and
beneficiaries (3)
Mr. Pascal Daloz
Name(s) of the signatory (ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2024
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
July 04, 2024
July 04, 2024
July 04, 2024
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights
% concerned by the
agreement (at its date
of execution)
23.69% of the share capital
23.73% of the share capital
23.69% of the share capital
Names of the signatories
having the capacity of
executives (1)
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Mr. Bernard Charlès
and beneficiaries (3)
Mr. Pascal Daloz
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital and/or
voting rights of Dassault
Systèmes
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
(3)
See Note 2 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2023
System
Article 787 B of the French Tax Code
Date of signing
October 27, 2023
Duration of collective undertakings
At least two years
Contractual duration of the agreement
Undetermined with cases of termination
Conditions for renewal
No specific conditions stipulated
Capital and voting rights % concerned by the agreement
(as at September 30, 2023)
23.67% of the share capital
Names of the signatories having the capacity
of executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links
with executives
Groupe Industriel Marcel Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel Dassault SAS
Mr. Charles Edelstenne and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2022
System
Article 787 B of the French Tax Code
Date of signing
April 26, 2022
Duration of collective undertakings
At least two years
Contractual duration of the agreement
Undetermined with cases of termination
Conditions for renewal
No specific conditions stipulated
Capital and voting rights % concerned by the agreement
(as at March 31, 2022)
23.66% of the share capital
Names of the signatories having the capacity
of executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links
with executives
Groupe Industriel Marcel Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel Dassault SAS
Mr. Charles Edelstenne and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2020
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
May 06, 2020
November 06, 2020
Duration of collective undertakings
At least two years
At least two years
Contractual duration of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights % concerned by the agreement
(at its date of execution)
23.95% of the share capital
24.00% of the share capital
Names of the signatories having the capacity of
executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links with
executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2019
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
January 21, 2019
September 02, 2019
September 02, 2019
Duration of collective
undertakings
At least two years
At least two years
At least two years
Contractual duration
of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights
% concerned by the
agreement (at its date of
execution)
24.10% of the share capital
27.79% of the share capital
29.98% of the share capital
Names of the signatories
having the capacity of
executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Mr. Charles Edelstenne
Mr. Bernard Charlès
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory
(ies) having close links
with executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories
holding at least 5%
of the capital and/or
voting rights of Dassault
Systèmes SE
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2018
System
Article 787 B of the French Tax Code
Date of signing
April 24, 2018
Duration of collective undertakings
At least two years
Contractual duration of the agreement
Undetermined with cases of termination
Conditions for renewal
No specific conditions stipulated
Capital and voting rights % concerned by the agreement (at
its date of execution)
24.30% of the share capital
Names of the signatories having the capacity of
executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links with
executives
Groupe Industriel Marcel Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel Dassault SAS
Mr. Charles Edelstenne and beneficiaries (2)
(1)
Pursuant to Article 975 III, 1, 1° of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
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Collective undertakings concluded in 2017
System
Article 787 B of the French Tax Code
Date of signing
March 30, 2017
Duration of collective undertakings
At least two years
Contractual duration of the agreement
Undetermined with cases of termination
Conditions for renewal
No specific conditions stipulated
Capital and voting rights % concerned by the agreement (at
its date of execution)
24.52% of the share capital
Names of the signatories having the capacity of
executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links with
executives
Groupe Industriel Marcel Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel Dassault SAS
Mr. Charles Edelstenne and beneficiaries (2)
(1)
Pursuant to Article 885 O bis of the French Tax Code, now Article 975 III, 1.1 of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings concluded in 2015
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
December 17, 2015
December 17, 2015
Duration of collective undertakings
At least two years
At least two years
Contractual duration of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights % concerned by the agreement (at
its date of execution)
24.85% of the share capital
24.66% of the share capital
Names of the signatories having the capacity of
executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links with
executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 885 O bis of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
6
428
Information about Dassault Systèmes SE, the share capital and the ownership structure
Information About the Shareholder Base
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Collective undertakings concluded in 2014
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
February 27, 2014
December 16 and 17, 2014
Duration of collective undertakings
At least two years
At least two years
Contractual duration of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights % concerned by the agreement
(at its date of execution)
25.0% of the share capital
24.7% of the share capital
Names of the signatories having the capacity
of executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links with
executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 885 O bis of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
Collective undertakings
concluded in 2013
Collective undertakings
concluded in 2011
System
Article 787 B of the French
Tax Code
Article 787 B of the French
Tax Code
Date of signing
October 29, 2013
July 11, 2011
Duration of collective undertakings
At least two years
At least two years
Contractual duration of the agreement
Undetermined with cases
of termination
Undetermined with cases
of termination
Conditions for renewal
No specific conditions
stipulated
No specific conditions
stipulated
Capital and voting rights % concerned by the agreement (at
its date of execution)
28.2% of the share capital
29.6% of the share capital
Names of the signatories having the capacity
of executives (1)
Mr. Charles Edelstenne
Mr. Bernard Charlès
Mr. Charles Edelstenne
Mr. Bernard Charlès
Name(s) of the signatory (ies) having close links with
executives
Groupe Industriel Marcel
Dassault SAS
Groupe Industriel Marcel
Dassault SAS
Names of the signatories holding at least 5% of the capital
and/or voting rights of Dassault Systèmes SE
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
Groupe Industriel Marcel
Dassault SAS
Mr. Charles Edelstenne
and beneficiaries (2)
(1)
Pursuant to Article 885 O bis of the French Tax Code.
(2)
See Note 1 under the table of paragraph 6.3.1 “Shareholder Base and Double Voting Rights”.
The same shares can be subject to several joint lock‑up agreements.
429
6
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Information about Dassault Systèmes SE, the share capital and the ownership structure
Stock Market Information
6
6.4
Stock Market Information
Stock exchange
Shares
of
Dassault
Systèmes
have
been
listed
on
Compartment A of Euronext Paris (ISIN code FR0014003TT8)
since June 28, 1996. Its shares were also listed on the
NASDAQ in the form of ADS (American Depositary
Shares) under the symbol DASTY until October 16, 2008.
The ADS are still traded under this symbol on the U.S.
over‑the‑counter (OTC) market. One ADS represents one
ordinary share (see paragraph 6.3.1 “Shareholder Base and
Double Voting Rights”).
For dividend policy, see the paragraph 7.1 “Presentation of
the Resolutions Proposed by the Board of Directors to the
General Meeting of May 22, 2025”.
Share price history and trading volumes of Dassault Systèmes shares in Paris in 2024
(in euros except for Volume of Shares Traded)
Volume of
shares traded
Share price
on last day of
the month
Highest share
price during
the month
Lowest share
price during
the month
January 2024
1,412,777
48.24
48.44
42.04
February 2024
1,737,074
43.19
44.16
42.00
March 2024
1,539,715
41.04
42.96
40.97
April 2024
1,727,170
37.03
40.24
37.03
May 2024
5,848,944
37.07
39.84
36.69
June 2024
1,562,718
35.30
37.66
34.55
July 2024
1,683,465
35.04
35.78
33.64
August 2024
1,745,999
35.28
35.28
33.00
September 2024
1,397,579
35.63
36.65
33.52
October 2024
2,878,798
31.46
35.66
31.46
November 2024
1,360,139
32.65
32.99
31.39
December 2024
476,626
33.50
35.30
31.95
Person responsible for financial communications
Béatrix Martinez
Vice-President, Investor Relations
To obtain all financial information and documents published
by Dassault Systèmes SE, please contact:
Investor Relations Service
10, rue Marcel Dassault – CS 40501
78946 Vélizy-Villacoublay Cedex – France
Telephone: +33 (0)1 61 62 69 24
email: investors@3ds.com
Indicative timetable for the publication
of financial information for 2025
—
First quarter of 2025: April 24, 2025
—
Second quarter of 2025: July 24, 2025
—
Third quarter of 2025: October 23, 2025
—
Fourth quarter of 2025: February 11, 2026
6
430
Information about Dassault Systèmes SE, the share capital and the ownership structure
Stock Market Information
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
431
7
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
General Meeting
7
GENERAL
MEETING 7
7.1
Presentation of the Resolutions Proposed by the Board of
Directors to the General Meeting of May 22, 2024
432
7.1.1
Annual Financial Statements and Allocation of Earnings (1st and 3rd resolutions)
432
7.1.2
Consolidated Financial Statements (2nd resolution)
433
7.1.3
Related-Party Agreements (4th resolution)
433
7.1.4
Compensation Elements Paid in 2024 or Granted for Fiscal Year 2024
to Mr. Bernard Charlès and Mr. Pascal Daloz (6th and 7th resolutions)
434
7.1.5
Information Contained in the Corporate Governance Report Relating to the
Compensation of Corporate Officers (Mandataires Sociaux)
(Article L. 22‑10‑9, I of the French Commercial Code) (8th resolution)
437
7.1.6
Compensation Policy for Corporate Officers (Mandataires Sociaux) (5th resolution)
438
7.1.7
Setting the Amount of the Directors’ Compensation (9th resolution)
438
7.1.8
Reappointment and Appointment of Directors (10th, 11th and 12th resolutions)
438
7.1.9
Authorization to Repurchase Shares of Dassault Systèmes (13th and 14th resolutions) 441
7.1.10
Delegations of Authority and Powers to Increase the Share Capital
(15th, 16th, 17th, 18th, 19th and 20th resolutions)
442
7.1.11
Financial Authorizations for Issuances Reserved for Employees and Corporate
Officers (Mandataires Sociaux) (21st, 22nd, 23rd and 24th resolutions)
442
7.1.12
Amendment to Article 16 of the Company’s By-Laws Governing the
Deliberations of the Board of Directors (25th resolution)
444
7.2
Text of the Draft Resolutions Proposed by the Board of Directors
to the General Meeting of May 22, 2025
444
7
432
General Meeting
Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
7.1
Presentation of the Resolutions Proposed
by the Board of Directors to the General
Meeting of May 22, 2024
7.1.1
Annual Financial Statements and Allocation of Earnings
(1st and 3rd resolutions)
It is proposed to approve the annual financial statements of
Dassault Systèmes SE (or the “Company” for the purposes
of this Chapter 7 “General Meeting”) for the year ended
December 31, 2024, prepared on the basis of French
accounting principles, as they have been presented in
paragraph 4.2 “Parent Company Financial Statements”.
Dassault Systèmes SE has paid dividends every year since
1986. The decision to distribute dividends and their amount
depends on the profits and the financial position of Dassault
Systèmes SE as well as other factors. Dividends which have
been distributed but are not collected by a shareholder
revert to the French State at the end of the five‑year period
following the date of their payment.
Based on the financial statements and the management
report of the Board of Directors included in this Universal
registration document, a profit of €853,309,050.84 (1) was
realized for the year ended December 31, 2024, which we
propose that you allocate as follows:
– to the legal reserve
€17,583.18
– to a special reserve account (2)
€0
– for distribution to the 1,339,674,751 shares forming the share capital at 12/31/2024 of a
dividend of (€0.26 x 1,339,674,751)(3)
€348,315,435.26
– to retained earnings
€504,976,032.40
which, increased by the retained earnings from previous years of €4,009,671,104.29,
brings the amount of retained earnings to
€4,514,647,136.69
(1)
This profit, increased by the retained earnings from previous years of €4,009,671,104.29, results in a distributable profit of €4,862,980,155.13.
(2)
In compliance with Article 238 bis AB, paragraph 5 of the French Tax Code.
(3)
The aggregate amount of the dividend will be adjusted according to the number of new shares created between January 1, 2025, and the date of this General Meeting,
mainly as a result of the exercise of share subscription options, it being specified that the maximum number of shares that may derive from the exercise of options is
20,926,190, representing a maximum additional dividend of €5,440,809.40.
Further new shares created, by the exercise of subscription
options, until the date of the annual General Meeting
deciding on the allocation of profit related to the preceding
year will receive the dividend distributed with respect
to that year (see paragraph 5.1.5 “Interests of Executive
Management and Employees in the Share Capital of Dassault
Systèmes SE”).
It is thus proposed that the General Meeting of May 22,
2025 resolve to distribute, in respect of fiscal year 2024, a
dividend of €0.26 per share making up the capital on the
date of the Meeting, corresponding (i) based on the number
of shares making up the share capital at December 31, 2024,
to a total amount of €348,315,435.26 and (ii) if applicable,
an additional maximum total amount of €5,440,809.40,
corresponding to the maximum number of new shares that
may be created further to the exercise of share subscription
options between January 1, 2025 and the date of the General
Meeting (i.e. 20,926,190 shares).
Shares will be traded ex‑dividend on May 26, 2025 and the
dividend will be paid on May 28, 2025.
On the date of payment, the amount of the dividend
corresponding to (i) the treasury shares of Dassault
Systèmes SE and (ii) the Dassault Systèmes shares held by
SW Securities LLC, a company which is controlled by Dassault
Systèmes SE, will be allocated to “retained earnings”, in
accordance with the provisions of Article L. 225-210 of
the French Commercial Code (Code de commerce) and the
contractual provisions in force between SW Securities LLC
and Dassault Systèmes SE.
In addition, prior to distribution of the dividend, the Board
of Directors, or if so authorized, the Chief Executive Officer
will determine the number of additional shares issued as a
result of the exercise of share subscription options between
January 1, 2025 and the date of this General Meeting
of May 22, 2025. The amount required for payment of
dividends for shares issued during this period will be taken
from “retained earnings”.
The amount thus distributed to individual shareholders
resident in France for tax purposes will be, where applicable:
—
either subject to a flat‑rate withholding tax of 30%
(12.8% non‑discharging flat‑rate withholding tax paid
as income tax and 17.2% social security withholding)
(Article 117 quater of the French Tax Code);
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
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Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
7
—
or, if an individual option is expressly and irrevocably
exercised each year across the board for all income
from securities, taken into account in determining
shareholders’ total income subject to the progressive
rate of income tax for the year in which it is received
(Article 200A of the French Tax Code), after application
of an uncapped deduction of 40% (Article 158, 3, 2° of
the French Tax Code). Dividends taxed at the progressive
rate of income tax are also subject to social security
contributions at a rate of 17.2%.
Pursuant to Article 243 bis of the French Tax Code, it is noted
that dividends per share paid over the last three years have
been as follows:
Year
2023
2022
2021
Dividend (1) (in euros)
0.23
0.21
0.17
Number of shares eligible for dividends
1,315,927,865
1,315,586,120
1,314,896,795
(1)
Dividend 100% eligible for the 40% deduction provided for in Article 158, 3, 2° of the French Tax Code.
In accordance with the provisions of Article 223 quater
of the French Tax Code, we draw your attention to the
aggregate amount of the expenses and charges referred to in
Article 39.4 of the French Tax Code that are non‑deductible
from taxable income, which amounted to €751,441 and
resulted in corporate tax of €194,097.
7.1.2
Consolidated Financial Statements (2nd resolution)
In addition to the 2024 annual financial statements, it is also proposed to approve Dassault Systèmes SE’s consolidated
financial statements for the year ended December 31, 2024, prepared in accordance with IFRS as described in paragraph 4.1.1
“Consolidated Financial Statements” of this Universal registration document.
7.1.3
Related-Party Agreements (4th resolution)
The following agreements, which were approved in
accordance with Articles L. 225-38 et seq. of the French
Commercial Code, were continued during the year ended
December 31, 2024. These are undertakings made by the
Company in connection with its “Directors and Corporate
Officers Liability Insurance Policy”:
—
to reimburse the cost of legal defense of directors in
the event of their personal liability being sought and
indemnify the directors for the financial implications of
such liability and payment of the costs in relation with
legal defense related thereto, to the extent they would
not be covered by that insurance policy (approved by the
Board of Directors’ meeting held on June 28, 1996);
—
to assume, under certain conditions, the fees and travel
expenses of Directors of Dassault Systèmes SE should
they have to prepare their personal defense before a civil,
criminal or administrative court in the United States in
connection with an inquiry or investigation conducted
against Dassault Systèmes SE (approved by the Board of
Directors’ meeting held on September 23, 2003).
These agreements were reviewed by the Board of Directors
at its meeting on March 11, 2025, in accordance with the
provisions of Article L. 225‑40‑1 of the French Commercial
Code.
The Auditors have prepared a special report pursuant to
Articles L. 225-40 and L. 225‑40‑1 of the French Commercial
Code, as set forth in paragraph 4.2.4 “Statutory Auditors’
Report on Related Party Agreements and Commitments”.
The General Meeting has been requested to acknowledge
this report which refers to no new agreements.
7
434
General Meeting
Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
7.1.4
Compensation Elements Paid in 2024 or Granted
for Fiscal Year 2024 to Mr. Bernard Charlès and
Mr. Pascal Daloz (6th and 7th resolutions)
Pursuant to the provisions of Article L. 22‑10‑34, II of
the French Commercial Code (Code de commerce), the
General Meeting will be asked to approve the compensation
elements paid in 2024 or granted with respect to 2024 to
Mr. Bernard Charlès and Mr. Pascal Daloz in their capacity
as executive officers (dirigeants mandataires sociaux). These
compensation elements are summarized in the tables below
(see also paragraph 5.1 “The Board’s Corporate Governance
Report”). The payment of the Chief Executive Officer’s
variable compensation with respect to 2024 is subject to the
General Meeting’s approval of their compensation elements
for 2024. As the compensation of the Chairman of the Board
of Directors is fixed compensation only, this condition is not
applicable.
7.1.4.1
Compensation Elements Paid or Granted in 2024 to Mr. Bernard Charlès,
Chairman of the Board of Directors (1)
Compensation granted with respect to 2024
Compensation elements
Amount
(in euros)
Observations
Fixed compensation (2)
2,000,000
Gross fixed compensation for 2024 decided by the meeting of the Board of Directors
of March 12, 2024, on the recommendation of the Compensation and Nomination
Committee. This compensation was paid in 2024.
Annual variable
compensation
N/A
Mr. Bernard Charlès receives no annual variable compensation.
Deferred annual variable
compensation
N/A
Mr. Bernard Charlès receives no deferred annual variable compensation.
Multi‑year variable
compensation
N/A
Mr. Bernard Charlès receives no multi‑year annual variable compensation.
Compensation allocated to
directors in respect of the
directorship (3)
67,000
Gross compensation amount allocated for 2024.
This compensation was paid at the beginning of 2025.
Extraordinary compensation
N/A
Mr. Bernard Charlès receives no extraordinary compensation.
Share subscription options
and/or performance share
awards
N/A
Mr. Bernard Charlès was not granted any share subscription options or performance
shares.
Indemnity upon start or
termination of function
N/A
Mr. Bernard Charlès receives no indemnity upon start or termination of duties.
Non‑compete indemnity
N/A
Mr. Bernard Charlès receives no non‑compete indemnity.
Additional retirement plan
N/A
No additional retirement plan was implemented by Dassault Systèmes SE.
Benefits in kind
19,593
These benefits in kind are linked to a mandatory supplemental medical coverage and
use of a vehicle made available to Mr. Bernard Charlès by Dassault Systèmes SE.
(1)
All compensation paid by Dassault Systèmes SE to Mr. Bernard Charlès is paid by Dassault Systèmes SE, a company incorporated under the laws of France.
(2)
See also paragraph 5.1.3.1 “Compensation Policy Applicable to the Chairman of the Board of Directors” of the Universal registration document 2023.
(3)
See also paragraph 5.1.3.3 “Directors’ Compensation” of the Universal registration document 2023 regarding the conditions for distributing the annual budget allocated
to Directors of Dassault Systèmes SE.
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Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
7
As a reminder:
Compensation granted with respect to 2023 and paid in 2024
Compensation elements
Amount
(in euros)
Observations
Annual variable
compensation
1,445,000
Variable gross compensation with respect to 2023 actually earned and decided by the
Board of Directors of March 12, 2024, upon the proposal of the Compensation and
Nomination Committee.
This compensation was paid in 2024 following approval by the General Meeting of the
compensation elements of Mr. Bernard Charlès for 2023.
Compensation allocated
to directors in respect
of their directorship
66,562
Gross compensation amount allocated for 2023.
This compensation was paid at the beginning of 2024.
7
436
General Meeting
Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
7.1.4.2
Compensation Elements for 2024 for Mr. Pascal Daloz, Chief Executive Officer (1)
Compensation granted with respect to 2024
Compensation elements
Amount
(in euros)
Observations
Fixed compensation (2)
1,000,000
Gross fixed compensation for 2024, as set by the Board of Directors at its meeting
of March 12, 2024 on the recommendation of the Compensation and Nomination
Committee.
This compensation was paid in 2024.
Annual variable
compensation(2)
950,000
Variable gross compensation with respect to 2024 actually earned and decided by the
Board of Directors of March 11, 2025, upon the proposal of the Compensation and
Nomination Committee.
The methods for determining this compensation are set out in Table 2 “Summary of
the Compensation of Each Executive Officer” in paragraph 5.1.4.
This compensation will be paid in 2025 subject to approval by the General Meeting of
May 22, 2025, of the compensation elements of Mr. Pascal Daloz for 2024.
Deferred annual variable
compensation
N/A
Mr. Pascal Daloz receives no deferred variable compensation.
Multi‑year variable
compensation
N/A
Mr. Pascal Daloz receives no multi‑year variable compensation.
Compensation allocated to
directors in respect of the
directorship(3)
47,000
Gross compensation amount allocated for 2024.
This compensation was paid at the beginning of 2025.
Extraordinary compensation
N/A
Mr. Pascal Daloz receives no extraordinary compensation.
Share subscription options
and/or performance share
awards (5)
13,522,500(4)
Mr. Pascal Daloz was granted 450,000 2024-A shares by the Board of Directors at its
meeting on May 22, 2024.
Indemnity upon start or
termination of function
N/A
Mr. Pascal Daloz will receive, subject to certain conditions, an indemnity upon
the termination of his functions, the amount of which will not exceed two years’
compensation and will depend on the achievement of performance conditions
established for the calculation of his variable compensation (5).
Non‑compete indemnity
N/A
Mr. Pascal Daloz receives no non‑compete indemnity.
Additional retirement plan
N/A
No additional retirement plan was implemented.
Benefits in kind
334
These benefits in kind are linked to mandatory supplemental medical coverage and the
reimbursement of travel expenses.
(1)
All compensation paid by Dassault Systèmes SE to Mr. Pascal Daloz is paid by Dassault Systèmes SE, a company incorporated under the laws of France.
(2)
See also section 5.1.3.2 “Compensation Policy Applicable to the Chief Executive Officer” of the Universal registration document 2023.
(3)
See also paragraph 5.1.3.3 “Directors’ Compensation” of the Universal registration document 2023 regarding the conditions for distributing the annual budget allocated
to Directors of Dassault Systèmes SE.
(4)
Value based on the method chosen for the consolidated financial statements before the spreading of the expense and taking into account the performance criteria.
(5)
See also paragraph 5.1.3.2 “Compensation Policy Applicable to the Chief Executive Officer” of the Universal registration document 2023.
437
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General Meeting
Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
7
As a reminder:
Compensation granted with respect to 2023 and paid in 2024
Compensation elements
Amount
(in euros)
Observations
Annual variable
compensation
735,000
Variable gross compensation with respect to 2023 actually earned and decided by the
Board of Directors of March 12, 2024, upon the proposal of the Compensation and
Nomination Committee.
This compensation was paid in 2024 following approval by the General Meeting of the
compensation elements of Mr. Pascal Daloz for 2023.
Compensation allocated
to directors in respect
of their directorship
47,000
Gross compensation amount allocated for 2023.
This compensation was paid at the beginning of 2024.
7.1.5
Information Contained in the Corporate
Governance Report Relating to the Compensation
of Corporate Officers (Mandataires Sociaux)
(Article L. 22‑10‑9, I of the French Commercial Code)
(8th resolution)
In accordance with the provisions of Article L. 22‑10‑34, I of the French Commercial Code, the following information is
submitted for your approval:
Information referred to in section I of Article L. 22‑10‑9 of the French Commercial Code
Total compensation and benefits of any kind paid or allocated in 2024 and the relative
proportion of fixed and variable compensation
See paragraphs 5.1.4 and 5.1.5
Use of the option of requesting the repayment of variable compensation
N/A
Undertakings made by the Company in connection with the termination or change
of office or subsequent to the performance of such office and the estimated amount liable
to be paid on that basis
See paragraph 5.1.3.2
Any compensation paid or granted by a company within the scope of consolidation
N/A
Equity ratios
See paragraph 5.1.4
Annual change in compensation, the Company’s performance, average compensation
on a full‑time equivalent basis of the Company’s employees (other than management)
and equity ratios over the last five or more fiscal years
See paragraph 5.1.4
Explanation of how the total compensation reflects the compensation policy adopted,
including how it contributes to the long‑term performance of the Company,
and how the performance criteria have been applied.
See paragraph 5.1.4
Taking into account the vote of the last Ordinary General Meeting provided
for in Article L. 22‑10‑34, I of the French Commercial Code
N/A
Any deviation from the procedure for implementing the compensation policy
and any derogation applied
N/A
Application of the provisions of the second paragraph of Article L. 225‑45 of the French
Commercial Code (irregular composition of the Board of Directors)
N/A
7
438
General Meeting
Presentation of the Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2024
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
7.1.6
Compensation Policy for Corporate Officers (Mandataires Sociaux)
(5th resolution)
In accordance with the provisions of Articles L. 22‑10‑8, I and
R. 22‑10‑14 of the French Commercial Code, the corporate
governance report (see paragraph 5.1.3 “Compensation
Policy for Corporate Officers (Mandataires Sociaux)”)
describes the compensation policy for corporate officers
set by the Board of Directors, submitted for your approval
in accordance with Article L. 22‑10‑8, II of the French
Commercial Code.
7.1.7
Setting the Amount of the Directors’ Compensation
(9th resolution)
The General Meeting is asked to increase the annual
compensation package allocated to the directors, which is
currently set at €900,000, to raise it to €1,200,000 for the
current fiscal year and subsequent years.
This increase takes into account the growth in the number
of directors in the future and changes in the practices of CAC
40 companies in terms of directors’ compensation.
Subject to approval by the General Meeting of May 22,
2025 of the compensation policy for corporate officers and
the new package for 2025, the meeting of the Board of
Directors thus decided its allocation among the directors
would be based on the following principles: €24,000 per
director, an additional €24,000 for the Chairman of the
Board, an additional €40,000 for the Chairman of the Audit
Committee, an additional €30,000 for the Chairman of the
Compensation and Nomination Committee, an additional
€15,000 for the Chairman of the Scientific Committee, an
additional €30,000 for the lead independent director, and
an additional €20,000 for the lead director on sustainable
development (these amounts being paid in proportion to the
actual term in office during the year); €5,400 per member for
physical presence at a Board or Committee meeting or at a
meeting of independent directors; and €2,700 per member
for every Board, Committee or independent directors’
meeting by conference call or video‑conference.
7.1.8
Reappointment and Appointment of Directors
(10th, 11th and 12th resolutions)
The directorship of Mr. Soumitra Dutta expires at the close of
the General Meeting of May 22, 2025.
It is proposed to re‑elect him for a four‑year term, i.e.
until the General Meeting called to approve the financial
statements for the year ending December 31, 2028.
Mr. Soumitra Dutta is an independent director, Chairman of
the Scientific Committee and a member of the Compensation
and Nomination Committee. He offers solid expertise in
technologies and innovation. Mr. Soumitra Dutta’s full
biography can be found in section 5.1.1.1 “Composition of
the Board of Directors”.
At its meeting on March 11, 2025, the Board of Directors
reviewed the independence of Mr. Soumitra Dutta in
light of eight independence criteria set out in the AFEP-
MEDEF Code (see paragraph 5.1.1.1 “Composition of the
Board of Directors”). As each of these criteria was met, the
Board concluded that he was independent, acting on the
recommendation of the Compensation and Nomination
Committee in which Mr. Soumitra Dutta did not take part.
The term of office as director of Ms. Odile Desforges also
expires at the end of the General Meeting of May 22, 2025.
After three terms of four years each, Ms. Odile Desforges can
no longer be considered independent within the meaning of
the AFEP-MEDEF Code.
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After an opinion from the Compensation and Nomination
Committee, the appointment of a new director is proposed;
Ms. Nathalie Rouvet Lazare, whose biography is provided
below, to replace Ms. Odile Desforges,
At its meeting on March 11, 2025, upon the recommendation
of the Compensation and Nomination Committee, the Board
of Directors reviewed and ruled in favor of the independence
of Ms. Nathalie Rouvet Lazare. She would be appointed a
member of the Audit Committee.
Nathalie Rouvet Lazare – Candidate for Director
Age: 62 years
Nationality: French
Business address:
Associés en Gouvernance,
46 rue du Général Foy,
75008 Paris
Main position:
Associate at the consulting firm
Associés en Gouvernance
Term expires:
General Meeting called
to approve the financial
statements for the year ending
December 31, 2028
Number of Dassault Systèmes
shares owned
on December 31, 2024:
0
Biography
An HEC graduate (1984) and an IFA/Sciences Po certified corporate director (2011),
Nathalie Rouvet Lazare has, in her 35 years of professional experience, gained a profound
understanding of corporate strategy and management, the challenges of development
and digital transformation, and governance issues.
Her career combines strategy, marketing and communication (Air France, Saatchi &
Saatchi Advertising, Publicis, La Poste Group, In Between) and corporate management
with Coheris.
Having worked in the corporate governance field since 2010, Nathalie Rouvet Lazare
became an Independent Director of Coheris in September 2011 and chaired its Strategy
Committee. In 2013, she became Chairman & Chief Executive Officer of the software
company listed on Compartment C of Euronext Paris and served as a Director from 2013
to 2019. She led the company’s turnaround and then the restructuring of its capital
structure, which resulted in a friendly takeover in 2019.
Other offices and positions
Independent Director, Member of the Audit Committee and Chair of the Compensation
and Nomination Committee of Hightech Payment Systems (HPS) since Sept. 2021 (a
company listed on the Casablanca Stock Exchange)
Other positions were held during the past five years
Director of Middlenext (until 2020)
It is also proposed to appoint as director Ms. Marie-Hélène
Habert-Dassault, director of Dassault Systèmes in her
own name from 2014 to May 2024, then permanent
representative of Groupe Industriel Marcel Dassault from
May 2024 to January 8, 2025. Ms. Habert-Dassault’s
biography is presented below.
Marie-Hélène Habert-Dassault is a member of the Dassault
family, which owns Groupe Industriel Marcel Dassault SAS
(GIMD), the main shareholder and director of Dassault
Systèmes SE. She is also a member of GIMD’s Supervisory
Board.
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Marie-Hélène Habert-Dassault – Candidate for Director
Age: 59 years
Nationality: French
Business address:
Groupe Industriel Marcel
Dassault SAS –
9 Rond-Point des
Champs‑Élysées –
Marcel Dassault,
75008 Paris – France
Main position:
Director of Communication
and Patronage, GIMD
Term expires:
General Meeting called
to approve the financial
statements for the year ending
December 31, 2028
Number of Dassault Systèmes
shares owned
on December 31, 2024:
2,830
Biography
Marie-Hélène Habert-Dassault has been Director of Communication and Patronage of the
Groupe Industriel Marcel Dassault SAS (GIMD) since 1998. She joined GIMD in 1991 as
Deputy Director of Communication after having started her career at the DDB advertising
agency in London as a media planning consultant. She holds a Master’s degree in
Business Law and Taxation, a Business Law practitioner diploma (Assas, France,1988)
and a Master’s in Strategy and Marketing (Sciences Po, Paris, 1989).
Marie-Hélène Habert-Dassault was a Director of Dassault Systèmes from July 23,
2014, until May 22, 2024, then GIMD representative to the Board of Directors of
Dassault Systèmes until January 8, 2025
Other offices and positions
Within the Dassault Group
Member of the Supervisory Board of GIMD; Vice-Chair of the Supervisory Board of
Immobilière Dassault S.A. (listed company); Chair of the Supervisory Board of Rond-
Point Immobilier SAS; Member of the Board of Directors of Dassault Aviation S.A. (listed
company); Director and chairwoman of the Serge Dassault Foundation; Director of
Artcurial S.A.
Outside the Dassault Group
Director member of the Strategy Committee and of the HR and CSR Committee of
Biomérieux (listed company); Member of the Strategy Committee and President of
HDF; General Manager of H Investissements; General Manager of HDH Immo; Director
of Siparex Associés; Manager of SCI Duquesne; Director of Fondation Fondamental; and
member of the Board of Directors of the Fondation Gustave Roussy since 2023
Other positions were held during the past five years
Director of Dassault Systèmes (until 2024) and GIMD representative to the Board of
Directors of Dassault Systèmes (until 2025)
Director of Middlenext (until 2020)
(1)
As a reminder, the proportion of female representation and independent directors does not include the directors representing employees, in accordance with Article 10.3
of the AFEP-MEDEF Code and Articles L. 225‑27‑1 and L. 22‑10‑7 of the French Commercial Code, respectively.
The targets applicable to the Board’s composition can be
found in paragraph 5.1.1.1 “Composition of the Board of
Directors”. If the above proposals are approved, the Board
of Directors would have 11 members, excluding directors
representing employees, including five women and six men
(i.e., 45% of women), and 45% of independent directors.
These proportions go beyond the legal requirements and
recommendations of the AFEP-MEDEF Code (1).
All of the Board’s committees would remain wholly
composed of independent directors.
Dassault Systèmes has the intention to maintain a ratio of
men and women, and independent directors, on the Board
of Directors equal to 50%. It is planned to propose the
appointment of a new independent woman director in May
2026.
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7.1.9
Authorization to Repurchase Shares of
Dassault Systèmes (13th and 14th resolutions)
The authorization to repurchase shares of the Company
granted to the Board of Directors at the General Meeting
of May 22, 2024 will expire at the General Meeting of May
22, 2025. Within the framework of this authorization, share
buybacks were carried out in 2024 (these transactions are
described in paragraph 6.2.4 “Share Buyback Programs”) and
also in early 2025. They were carried out for the purposes
of covering the Company’s obligations resulting from share
allocations and maintaining an active market and providing
liquidity for Dassault Systèmes shares. An active market is
maintained by an investment services provider operating
under a liquidity agreement between Dassault Systèmes SE
and Oddo BHF SCA. This agreement was tacitly renewed for
the 2025 fiscal year.
Any share buybacks made between January 1, 2025, and the
date of the General Meeting will be described in the Universal
registration document for the year ending December 31, 2025.
It is proposed to reauthorize the Board of Directors to
repurchase Dassault Systèmes shares, in accordance with
Articles L. 22‑10‑62 et seq. of the French Commercial
Code, within a limit of 25 million shares, i.e. approximately
1.87% of the share capital as of December 31, 2024,
within the limits set by the applicable regulations. The
maximum amount of funds dedicated to the repurchase of
Dassault Systèmes shares may not exceed €1 billion.
If this proposal is adopted, the authorization shall be valid as
from the General Meeting of May 22, 2025 for a period of
eighteen months.
This authorization may be used for the following purposes:
1) to cancel shares for the purpose of offsetting a capital
increase resulting from issues of securities granted
under the conditions set out in Articles L. 225-177 to
L. 225-184, L. 225-197-1 to L. 225-197-5, L. 22-10-56 or
L. 22-10-59 of the French Commercial Code or Articles
L. 3332-18 to L. 3332-24 or L. 3344-1 of the French
Labour Code or under the conditions set out in equivalent
regulations;
2) to meet obligations related to stock option allocations
or other allocations of shares to employees or Corporate
Officers (mandataires sociaux) of Dassault Systèmes SE
or of an affiliated company;
3) to provide shares upon exercise of rights attached to
marketable securities giving immediate or future access
to the share capital of Dassault Systèmes SE, mainly
through redemption, conversion, exchange, presentation
of a warrant or any other means;
4) to maintain an active market or provide liquidity for
Dassault Systèmes shares under a liquidity contract
entered into with an investment services provider acting
independently in accordance with the French Financial
Markets Authority (AMF)’s accepted market practice and
with a code of ethics recognized by the AMF;
5) to implement any stock‑exchange market practice which
may be accepted by the regulations or by the French
Financial Markets Authority (AMF);
6) to subsequently allocate, deliver or hold shares in
the context of external growth transactions by
Dassault Systèmes SE or an affiliated company,
in particular through mergers, demergers, partial
demergers or contributions in kind;
7) exceptionally, to cancel shares for the purpose of
increasing the profitability of shareholders’ equity
and earnings per share, under an authorization by the
Extraordinary General Meeting permitting shares to be
canceled.
The acquisition, sale, transfer or exchange of such shares
may be realized by any means allowed on the market
(whether or not the market is regulated), on multilateral
trade facilities (MTF) or through a systematic internalizer
or over‑the counter, including the purchase of blocks and
through the use of derivative instruments.
The acquisition, sale, transfer or exchange of such shares
may be completed at any time in accordance with the
applicable legal provisions and regulations except during a
public offering period.
The share buyback program is described in this Universal
registration document in paragraph 6.2.4 “Share Buyback
Programs”, where all relevant information is presented.
In light of the possible cancellation of the repurchased
shares, we propose that you also authorize the Board of
Directors to cancel, as applicable, for the same period of
eighteen months from the General Meeting of May 22,
2025, all or a portion of the shares which it has repurchased
and to reduce the share capital by a corresponding amount,
within a limit of 5% of its amount per 24‑month period.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
7.1.10 Delegations of Authority and Powers to Increase the Share
Capital (15th, 16th, 17th, 18th, 19th and 20th resolutions)
The delegations of authority and powers to increase the
share capital granted to the Board of Directors by the General
Meeting of May 24, 2023 are due to expire in July 2025. It
is therefore proposed that the General Meeting reauthorize
the Board of Directors to increase the share capital for a
period of 26 months to enable the Board of Directors, at any
time, to select among a broad range of marketable securities
giving access to the share capital or debt securities of the
Company, with or without preferential subscription rights for
shareholders, through a public offering, the most appropriate
financing for the Group’s development, taking into account
the market conditions at the time of the contemplated
transaction.
It is also proposed to renew the delegation of authority
granted to the Board of Directors to increase the share
capital by incorporation of reserves, profits or premiums, as
well as the delegation of powers to increase the share capital
to remunerate contributions in kind of shares.
The resolutions submitted for this purpose will replace those
adopted by the General Shareholders’ Meeting of May 24,
2023, which the Board of Directors has not used as at the
date of preparation of this Universal registration document
(see paragraph 5.1.7.2 “Table Summarizing the Current
Delegations Granted by the General Meeting of Shareholders
in Respect of Capital Increases”).
Should you approve these resolutions, the Board of Directors
will have the opportunity to:
—
carry out capital increases with or without preferential
subscription rights for shareholders (in particular by using
the option offered by law to launch a public offering
only for portfolio managers or qualified investors) up
to a maximum nominal amount of €13 million and, for
debt securities giving access to the share capital, up to a
maximum nominal amount of €1 billion;
—
carry out capital increases by incorporation of reserves,
profits or premiums up to a maximum nominal amount of
€13 million;
—
increase the share capital to remunerate contributions of
shares in kind up to a limit of 10% of the share capital
and the same nominal amount of €13 million.
The Board of Directors would not be able to use these
delegations in case of a tender offer on the Company’s
shares.
The overall cap of €13 million will count toward the overall
nominal amount for capital increases that may be carried
out and provided for in (i) the 15th to 20th and 23th and 24th
resolutions submitted to the General Meeting on May 22,
2025 and (ii) the 17th to 22nd resolutions approved by the
General Meeting of May 22, 2024 (delegations for mergers,
demergers and partial demergers, see paragraph 7.1.11 of the
Universal registration document 2023).
7.1.11 Financial Authorizations for Issuances Reserved for
Employees and Corporate Officers (Mandataires Sociaux)
(21st, 22nd, 23rd and 24th resolutions)
The
compensation
policy
implemented
by
Dassault
Systèmes must serve the ability to attract, to motivate and
to retain key employees and executives with the diversity of
talents and the high level of skills required for the Company’s
various activities, the competition in the labor market for
such employees being intense.
The members of the Executive team and key employees of
Dassault Systèmes may be granted long‑term incentives,
notably through allocations of performance shares or options
to subscribe to Dassault Systèmes shares.
In 2022 and 2023, Dassault Systèmes’ employees also
had the opportunity to subscribe to collective employee
shareholding operations launched in 2021 and 2023 (see
paragraph 5.1.5. “Interests of Executive Management and
Employees in the Share Capital of Dassault Systèmes SE”).
A new offer for employees, as decided by the Board of
Directors at the end of 2024, is currently scheduled for
completion in June 2025.
Performance shares
It is proposed to renew the authorization to grant free shares
to employees or executive officers of Dassault Systèmes SE,
granted to the Board of Directors by the General Meeting of
May 24, 2023 and which will expire in 2025.
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This new authorization would cancel, as from May 22, 2025
and for the yet unused portion, the authorization granted to
the Board of Directors by the General Meeting of May 24,
2023 (20th resolution).
This authorization would be granted for a period of two
years.
The total number of free shares granted under this
authorization may not exceed 1.5% of the Company’s
share capital, at the date of the allocation by the Board of
Directors.
In accordance with AFEP-MEDEF’s Corporate Governance
Code for listed companies, and the recommendation from
the Compensation and Nomination Committee, it is proposed
that the number of shares that may be granted to executive
officers (dirigeants mandataires sociaux) within the meaning
of this Code be limited to 35% of the so authorized overall
amount.
The structure of the allocation plans would be identical to
the one of the previous plans. All share allocations, including
performance share allocations to the Chief Executive Officer,
would be subject to a continued employment condition, so
that no share may be vested if the continued employment
condition is not met, and to a strict performance condition,
assessed over a minimum period of three years.
The performance condition would be based on two criteria:
—
a rate of growth in net earnings per share set by the
Board; and
—
a multi‑criteria ESG indicator.
For some beneficiaries (excluding executive officers), the
performance condition could, if appropriate, alternatively or
cumulatively be based on a target specific to their brand.
The Board of Directors will set the minimum level(s) of
achievement (usually set at 80%) below which no shares
may be acquired by the beneficiaries.
Information relating to the use by the Board of Directors of
the authorization granted by the General Meeting of May 24,
2023 can be found in paragraph 5.1.5 “Interests of Executive
Management and Employees in the Share Capital of Dassault
Systèmes SE”.
Share subscription or purchase options
It is proposed to renew the authorization to grant options
to subscribe or to purchase shares, granted to the Board
of Directors by the General Meeting of May 24, 2023 and
which will expire in 2025.
This new authorization would cancel, as from May 22, 2025
and for the yet unused portion, the authorization granted to
the Board of Directors by the General Meeting of May 24,
2023 (21st resolution).
This authorization would be granted for a period of two
years.
The maximum number of stock options that may be granted
by the Board of Directors and not yet exercised may not
give the right to subscribe or purchase a number of shares
exceeding 3% of the share capital.
No options may be granted to executive officers within the
meaning of the AFEP-MEDEF corporate governance code for
listed companies.
The structure of the allocation plans would be identical to the
one of the previous plans. All allocations of options would be
subject to one continued employment condition (no option
may be exercised if the continued employment condition is
not met), and to a strict performance condition.
The performance condition would be based on two criteria:
—
a rate of growth in net earnings per share set by the
Board; and
—
a multi‑criteria ESG indicator.
For some beneficiaries, the performance condition could,
if appropriate, alternatively or cumulatively be based on a
target specific to their brand.
The performance conditions would be assessed over a
minimum period of three years, with tranches exercisable
each year.
The Board of Directors will set the minimum level(s) of
achievement (usually set at 80%) below which no options
may be exercised by the beneficiaries.
The subscription price for the new shares or the purchase
price of existing shares by exercising the options would be
determined by the Board of Directors on the day on which
the Options are granted. No discount would be applied
compared to the share’s closing price on the Euronext
Paris market on the trading day preceding the day of the
allocation.
Information relating to the use by the Board of Directors
of the authorizations granted by the General Meeting of
May 24, 2023 can be found in paragraph 5.1.5 “Interests of
Executive Management and Employees in the Share Capital
of Dassault Systèmes SE”.
Capital increase reserved for employees
In order to enable the implementation of employee
shareholding operations, it is proposed to authorize the
Board of Directors to increase the share capital reserved for
members of a corporate savings plan.
To facilitate the structuring of this offer in the countries
outside France, it is also proposed to authorize the Board
of Directors to increase the share capital for the benefit of a
category of beneficiaries as part of an employee shareholding
operation.
The maximum nominal global amount of the capital increases
that may be carried out under these authorizations would be
€1 million through the issuing of new shares or securities
giving access to share capital.
The two new authorizations would terminate and replace the
authorizations granted by the General Meeting on May 22,
2024 from September 1, 2025, after completion of the
employee shareholding offer launching in 2025.
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DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Information relating to the use by the Board of Directors
of the authorizations granted by the General Meeting of
May 22, 2024, can be found in paragraph 5.1.7.2 “Table
Summarizing the Current Delegations Granted by the General
Meeting of Shareholders in Respect of Capital Increases”.
7.1.12 Amendment to Article 16 of the Company’s
By-Laws Governing the Deliberations of the
Board of Directors (25th resolution)
As a result of the change in the provisions of Article L. 225-
37 section 3 of the French Commercial Code by Law
2024‑537 of June 13, 2024 intended to increase financing of
businesses and the attractiveness of France, you are being
asked to amend Article 16 of the by‑laws in order to simplify
the conditions for decisions made by written consultation
within the Board of Directors and the conditions for the
participation in Board meetings via telecommunications.
7.2
Text of the Draft Resolutions Proposed
by the Board of Directors to the General
Meeting of May 22, 2025
Ordinary General Meeting
1st resolution
Approval of the parent company annual financial statements
The General Meeting, having reviewed the management
report of the Board of Directors and the report of the
Statutory Auditors, as well the additional explanations made
orally, hereby approves the management report of the Board
of Directors and the annual financial statements for the year
ended December 31, 2024, as they have been presented.
The General Meeting consequently approves any transactions
disclosed in these financial statements or summarized in these
reports and, in particular, in accordance with the provisions
of Article 223 quater of the French Tax Code, the aggregate
amount of the expenses and charges referred to in Article
39.4 of the said Code that are non‑deductible from taxable
income, totaling €751,441 and resulting in corporate tax of
€194,097.
2nd resolution
Approval of the consolidated financial statements
The General Meeting, having reviewed the report of the
Board of Directors with respect to management of Dassault
Systèmes included in the management report and the
report by the Statutory Auditors related to the consolidated
financial statements, in addition to explanations made orally,
hereby approves in all respects the management report
of the Board of Directors and the consolidated financial
statements for the year ended December 31, 2024, as they
have been presented.
The General Meeting consequently approves any transactions
disclosed by such consolidated financial statements or
summarized in such reports.
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3rd resolution
Allocation of profit
The General Meeting, on the recommendation of the Board of Directors, hereby resolves to allocate the profit of the year
amounting to €853,309,050.84 (1) as follows:
– to the legal reserve
€17,583.18
– to a special reserve account (2)
€0
– for distribution to the 1,339,674,751 shares forming the share capital at 12/31/2024 of a
dividend of (€0.26 x 1,339,674,751)(3)
€348,315,435.26
– to retained earnings
€504,976,032.40
which, increased by the retained earnings from previous years of €4,009,671,104.29, brings the
amount of retained earnings to
€4,514,647,136.69
(1)
This profit, increased by the retained earnings from previous years of €4,009,671,104.29, results in a distributable profit of €4,862,980,155.13.
(2)
In compliance with Article 238 bis AB, paragraph 5 of the French Tax Code.
(3)
The aggregate amount of the dividend will be adjusted according to the change in the number of new shares created between January 1, 2025, and the date of this
General Meeting, mainly as a result of the exercise of share subscription options, it being specified that the maximum number of shares that may derive from the exercise
of options is 20,926,190, representing a maximum additional dividend of €5,440,809.40.
Shares will be traded ex‑dividend on May 26, 2025 and the
dividend will be paid on May 28, 2025.
On the date of payment, the amount of the dividend
corresponding to (i) the treasury shares of Dassault
Systèmes SE and (ii) the Dassault Systèmes shares held by
SW Securities LLC, a company which is controlled by the
Dassault Systèmes SE Group, will be allocated to “retained
earnings” in accordance with the provisions of Article
L. 225-210 of the French Commercial Code and the
contractual provisions in force between SW Securities LLC
and Dassault Systèmes SE.
In addition, prior to distribution of the dividend, the Board
of Directors, or if so authorized, the Chief Executive Officer
will determine the number of additional shares issued as a
result of the exercise of share subscription options between
January 1, 2025 and the date of this General Meeting. The
amount required for payment of dividends for shares issued
during this period will be taken from “retained earnings”.
The amount thus distributed to individual shareholders
resident in France for tax purposes will be, where applicable:
—
either subject to a flat‑rate withholding tax of 30%
(12.8% non‑discharging flat‑rate withholding tax paid
as income tax and 17.2% social security withholding)
(Article 117 quater of the French Tax Code);
—
or, if an individual option is expressly and irrevocably
exercised each year across the board for all income
from securities, taken into account in determining
shareholders’ total income subject to the progressive
rate of income tax for the year in which it is received
(Article 200A of the French Tax Code), after application
of an uncapped deduction of 40% (Article 158, 3, 2° of
the French Tax Code). Dividends taxed at the progressive
rate of income tax are also subject to social security
contributions at a rate of 17.2%.
Pursuant to Article 243 bis of the French Tax Code, it is noted that dividends per share paid over the last three years have been
as follows:
Year
2023
2022
2021
Dividend (1) (in euros)
0.23
0.21
0.17
Number of shares eligible for dividends
1,315,927,865
1,315,586,120
1,314,896,795
(1)
Dividend 100% eligible for the 40% deduction provided for in Article 158, 3, 2° of the French Tax Code.
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Text of the Draft Resolutions Proposed by the Board of Directors to the General Meeting of May 22, 2025
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
4th resolution
Related‑party agreements
The General Meeting, having reviewed the special report
of the Statutory Auditors on the agreements governed by
Articles L. 225‑38 et seq. of the French Commercial Code,
acknowledges the report, which does not include any new
agreements.
5th resolution
Compensation policy for corporate officers (mandataires
sociaux)
The General Meeting, having reviewed the report drawn up
in accordance with Articles L. 225‑37 and L. 22‑10‑8 of the
French Commercial Code, approves the compensation policy for
corporate officers set by the Board of Directors and contained
in paragraph 5.1.3 “Compensation Policy for Corporate Officers
(Mandataires Sociaux)” of Chapter 5 “Corporate Governance” of
the Universal registration document for 2024.
6th resolution
Compensation elements paid in 2024 or granted for fiscal
year 2024 to Mr. Bernard Charlès, Chairman of the Board of
Directors
The General Meeting, having reviewed the report drawn up
in accordance with Articles L. 22‑10‑9 and L. 22‑10‑34 of
the French Commercial Code, approves the compensation
elements paid in 2024 or granted with respect to 2024
to Mr. Bernard Charlès, Executive Chairman of the Board
of Directors, as indicated in paragraph 5.1.4 “Summary of
the Compensation and Benefits due to Corporate Officers
(Mandataires Sociaux)” of Chapter 5 “Corporate Governance”
of the Universal registration document for 2024.
7th resolution
Compensation elements paid in 2024 or granted for fiscal
year 2024 to Mr. Pascal Daloz, Chief Executive Officer
The General Meeting, having reviewed the report drawn up in
accordance with Articles L. 225‑37 and L. 22‑10‑9 of the French
Commercial Code, approves the compensation elements paid in
2024 or granted with respect to 2024 to Mr. Pascal Daloz, Chief
Executive Officer, as indicated in paragraph 5.1.4 “Summary
of the Compensation and Benefits due to Corporate Officers
(Mandataires Sociaux)” of Chapter 5 “Corporate Governance” of
the Universal registration document for 2024.
8th resolution
Approval of the information contained in the corporate
governance report and relating to the compensation of
corporate officers (mandataires sociaux) (Article L. 22‑10‑9 of
the French Commercial Code)
The General Meeting, having reviewed the report drawn up
in accordance with Articles L. 22‑10‑9 and L. 22‑10‑34 of the
French Commercial Code, approves the information contained
in the corporate governance report regarding the compensation
of corporate officers (mandataires sociaux) mentioned in Article
L. 22‑10‑9, I of the French Commercial Code and contained in
paragraphs 5.1.3.2 “Compensation Policy Applicable to the
Chief Executive Officer”, 5.1.4 “Summary of the Compensation
and Benefits due to Corporate Officers (Mandataires Sociaux)”
and 5.1.5 “Interests of Executive Management and Employees
in the Share Capital of Dassault Systèmes SE” of Chapter 5
“Corporate Governance” of the Universal registration document
for 2024.
9th resolution
Setting the amount of directors’ compensation
The General Meeting, after a review of the report of
the Board of Directors, sets the amount of the annual
compensation to be distributed among the directors at
€1,200,000 for the current and subsequent years until a new
decision of the General Meeting.
10th resolution
Nomination of Ms. Marie-Hélène Habert-Dassault as director
The General Meeting, having reviewed the report of the
Board of Directors, decides to appoint Ms. Marie-Hélène
Habert-Dassault as director of the Company for a four‑year
term. This term of office will expire at the close of the
General Meeting called to approve the financial statements
for the year ending December 31, 2028.
11th resolution
Nomination of Ms. Nathalie Rouvet Lazare as director
The General Meeting, having reviewed of the report of the
Board of Directors, decides to appoint Ms. Nathalie Rouvet
Lazare as director of the Company for a four‑year term. This
term of office will expire at the close of the General Meeting
called to approve the financial statements for the year ending
December 31, 2028.
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12th resolution
Reappointment of Mr. Soumitra Dutta
The General Meeting, having reviewed the report of the Board
of Directors, notes that Mr. Soumitra Dutta’s term of office
as director expires at the close of this General Meeting and
reappoints him for a four‑year term. This term of office will
expire at the close of the General Meeting called to approve the
financial statements for the year ending December 31, 2028.
13th resolution
Authorization to repurchase Dassault Systèmes shares
The General Meeting, having reviewed the report of the Board
of Directors, authorizes the Board of Directors to purchase
a maximum of 25 million Dassault Systèmes shares, in
accordance with the terms and conditions stipulated in Articles
L. 22‑10‑62 et seq. of the French Commercial Code, Articles
241‑1 et seq. of the French Financial Markets Authority (AMF)
General Regulation, Regulation (EU) no. 596/2014 of April 16,
2014 on market abuse (“MAR Regulation”), and Commission
Delegated Regulation (EU) no. 2016/1052 of March 8, 2016
supplementing the MAR Regulation.
This authorization may be used by the Board of Directors for
the following purposes:
1) to cancel shares for the purpose of offsetting a capital
increase resulting from issues of securities granted
under the conditions set out in Articles L. 225-177 to
L. 225-184, L. 225-197-1 to L. 225-197-5, L. 22-10-56 or
L. 22-10-59 of the French Commercial Code or Articles
L. 3332-18 to L. 3332-24 or L. 3344-1 of the French
Labour Code or under the conditions set out in equivalent
regulations;
2) to meet obligations related to stock option allocations
or other allocations of shares to employees or corporate
officers of Dassault Systèmes SE or of an affiliated
company;
3) to provide shares upon exercise of rights attached to
marketable securities giving immediate or future access
to the share capital of Dassault Systèmes SE, mainly
through redemption, conversion, exchange, presentation
of a warrant or any other means;
4) to maintain an active market or provide liquidity for
Dassault Systèmes shares under a liquidity contract
entered into with an investment services provider acting
independently in accordance with the French Financial
Markets Authority (AMF)’s accepted market practice and
with a code of ethics recognized by the AMF;
5) to implement any stock‑exchange market practice which
may be accepted by the regulations or by the French
Financial Markets Authority (AMF);
6) to subsequently allocate, deliver or hold shares in
the context of external growth transactions by
Dassault Systèmes SE or an affiliated company,
in particular through mergers, demergers, partial
demergers or contributions in kind;
7) exceptionally, to cancel shares for the purpose of
increasing the profitability of shareholders’ equity
and earnings per share, under an authorization by the
Extraordinary General Meeting permitting shares to be
canceled.
The acquisition, sale, transfer or exchange of such shares may
be realized by any means, on the market (whether or not the
market is regulated), on multilateral trade facilities (MTF),
through a systematic internalizer or over‑the counter, including
block purchases and the use of derivative instruments.
The acquisition, sale, transfer or exchange of such shares
may be completed at any time in accordance with the
applicable legal provisions and regulations except during a
public offering period.
The maximum amount of funds dedicated to the repurchase
of Company shares may not exceed €1 billion, this condition
being cumulative with the cap of 25 million Dassault
Systèmes shares.
This authorization can be used by the Board of Directors for
all the treasury shares held by Dassault Systèmes.
This authorization is valid from this General Meeting for a
period of eighteen months. The General Meeting hereby
grants any and all powers to the Board of Directors with
option of delegation when legally authorized, to place any
stock orders or orders outside the market, enter into any
agreements, prepare any documents including information
documents, determine terms and conditions of Company
transactions on the market, as well as terms and conditions
for purchase and sale of shares, file any declarations,
including those required by the French Financial Markets
Authority (AMF), accomplish any formalities, and more
generally, carry out any necessary measures to complete
such transactions.
The General Meeting also grants any and all powers to
the Board of Directors, in case that the Law or the French
Financial Markets Authority (AMF) appears to extend or to
complete the authorized objectives concerning the share
buyback program, in order to inform the public, pursuant to
applicable regulations and laws, about the potential changes
of the program concerning the modified objectives.
In accordance with the provisions of Articles L. 225‑211 and
R. 225‑160 of the French Commercial Code, the Company or
the intermediary in charge of securities administration for
the Company shall keep registers which record purchases
and sales of shares pursuant to this program.
This authorization replaces and supersedes the previous
share buyback program authorized by the Combined
General Meeting of Shareholders of May 22, 2024, in its
13th resolution.
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Extraordinary General Meeting
14th resolution
Authorization granted to the Board of Directors to reduce
the share capital by cancellation of previously repurchased
shares in the framework of the share buyback program
The General Meeting, having reviewed the report of the
Board of Directors and the special report of the Statutory
Auditors, hereby authorizes the Board of Directors, pursuant
to the provisions of Article L. 22‑10‑62 of the French
Commercial Code, to:
—
reduce the share capital by canceling, in one or more
transactions, some or all of the shares repurchased by
the Company under its share buyback program, subject
to a limit of 5% of the share capital in each 24‑month
period;
—
deduct the difference between the repurchase value
of the canceled shares and their nominal value from
available premiums and reserves.
The General Meeting hereby gives, more generally, any
and all powers to the Board of Directors to set the terms
and conditions of such share capital reduction(s), record the
completion of the share capital reduction(s) made pursuant
to the cancellation transactions authorized by this resolution,
amend the by‑laws of the Company as may be necessary, file
any declaration with the French Financial Markets Authority
(AMF) or other institutions, accomplish any formalities
and more generally take any necessary measures for the
purposes of completing this transaction.
This authorization is given for a period of eighteen months
from the date of this General Meeting.
15th resolution
Delegation of authority granted to the Board of Directors
to increase the share capital by issuing shares or equity
securities giving access to other equity securities of the
Company or giving entitlement to the allocation of debt
securities and to issue marketable securities giving access
to the Company’s equity securities to be issued, with
preferential subscription rights for shareholders
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) delegates to the Board of Directors, pursuant to the
provisions of Articles L. 225-129 to L. 225-129‑6,
L. 22-10-49, L. 22-10-51, L. 228‑91 and L. 228-92 of the
French Commercial Code, its authority to decide to issue,
on one or more occasions, at the time or times and in the
proportions it shall decide, both in France and abroad,
ordinary shares and/or equity securities giving access to
other equity securities or giving the right to the allocation
of debt securities and/or any other marketable securities
giving access to equity securities of the Company to be
issued, it being specified that the Board of Directors may
delegate to the Chief Executive Officer, or in agreement
with the latter, to one or more Deputy CEOs, under the
conditions permitted by law, all powers necessary to
decide on a capital increase;
2) resolves that any issue of preference shares and
marketable securities giving access to preference shares
is excluded;
3) resolves that the maximum nominal amount of the
capital increases that may be performed immediately
or in the future under the present authorization cannot
exceed €13 million, it being specified that this overall cap
is fixed not taking into account the nominal amount of
the shares to be issued to preserve the rights of holders
of marketable securities or other rights giving access
to the Company’s share capital, in accordance with the
applicable legal and regulatory provisions and, where
applicable, the contractual provisions allowing other
adjustments;
4) also resolves that the nominal amount of the marketable
securities representing the Company’s debt securities,
which may be issued pursuant to this delegation,
may not exceed €1 billion or the equivalent‑value of
this amount in foreign currency or in accounting units
calculated by reference to several currencies;
5) resolves that shareholders may exercise, under the
conditions provided by law, their preferential subscription
rights to shares, equity securities and other marketable
securities issued under this resolution;
6) resolves that if the subscriptions on an irrevocable basis
(à titre irréductible) and, where applicable, on a revokable
basis (à titre réductible), have not absorbed the entire
issue of shares, equity securities or other marketable
securities, the Board of Directors may offer to the public
all or part of the unsubscribed securities;
7) notes that this delegation will act automatically as a
waiver by shareholders, to the benefit of the holders of
marketable securities giving access to the Company’s
share capital that may be issued, of their preferential
subscription rights to equity securities to which these
marketable securities may create a right;
8) resolves that the amount due to the Company
immediately or in the future for each of the shares issued
under this delegation must be at least equal to the par
value of the shares on the issuance date;
9) resolves that the Board of Directors may, if it sees
fit, charge any expenses to the share premium(s), in
particular expenses, duties and fees involved in the
completion of these issuances, and if necessary, deduct
from the amount, the sums required to increase the legal
reserve to one‑tenth of the new share capital after each
issuance;
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10) resolves that the Board of Directors may not, unless
approved by the General Meeting, use this authorization
as from the submission of a tender offer on the
Company’s shares by a third party and until the end of
the tender offer period;
11) resolves that this delegation cancels the delegation
of the same nature granted by the Combined General
Shareholders’ Meeting of May 24, 2023 in its
14th resolution.
The authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
16th resolution
Delegation of authority granted to the Board of Directors
to increase the share capital by issuing shares or equity
securities giving access to other equity securities of the
Company or giving entitlement to the allocation of debt
securities and to issue marketable securities giving access
to equity securities to be issued, without preferential
subscription rights for shareholders and by way of a public
offering other than those referred to in Article L. 411‑2 1° of
the French Monetary and Financial Code
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) Delegates to the Board of Directors, pursuant to the
provisions of Articles L. 225-129 to L. 225-129-6, L. 225-135,
L. 225-136, L. 22-10-49, L. 22-10-51, L. 22-10-54 and
L. 228-91 to L. 228-94 of the French Commercial Code, its
authority to decide, through a public offering other than
those stipulated in section 1 of Article L. 411-2 of the French
Monetary and Financial Code or, as applicable, subject to
the approval of a specific resolution to that effect by the
General Meeting of Shareholders, through a public offering
described in section 1 of Article L. 411-2 of the French
Monetary and Financial Code, on one or more occasions, at
the time or times it shall set, in the proportions that it shall
determine, both in France and abroad:
a) the issuance of shares and/or equity securities giving
access to other equity securities or giving entitlement
to the allocation of debt securities of the Company
and/or any other marketable securities giving access
to equity securities of the Company to be issued,
b) the issuance of shares and/or equity securities giving
access to other equity securities or giving entitlement
to the allocation of debt securities of the Company
and/or any other marketable securities giving access
to equity securities of the Company to be issued,
following the issuance by companies in which the
Company directly or indirectly holds more than
half of the share capital, of any equity securities
or marketable securities giving access to equity
securities of the Company to be issued,
c) the issuance of shares and/or equity securities and/
or marketable securities giving access to equity
securities to be issued from a company in which
it directly or indirectly holds more than half of the
share capital,
d) the issuance of marketable securities giving access
to existing equity securities or giving entitlement to
the allocation of debt securities of another company
in which the Company does not directly or indirectly
own more than half of the share capital.
The Board of Directors can delegate to the Chief
Executive Officer, or in agreement with the latter, to one
or several Deputy CEOs, in accordance with the applicable
law, all the powers required to decide upon capital
increases.
This decision will act automatically as a waiver by
Company shareholders, to the benefit of the holders of
marketable securities that may be issued by subsidiaries,
of their preferential subscription rights to equity
securities to which these securities may create a right;
2) resolves that the maximum nominal amount of the
capital increases that may be performed immediately
or in the future under the present authorization cannot
exceed €13 million, it being specified that this overall cap
is fixed not taking into account the nominal amount of
the shares to be issued to preserve the rights of holders
of marketable securities or other rights giving access
to the Company’s share capital, in accordance with the
applicable legal and regulatory provisions and, where
applicable, the contractual provisions allowing other
adjustments;
3) resolves that the maximum nominal amount that may be
issued under this resolution will count toward the overall
nominal amount for capital increases of €13 million set in
the 15th resolution of this General Meeting;
4) resolves that any issue of preference shares and
marketable securities giving access to preference shares
is excluded;
5) resolves that this capital increase may result from
the exercise of an allocation right resulting from any
marketable securities issued by any company in which
the Company holds, directly or indirectly, more than half
of the share capital and with the agreement of the latter;
6) also resolves that the nominal amount of the marketable
debt securities that may be issued under this delegation
may not exceed €1 billion or the equivalent‑value of
this amount in foreign currency or in accounting units
calculated by reference to several currencies, and shall
be charged against the €1 billion cap set under the
15th resolution of this Meeting;
7) resolves to cancel shareholders’ preferential subscription
rights to shares, equity securities and other marketable
securities to be issued, it being understood that the
Board of Directors may grant shareholders a priority
subscription period for all or part of the issue, during
the period and under the conditions that it will set, in
accordance with the provisions of Article L. 22-10-51 of
the French Commercial Code, this subscription period
does not give rise to the creation of negotiable rights;
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8) notes that this delegation will act automatically as a
waiver by shareholders, to the benefit of the holders of
marketable securities giving access to the Company’s
share capital that may be issued, of their preferential
subscription rights to equity securities to which these
marketable securities may create a right;
9) resolves that the amount due to the Company
immediately or in future for each of the shares issued
or to be issued under this delegation shall be at least
equal to the weighted average of the Company’s share
price on the regulated market of Euronext Paris in the
last three trading sessions preceding the start of the
public offering, within the meaning of Regulation (EU)
2017/1129 of June 14, 2017, potentially decreased by
maximum discount of 10% and after correction of this
amount, if applicable, to take into account the different
vesting dates;
10) resolves that the Board of Directors may use this
delegation, in whole or in part, to remunerate securities
contributed to a public exchange offer initiated by the
Company, within the limits and under the conditions
provided for by Article L. 22-10-54 of the French
Commercial Code;
11) resolves that the Board of Directors may, if it sees
fit, charge any expenses to the share premium(s), in
particular expenses, duties and fees involved in the
completion of these issuances, and if necessary, deduct
from the amount, the sums required to increase the legal
reserve to one‑tenth of the new share capital after each
issuance;
12) resolves that the Board of Directors may not, unless
approved by the General Meeting, use this authorization
as from the submission of a tender offer on the
Company’s shares by a third party and until the end of
the tender offer period;
13) resolves that this delegation cancels the delegation
of the same nature granted by the Combined General
Shareholders’ Meeting of May 24, 2023 in its
15th resolution.
This authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
17th resolution
Delegation of authority granted to the Board of Directors
to increase the share capital by issuing shares or equity
securities giving access to other equity securities or giving
entitlement to the allocation of debt securities and to issue
marketable securities giving access to equity securities
to be issued, without preferential subscription rights for
shareholders, under a public offering referred to in Article
L. 411-2 1 of the French Monetary and Financial Code
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) delegates its authority to the Board of Directors, to
decide, within the framework and under the conditions
set by the sixteenth resolution of this General Meeting,
on the issuance of equity securities or debt securities,
through a public offering referred to in section 1 of
Article L. 411‑2 of the French Monetary and Financial
Code;
2) resolves that the maximum nominal amount of capital
increases that may be carried out, immediately and/
or in the future under this delegation, will count toward
the overall nominal amount for capital increases of
€13 million set in the 15th resolution of this General
Meeting;
3) resolves that the Board of Directors may not, unless
approved by the General Meeting, use this authorization
as from the submission of a tender offer on the
Company’s shares by a third party and until the end of
the tender offer period;
4) resolves that this delegation cancels the delegation
of the same nature granted by the Combined General
Shareholders’ Meeting of May 24, 2023 in its
16th resolution.
The authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
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18th resolution
Delegation of authority granted to the Board of Directors to
increase the number of securities to be issued in the event
of a share capital increase with or without preferential
subscription rights
The General Meeting, after review of the report of the Board
of Directors:
1) delegates to the Board of Directors, pursuant to
the provisions of Article L. 225‑135‑1 of the French
Commercial Code, its authority to increase the number of
securities to be issued for each issuance, with or without
preferential subscription rights, decided pursuant to the
15th, 16th and 17th resolutions of this Meeting, within
thirty days following the end of the subscription, up to
a limit of 15% of the initial issue and at the same price as
that used for the initial issue;
2) resolves that the maximum nominal amount that may be
issued under this delegation will count toward the overall
nominal amount for capital increases of €13 million set in
the 15th resolution of this General Meeting;
3) resolves that the Board of Directors may, if it sees fit,
charge any expenses to the share premium(s), in particular
expenses, duties and fees involved in the completion
of these issuances, and if necessary, deduct from the
amount, the sums required to increase the legal reserve to
one‑tenth of the new share capital after each issuance;
4) resolves that the Board of Directors may not, unless
approved by the General Meeting, use this authorization
as from the submission of a tender offer on the
Company’s shares by a third party and until the end of
the tender offer period;
5) resolves that this delegation cancels the delegation
of the same nature granted by the Combined General
Shareholders’ Meeting of May 24, 2023 in its
17th resolution.
The authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
19th resolution
Delegation of authority granted to the Board of Directors
to increase the share capital by incorporation of reserves,
profits or premiums
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) pursuant to Articles L. 225‑130 and L. 22‑10‑50 of the
French Commercial Code, delegates to the Board of
Directors its authority to increase the share capital,
on one or more occasions, at the time or times and in
the proportions it shall deem fit, by incorporation of
reserves, profits or premiums, or any other amounts
whose incorporation is permitted, or by combining such
a capital increase with a capital increase in cash carried
out under the 15th, 16th, 17th and 18th resolutions of this
General Meeting, through the issuance and the grant
of free shares or by increasing the par value of existing
shares, or ultimately combining both transactions, it
being specified that the Board of Directors may delegate
to the Chief Executive Officer, or in agreement with the
latter, to one or more Deputy CEOs, under the conditions
permitted by law, all the powers necessary to decide on a
capital increase;
2) resolves that the maximum nominal amount of the
capital increases that may be performed under the
present authorization cannot exceed €13 million, it being
specified that this overall cap is fixed not taking into
account the nominal amount of the shares to be issued to
preserve the rights of holders of marketable securities or
other rights giving access to the Company’s share capital,
in accordance with the applicable legal and regulatory
provisions and, where applicable, the contractual
provisions allowing other adjustments;
3) resolves that this maximum nominal amount will count
toward the overall nominal amount for capital increases
that may be carried out under the 15th resolution of this
General Meeting;
4) resolves that rights forming odd lots shall not be
negotiable and that the corresponding shares shall
be sold. The amounts resulting from the sale will be
allocated to the holders of such rights no later than
30 days after the date of registration of the number of
whole shares granted to their account;
5) resolves that the Board of Directors may, if it sees
fit, charge any expenses to the share premium(s), in
particular expenses, duties and fees involved in the
completion of these issuances, and if necessary, deduct
from the amount, the sums required to increase the legal
reserve to one‑tenth of the new share capital after each
issuance;
6) resolves that the Board of Directors may not, unless
approved by the General Meeting, use this authorization
as from the submission of a tender offer on the
Company’s shares by a third party and until the end of
the tender offer period;
7) resolves that this delegation cancels the delegation
of the same nature granted by the Combined General
Shareholders’ Meeting of May 24, 2023 in its
18th resolution.
The authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
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20th resolution
Delegation of powers granted to the Board of Directors
to increase the share capital by issuing shares or equity
securities giving access to other equity securities or giving
entitlement to the allocation of debt securities as well as
to marketable securities giving access to equity securities
to be issued, up to a maximum of 10%, to remunerate
contributions in kind of shares
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) delegates to the Board of Directors, pursuant to the
provisions of Articles L. 22‑10‑49 and L. 22‑10‑53 of
the French Commercial Code, the powers necessary
to increase the share capital by issuing shares and/
or
marketable
securities
giving
rights
to
other
equity securities or giving rights to the allocation of
debt securities of the Company and/or marketable
securities giving rights to equity securities to be issued
by the Company, up to a maximum of 10% of the
share capital, based on the report of the Statutory
Auditor(s) (Commissaire(s) aux apports), to remunerate
contributions in kind made to the Company and
composed up of equity securities or marketable securities
giving access to the share capital, when the provisions of
Article L. 22‑10‑54 of the French Commercial Code are
not applicable;
2) resolves that the Board of Directors will have full powers
to implement this delegation, in particular to determine all
the terms and conditions of the authorized transactions
and, in particular, to evaluate the contributions and the
allocation, where applicable, of specific benefits, to set
the number of securities to be issued to remunerate
the contributions, and the dividend bearing date of
the securities to be issued, to charge, if necessary, any
expense against the contribution premium(s), and in
particular that of the costs, resulting from the completion
of the issuances, to record the completion of the capital
increase and amend the by‑laws accordingly, and more
generally take all necessary measures and enter into
any agreements, carry out all the formalities required, in
particular for the admission to trading of the shares;
3) resolves that the maximum nominal amount that may be
issued under this delegation will count toward the overall
nominal amount for capital increases of €13 million set in
the 15th resolution of this General Meeting;
4) notes, as necessary, that this delegation will act
automatically as a waiver by shareholders of their
preferential subscription rights to equity securities to
which the marketable securities that may be issued on
the basis of this delegation may give entitlement;
5) resolves that the Board of Directors may not, unless
approved by the General Meeting, use this authorization
as from the submission of a tender offer on the
Company’s shares by a third party and until the end of
the tender offer period;
6) resolves that this delegation cancels the delegation of the
same nature granted by the Combined General Shareholders’
Meeting of May 24, 2023 in its 19th resolution.
The authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
21st resolution
Authorization granted to the Board of Directors to grant
Company shares to corporate officers (mandataires sociaux)
and employees of the Company and its affiliated companies,
entailing automatically that shareholders waive their
preferential subscription rights
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) authorizes the Board of Directors, pursuant to the
provisions of Articles L. 225-197-1 et seq., L. 22-10-59
and L. 22-10-60 of the French Commercial Code, to carry
out free allocations, on one or more occasions, of existing
Company shares or shares to be issued, for employees
or certain categories of employees that it will determine
from among eligible employees and corporate officers
(mandataires sociaux) of the Company or its affiliated
companies, within the meaning of Article L. 225-197-2 of
the French Commercial Code;
2) resolves that the Board of Directors will determine the
identity of the beneficiaries of the allocations as well as
the conditions and criteria for allocating the shares;
3) resolves that the total number of free shares granted
may not exceed 1.5% of the Company’s share capital
on the date the allocation is decided by the Board of
Directors, it being specified that this amount does not
take into account any adjustments that may be made
in accordance with applicable laws and regulations and,
where applicable, with contractual provisions providing
for other cases of adjustment, to preserve the rights of
holders of marketable securities or other rights giving
access to the share capital. To this end, the General
Meeting authorizes, as necessary, the Board of Directors
to increase the share capital by incorporation of reserves
in the appropriate amount;
4) resolves that the maximum number of shares that may
be granted to executive officers (dirigeants mandataires
sociaux) pursuant to the AFEP-MEDEF’s Corporate
Governance Code for listed companies may not represent
more than 35% of the overall amount authorized by the
present Meeting;
5) resolves (a) that the granting of the shares to their
beneficiaries will become definitive at the end of a vesting
period, the duration of which shall be determined by the
Board of Directors, (b) that the vesting of the shares granted
will be subject to a continued employment condition
defined by the Board of Directors, it being stipulated that no
share may be acquired by the beneficiaries if the continued
employment condition is not met, and (c) that the
beneficiaries must, if the Board of Directors deem it useful
or necessary, hold said shares for a period determined at
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the Board of Directors’ discretion, it being specified that
the total duration of the vesting periods and, if applicable,
the holding periods shall be set in compliance with the
minimum conditions provided by law;
6) resolves that the vesting of the free shares granted will be
subject to a performance condition based on (i) a growth
rate in the Company’s net earnings per share, determined
by the Board of Directors, and (ii) an ESG multi‑criteria
indicator. For some beneficiaries (excluding the Company’s
executive officers), the performance condition could, if
appropriate, alternatively or cumulatively be based on (a)
target(s) specific to their brand;
7) resolves that this performance condition will be assessed
over a minimum period of three years. The Board of
Directors will set the minimum level(s) of achievement
below which no shares may be vested by the beneficiaries;
8) also resolves that, in the event of the beneficiary’s
disability, as classified in the second or third of categories
provided for in Article L. 341‑4 of the French Social
Security Code, the shares will be definitively granted
before the end of the vesting period. The shares will be
freely transferable as from their delivery;
9) notes that this authorization will act automatically as a
waiver by shareholders, to the benefit of the beneficiaries
of the shares granted, of their preferential subscription
rights to shares that may be issued under this resolution;
10) delegates all powers to the Board of Directors, with
the right to delegate under the legal and regulatory
conditions, to implement this authorization, under
the above conditions and within the limits authorized
by applicable texts and in particular, to set the
terms, conditions and criteria (including in respect of
performance) for the share allocations that would be
carried out under this authorization as well as the vesting
dates, even retroactive, of the new shares, to take all
measures, if necessary if it so decides, to carry out any
adjustments to protect the rights of the beneficiaries of
the free share allocations, to record the completion of
the capital increases, to amend the by‑laws accordingly,
and more generally, complete all formalities required for
the issuance, listing and financial servicing of the shares
issued under this resolution and do anything that is
useful and necessary within the framework of applicable
laws and regulations;
11) resolves that this authorization cancels, as from today,
for the part not yet used, the authorization granted by
the Combined General Shareholders’ Meeting of May 24,
2023 in its 20th resolution and is valid for a period ending
at the end of the General Meeting called to approve the
financial statements for the year ending December 31,
2026.
22nd resolution
Authorization granted to the Board of Directors to grant
share subscription and purchase options to corporate
officers and employees of the Company and its affiliated
companies
entailing
that
shareholders
waive
their
preferential subscription rights
The General Meeting, after review of the report of the Board
of Directors and the special report of the Statutory Auditors:
1) authorizes the Board of Directors, under the provisions
of Articles L. 225‑177 et seq. of the French Commercial
Code, to grant options granting entitlement to the
subscription of new shares or the purchase of existing
ones (the “Options”) to employees and corporate officers
(mandataires sociaux) of the Company or its affiliated
companies within the meaning of Article L. 225‑180 of
the French Commercial Code or some of them who hold,
individually, less than 10% of the Company’s capital (the
“Beneficiaries”);
2) resolves that the maximum number of Options that
can be granted by the Board of Directors and not yet
exercised cannot grant entitlement to subscribe or
purchase a number of shares exceeding 3% of the share
capital. This limit should be assessed at the time when
the Options are granted by the Board taking into account
the new Options offered therefore and also those
from preceding allocations resulting from this present
authorization which have not yet been exercised;
3) resolves that no Options may be granted to the Company’s
executive officers (dirigeants mandataires sociaux) within
the meaning of the AFEP-MEDEF corporate governance
code for listed companies;
4) resolves that the list of recipients of the Options from
among the Beneficiaries and the number of Options
granted to each one will be freely determined by the
Board of Directors;
5) notes that, in accordance with law, no subscription or
purchase Option can be granted during periods prohibited
by Articles L. 225‑177 and L. 22‑10‑56 of the French
Commercial Code;
6) resolves that the subscription price for the new shares
or the purchase price of existing shares by exercising
the Options will be determined by the Board of Directors
on the day on which the Options are granted and that
(a) in the case of subscription options, this subscription
price could not be lower than the share’s closing price on
the Euronext Paris market on the trading day preceding
the day on which the Options will be granted (within
the legal limits) and (b) in the case of purchase options,
this price could not be lower than the greater of the two
following amounts: (i) the value indicated in (a) above and
(ii) the average purchase price of the shares indicated in
Article L. 225‑179 of the French Commercial Code.
The Options exercise price, as determined above, can only
be amended if the Company performs one of the financial
or securities transactions outlined in Article L. 225‑181 of
the French Commercial Code. In this case, the Board of
Directors would adjust, under the legal and regulatory
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conditions, the exercise price and the number of shares
that can be purchased or subscribed, as the case may be,
by exercising the Options, to take into account the impact
of the transaction;
7) notes that the present authorization entails, to the
benefit of the Beneficiaries of the share subscription
options,
that
shareholders
expressly
waive
their
preferential subscription rights to the shares issued as
the Options are exercised;
8) resolves that allocations of options will be subject to a
continued employment condition determined by the
Board; no option can be exercised by the beneficiaries if
the continued employment condition is not met, and to
a performance condition based on (i) a growth rate in the
Company’s net earnings per share, defined by the Board
of Directors and (ii) an ESG multi‑criteria indicator. The
performance condition could, if appropriate, alternatively
or cumulatively be based on one or more targets specific
to the beneficiaries’ brand. The Board of Directors will
set the minimum level(s) of achievement below which no
options may be exercised by the beneficiaries;
9) grants all powers to the Board of Directors to set the
terms and conditions of the Options and in particular
(without this list being exhaustive):
a) the validity period for the Options, it being
understood that the Options must be exercised within
a maximum of ten years,
b) the date(s) or periods for exercising the Options, it
being understood that the Board of Directors can (a)
bring forward the dates or periods for exercising the
Options, (b) maintain the exercisability of the Options
or (c) amend the dates or periods during which the
shares obtained by exercising the options may not be
transferred or converted into bearer shares,
c) any clauses prohibiting the immediate resale of all
or some of the shares obtained by exercising the
Options provided that the period during which shares
must be retained does not exceed three years as
from the exercise of the Option, notwithstanding
the provisions provided in Article L. 225‑185,
paragraph 4, of the French Commercial Code,
d) where necessary, limit, suspend, restrict or prohibit
the exercise of Options or the sale or transfer to
bearer form of the shares obtained by exercising the
Options, during certain periods or following certain
events, and this decision may cover some or all of
the Options or shares or concern some or all of the
Beneficiaries,
e) determine
the
dividend
bearing
date,
even
retroactively, of the new shares as a result of the
subscription Options;
10) resolves that the Board of Directors will have, with the
possibility to delegate under the legal conditions, all
powers to record the completion of the capital increases
to reflect the amount of shares actually subscribed by
exercising the subscription Options, amend the by‑laws
accordingly and, at its sole discretion and as it sees fit,
charge the costs of the capital increases against the share
premiums arising therefrom and deduct from this amount
the sums necessary to increase the legal reserve to one
tenth of the new share capital after each capital increase,
and perform all formalities necessary for the listing of
the securities thereby issued, make all declarations with
the relevant bodies and generally do all that is necessary;
11) resolves that this authorization cancels, as from today,
for the part not yet used, the authorization of the same
nature granted by the Combined General Shareholders’
Meeting of May 24, 2023 in its 21st resolution and is valid
for a period ending at the end of the General Meeting
called to approve the financial statements for the year
ending December 31, 2026.
23rd resolution
Authorization of the Board of Directors to increase the share
capital for the benefit of members of a corporate savings
plan, without preferential subscription rights
The General Meeting, having reviewed the report of the
Board of Directors and the special report of the Statutory
Auditors, pursuant to the provisions of Articles L. 3332‑1
et seq. of the French Labor Code and Articles L. 225-138-1
and L. 225‑129‑6, first and second paragraphs, of the French
Commercial Code:
1) delegates to the Board of Directors its authority to
increase the share capital of the Company, in one or
more transactions, by a maximum nominal amount
of €1 million through the issue of new shares or other
securities giving access to the Company’s share capital
under the conditions prescribed by law, reserved for
members of corporate savings plans of the Company
and/or its affiliated entities within the meaning of Article
L. 225‑180 of the French Commercial Code and Article
L. 3344-1 of the French Labor Code;
2) resolves to cancel the preferential subscription rights of
shareholders to the new shares to be issued or to other
securities giving access to share capital and securities
to which these securities give entitlement under this
resolution for the benefit of the members of the plans
referred to in the previous paragraph and waives the
rights to the shares or other securities that would be
granted through the application of this resolution;
3) resolves that the maximum nominal amount that may be
issued under this delegation will count toward the overall
nominal amount for capital increases of €13 million set in
the 15th resolution of this General Meeting;
4) resolves that the subscription price for the new shares
will be at least 85% of the average listed price of the
Company’s shares on Euronext Paris in the 20 trading days
preceding the day on which subscriptions open. However,
the General Meeting of Shareholders expressly authorizes
the Board of Directors, if it deems it appropriate, to reduce
or cancel the above‑mentioned discount, within the legal
and regulatory limits, in order to take account of, inter
alia, the legal, accounting, tax and social security rules
applicable locally;
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5) resolves that the Board of Directors may also replace all
or part of the discount with the free allocation of shares
or other securities giving access to the Company’s share
capital, whether existing or to be issued, it being specified
that the total benefit resulting from this allocation and, if
applicable, from the discount mentioned above, cannot
exceed the total benefit that members of the savings
plan would have received if this difference had been
15% compared with the average Company share prices
mentioned above;
6) resolves that the Board of Directors may provide for,
pursuant to Article L. 3332‑21 of the French Labor
Code, the free allocation of shares or other securities
giving access to the Company’s share capital to be
issued or already issued under a bonus scheme, provided
that the inclusion of their monetary value, valued at
the subscription price, does not result in the legal or
regulatory limits being exceeded;
7) resolves that the characteristics of the other securities
giving access to the Company’s share capital will be
determined by the Board of Directors according to the
conditions laid down by the regulations;
8) resolves that the Board of Directors will have all the
necessary powers, with the option for delegation
or sub‑delegation, in accordance with the legal and
regulatory provisions, within the limits and under the
conditions specified above, to determine all the terms and
conditions of transactions and, in particular, to decide on
the amount to be issued, the issue price and the terms
of each issue, and to define the terms, where applicable,
for the free allocation of shares or other securities giving
access to the share capital, under the authorization given
above, to determine the opening and closing dates for
subscriptions, to set, within the maximum limit of three
years, the period granted to subscribers to pay for their
shares, to determine the date, which may be retroactive,
from which the new shares will be eligible for dividends,
to apply for their admission to listing on the stock market
wherever they are advised to do so, to record the share
capital increase in the amount of shares effectively
subscribed for, to make all necessary arrangements
to carry out the share capital increases, carry out all
formalities arising therefrom and amend the by‑laws
accordingly, and at its sole discretion, and if it deems it
appropriate, to deduct the fees involved in carrying out
the share capital increases from the premiums relating to
these increases as well as the sums necessary to increase
the legal reserve to one tenth of the new share capital
after each increase;
9) resolves that this delegation will take effect from
September 1, 2025, and will cancel any delegation of
the same nature, as of the same date, granted by the
General Meeting of Shareholders of May 22, 2024
in its 15th resolution. It is noted that the employee
shareholding offer announced on March 13, 2025 and
scheduled for completion in June 2025 was decided by
the Board of Directors at its meeting on October 23, 2024
through the application of the 15th and 16th resolutions of
the Combined General Meeting of May 22, 2024.
The authorization thus granted to the Board of Directors is
valid for twenty‑six months from the date of this General
Meeting.
24th resolution
Delegation of authorities granted to the Board of Directors
to increase the share capital for the benefit of a category
of beneficiaries, without preferential subscription rights,
under an employee shareholding plan
The General Meeting, having reviewed the report of the
Board of Directors and the special report of the Statutory
Auditors, pursuant to the provisions of Articles L. 225‑129‑2,
L. 225-138, L. 22‑10‑49 and L. 228‑91 of the French
Commercial Code:
1) delegates to the Board of Directors its authority to
increase the share capital of the Company, in one or
more transactions, by a maximum nominal amount
of €1 million through the issue of new shares or other
securities giving access to the Company’s share capital,
reserved in the category of beneficiaries as defined
below;
2) resolves that the maximum nominal amount that may
be issued under the present delegation shall be charged
against (a) the total nominal amount for capital increases
of €13 million set under the 15th resolution of this General
Meeting, and (b) against the maximum nominal amount
set in the 23rd resolution of this General Meeting;
3) resolves to cancel the preferential subscription rights
of the shareholders to the shares to be issued or other
securities giving access to share capital and securities
to which these securities give entitlement to be issued
under this resolution and to reserve the subscription
rights to a category of beneficiaries having the following
characteristics: (i) any credit institution or any entity held
by a credit institution, which participates, at the request
of the Company in the implementation of a structured
offering reserved for employees and corporate officers of
companies related to the Company under the conditions
set out in Articles L. 225‑180 and L. 233‑16 of the French
Commercial Code, and having their registered office
outside France; (ii) and/or employees and corporate
officers of companies related to the Company under the
conditions set out in Articles L. 225‑180 and L. 233‑16 of
the French Commercial Code, and having their registered
office outside France; (iii) and/or collective investment
vehicles (OPCVM) or any other employee shareholding
vehicle invested in the Company’s securities, irrespective
of whether it is a legal entity, the unitholders of which
will be the persons referred to in (ii) above;
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4) resolves that the subscription price for the new shares
will be at least 85% of the average listed price of the
Company’s share on Euronext Paris on the 20 trading
days preceding the day of the corporate decision setting
the opening day of the subscription period carried
out on the basis of the 23rd resolution of this General
Meeting. However, the General Meeting of Shareholders
expressly authorizes the Board of Directors, if it deems
it appropriate, to reduce or cancel the above‑mentioned
discount, within the legal and regulatory limits, in order
to take account of, inter alia, the legal, accounting, tax
and social security rules applicable locally;
5) resolves that the characteristics of the other securities
giving access to the Company’s share capital will be
determined by the Board of Directors according to the
conditions laid down by the regulations;
6) resolves that the Board of Directors will have all the
necessary powers, with the option for delegation
or sub‑delegation, in accordance with the legal and
regulatory provisions, within the limits and under the
conditions specified above, to determine all the terms
and conditions of transactions and, in particular, to
decide on the amount to be issued, the issue price and
the terms of each issue, set the list of beneficiaries of the
cancellation of the preferential subscription rights within
the categories defined above and the number of shares
to be subscribed by each of them, to determine the
opening and closing dates for subscriptions, to determine
the date, which may be retroactive, from which the new
shares will be eligible for dividends, to apply for their
admission to listing on the stock market wherever they
are advised to do so, to record the share capital increase in
the amount of shares effectively subscribed for, to make
all necessary arrangements to carry out the share capital
increases, carry out all formalities arising therefrom and
amend the by‑laws accordingly, and at its sole discretion,
and if it deems it appropriate, to deduct the fees involved
in carrying out the share capital increases from the
premiums relating to these increases as well as the sums
necessary to increase the legal reserve to one tenth of
the new share capital after each increase;
7) resolves that this delegation will take effect from
September 1, 2025, and will cancel any delegation of
the same nature, as of the same date, granted by the
General Meeting of Shareholders of May 22, 2024
in its 16th resolution. It is noted that the employee
shareholding offer announced on March 13, 2025 and
scheduled for completion in June 2025 was decided by
the Board of Directors at its meeting on October 23, 2024
through the application of the 15th and 16th resolutions of
the Combined General Meeting of May 22, 2024.
The delegation thus granted to the Board of Directors is valid
for eighteen months from the date of this General Meeting.
25th resolution
Amendment to Article 16 of the Company’s by‑laws
governing the deliberations of the Board of Directors
The General Meeting, after a reading of the report of the
Board of Directors, pursuant to Article L. 225-37 section 3 of
the French Commercial Code as amended by Law
2024‑537 of June 13, 2024 intended to increase financing
of businesses and the attractiveness of France, decides
to amend Article 16 of the by‑laws in order to define the
conditions for decisions made by written consultation
within the Board of Directors and the conditions for the
participation in Board meetings via telecommunications and
Article 16 of the by‑laws now reads as follows:
Section 8 is amended as follows:
“At the initiative of its Chairman, the Board of Directors
may make decisions by written consultations among the
directors, under the conditions stipulated and according to
the procedures specified in the internal regulations of the
Board of Directors. The members of the Board of Directors
are thus called to vote by any written means, including
electronic mail, on the decisions or decisions addressed to
them. Any member of the Board of Directors may oppose the
use of written consultation within the period stipulated by
the internal regulations of the Board of Directors”.
Section 10 is amended as follows:
“In the event of a tie, the Chairman of the session shall have
the deciding vote, whatever the methods of consultation”.
Section 11 is amended as follows:
“The directors who participate in the meeting of the Board
of Directors via videoconference or telecommunications
in compliance with the provisions of the law are deemed
present for the calculation of quorum and majority”.
The other provisions of Article 16 of the bylaws remain
unchanged.
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Ordinary and Extraordinary General Meeting
26th resolution
Powers for formalities
The General Meeting hereby grants any and all powers to the bearer of an original, a copy or an excerpt of the minutes of
these deliberations for the purpose of carrying out any legal formalities for publication.
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CROSS‑REFERENCE
TABLES
Cross‑reference table with the annual financial report
The cross‑reference table below makes it possible to identify the information in this Universal registration document making
up the annual financial report under Article L. 451‑1-2 of the French Monetary and Financial Code and Article 222‑3 of the
French Financial Markets Authority (AMF) General Regulation.
Annual financial report
Universal registration
document
Paragraphs
1.
Dassault Systèmes SE’s annual financial statements
4.2.1
2.
Group’s consolidated financial statements
4.1.1
3.
Management report
See cross‑reference
table with the
management
report below
4.
Statement of the person responsible for the annual financial report
-
5.
Statutory auditors’ report on the annual financial statements
4.2.3
6.
Statutory auditors’ report on the consolidated financial statements
4.1.2
460
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Cross‑reference table with the management report
The cross‑reference table below makes it possible to identify the information in this Universal registration document making
up the annual management report to be drawn up by the Board of Directors of Dassault Systèmes SE, as defined by Articles
L. 225‑100 et seq. of the French Commercial Code.
Management report
Universal registration
document
Paragraphs
1.
Business trend analysis
3.1
2.
Analysis of results
3.1
3.
Analysis of financial position
3.1
4.
Description of main risks and uncertainties
1.9
5.
Information on the use of financial instruments
4.1.1 – Notes 2, 20;
4.2.1 – Notes 2, 20
6.
Exposure to price, credit, liquidity and cash flow risks
1.9.2
7.
Information referred to in Article L. 225‑211 of the French Commercial Code: information
concerning share buybacks
6.2.4
8.
Position in fiscal year 2024
3.1, 4.1.1, 4.2.1
9.
Foreseeable changes in situation
3.2
10.
Important events that occurred since the end of fiscal year 2024
None
11.
Research and development activities
1.5
12.
Existing branches
6.1.1.6
13.
Activities and results of Dassault Systèmes SE, parent company
1.4, 1.6.1, 4.2
14.
Activities of Dassault Systèmes SE’s subsidiaries during fiscal year 2024
1.4, 1.6.2
15.
Key financial and non‑financial performance indicators
1.7, 1.8, 2.7
16.
Financial performance table for Dassault Systèmes SE for the past five fiscal years
4.2.2
17.
Employee share capital participation on the last day of the fiscal year
6.3.1
18.
Non‑financial performance statement
1.8, 2
19.
Acquisition or significant control in Group companies with their registered office in France
4.2.1 – Note 24
4.1.1 – Note 27
20.
Breakdown of transactions performed by senior executives on the Company’s securities
5.3
21.
Information on supplier and customer payment periods
4.2.2
22.
Amount of business‑to‑business loans granted and auditor statement
N/A
23.
Corporate governance report
5.1
24.
Amount of dividends distributed in the past three fiscal years
7.1.1, 4.2.2
25.
Distribution and evolution of shareholders (including treasury shares)
6.3.1, 4.2.1 – Note 15
26.
Financial risks related to the impact of climate change and measures taken to reduce them by
implementing a low‑carbon strategy
2
27.
Main characteristics of internal control and risk management procedures
5.2
28.
Vigilance Plan
2.6
29.
Injunctions or financial penalties for anti‑competitive practices
N/A
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2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
Cross‑reference table with the headings of Annex 1 of Commission Delegated Regulation (EU) 2019/980
The cross‑reference table below makes it possible to identify the information in this Universal registration document
mentioned by the different headings of Annex 1 of Commission Delegated Regulation (EU) 2019/980 of the European
Commission of March 14, 2019.
Headings of Annex 1 of the European Regulation
Universal registration
document
Paragraphs
1.
PERSONS RESPONSIBLE, THIRD‑PARTY INFORMATION, EXPERTS’ REPORTS AND COMPETENT
AUTHORITY APPROVAL
1.1
Name and function of the persons responsible
1.2
Declaration by those responsible
1.3
Persons acting as experts
Not applicable
1.4
Statement concerning third‑party information
Not applicable
1.5
Statement concerning the approval of the Universal registration document by the competent
authority
2.
STATUTORY AUDITORS
5.4
3.
RISK FACTORS
1.9
4.
INFORMATION ABOUT THE ISSUER
4.1
The legal and commercial name of the issuer
6.1.1
4.2
The place of registration of the issuer, its registration number and legal entity identifier (LEI)
6.1.1.2
4.3
The date of incorporation and term
6.1.1.3
4.4
The domicile and legal form of the issuer, the legislation under which the issuer operates, its
country of incorporation, the address, telephone number of its registered office and website of
the issuer
6.1.1
5.
BUSINESS OVERVIEW
5.1
Principal activities
1.4.1
5.2
Principal markets
1.4.2
3.1.3
5.3
The important events in the development of the issuer’s business
None
5.4
Strategy and objectives
1.4.1
5.5
Extent to which the issuer is dependent, on patents or licenses, industrial, commercial or financial
contracts or new manufacturing processes
1.9.1.5
5.6
The basis for any statements made by the issuer regarding its competitive position
1.4.1, 1.5
5.7
Investments
1.5.4
6.
ORGANIZATIONAL STRUCTURE
6.1
Description of the Group and the issuer’s position within the Company
1.6.1
6.2
List of the issuer’s significant subsidiaries
1.6.2
7.
OPERATING AND FINANCIAL REVIEW
3.1
8.
CAPITAL RESOURCES
3.1.6
9.
REGULATORY ENVIRONMENT
1.9.1.3
10.
TREND INFORMATION
1.9.1.1
11.
PROFIT FORECASTS OR ESTIMATES
3.2
12.
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT
12.1
Information regarding the members of administrative and management bodies
5.1.1, 5.1.2
12.2
Conflicts of interest in administrative, management and supervisory bodies and senior
management
5.5
13.
REMUNERATION AND BENEFITS
13.1
Amount of remuneration paid and benefits in kind
5.1.4
13.2
The total amounts set aside or accrued to provide for pension, retirement or similar benefits
5.1.4 – Table 11
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Headings of Annex 1 of the European Regulation
Universal registration
document
Paragraphs
14.
BOARD PRACTICES
5.1
14.1
Date of expiration of the current term of office
5.1.1.1
14.2
Service contracts with the issuer
5.5
14.3
Information about committees
5.1.1.3
14.4
Statement as to whether or not the issuer complies with the corporate governance regime
5.1, 5.1.6
14.5
Potential material impacts on the corporate governance
5.1.6
15.
EMPLOYEES
15.1
Number of employees
2.2.3.1
15.2
Shareholdings and stock options
5.1.1, 5.1.5
6.3.1
15.3
Arrangements for involving the employees in the capital of the issuer
5.1.5
16.
MAJOR SHAREHOLDERS
6.3
16.1
Shareholders holding more than 5% of the share capital or voting rights
6.3.1
16.2
Existence of different voting rights
6.1.2.3
16.3
Control of the issuer
6.3.2
16.4
Any arrangements, known to the issuer, the operation of which may at a subsequent date result
in a change in control of the issuer
6.3.3
17.
RELATED PARTY TRANSACTIONS
4.1.1 – NOTE 25, 4.2.4,
7.1.5
18.
FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL
POSITION AND PROFITS AND LOSSES
18.1
Historical financial information
4.1, 4.2
18.2
Interim and other financial information
3.3
18.3
Auditing of historical annual financial information
4.1.2, 4.2.3, 4.2.4
18.4
Pro forma financial information
Not applicable
18.5
Dividend policy
7.1
18.6
Legal and arbitration proceedings
4.3
18.7
Significant change in the issuer’s financial position
None
19.
ADDITIONAL INFORMATION
19.1
Share capital
6.2, 6.3
4.1 – Note 22
4.2 – Note 15
19.2
Memorandum and Articles of Association
6.1.2
20.
MATERIAL CONTRACTS
1.4.3
21.
DOCUMENTS AVAILABLE
6.1.1.7
463
2024 UNIVERSAL REGISTRATION DOCUMENT DASSAULT SYSTÈMES
SASB Cross-Reference Table
The sustainability statement has been drawn up in accordance with the new CSRD regulations, with very detailed information
relating to sustainability. Dassault Systèmes therefore no longer publishes a SASB cross‑reference table.
United Nations’ Global Compact Communication On Progress (COP)
The United Nations Global Compact is a
non‑binding United Nations pact to encourage
businesses and companies worldwide to adopt
sustainable and socially responsible policies,
and to report on their implementation.
Corporate sustainability starts with a company’s value
system and a principles‑based approach to doing business.
This means operating in ways that, at a minimum, meet
fundamental responsibilities in the areas of Human rights,
labor rights, environment and anti‑corruption. Responsible
businesses enact the same values and principles wherever
they operate, and know that good practices in one area
do not offset harm in another. By incorporating the ten
Principles the UN Global Compact into strategies, policies
and procedures, and establishing a culture of integrity,
companies are not only upholding their basic responsibilities
to people and planet, but also setting the stage for long‑term
success.
Global Compact
Principles Active level Description
Paragraphs
Human Rights
Principle 1
Businesses should support and respect the protection of internationally proclaimed
human rights; and
2.2.3.1.3: 2.2.3.2.3;
2.2.3.3.4; 2.2.3.4.4;
2.2.4.1.2; 2.4
Principle 2
make sure that they are not complicit in human rights abuses.
2.2.3.1.3: 2.2.3.2.3;
2.2.3.3.4; 2.2.3.4.4;
2.2.4.1.2; 2.4
Labor
Principle 3
Businesses should uphold the freedom of association and the effective recognition
of the right to collective bargaining;
2.2.3.1.3; 2.2.4.1.2; 2.4
Principle 4
the elimination of all forms of forced and compulsory labor;
2.2.3.1.3;
2.2.3.2.3 2.2.4.1.2; 2.4
Principle 5
the effective abolition of child labor; and
2.2.3.1.3; 2.2.3.2.3;
2.2.4.1.2; 2.4
Principle 6
the elimination of discrimination in respect of employment and occupation.
2.2.3.1.3; 2.2.3.1.4;
2.2.4.1.2; 2.4
Environment
Principle 7
Businesses should support a precautionary approach to environmental challenges;
2.2.1.3.4; 2.2.1.3.5;
2.2.2.2; 2.2.2.3;
2.2.2.4
Principle 8
undertake initiatives to promote greater environmental responsibility; and
2.2.2.2; 2.2.2.3;
2.2.2.4
Principle 9
encourage the development and diffusion of environmentally friendly technologies.
2.2.2.2; 2.2.2.3;
2.2.2.4
Anti-Corruption
Principle 10
Businesses should work against corruption in all its forms, including extortion and
bribery.
2.2.4.1.2
464
DASSAULT SYSTÈMES 2024 UNIVERSAL REGISTRATION DOCUMENT
Additional information
Dassault Systèmes
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Tel.: +33 (0)1 6162 6162
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Italy
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N°1366, Lujiazui Ring Road
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Tel. +86 21 3856 8000
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06164 Gangnam-gu, Séoul,
South Korea
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Japan
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141-6020 Tokyo, Japan
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For more information,
visit www.3ds.com
Investor relations
Tel.: +33 (0)1 61 62 69 24
Fax.: +33 (0)1 70 73 43 59
E-mail: investors@3ds.com
Western Europe
10, rue Marcel Dassault – CS 40501
78140 Vélizy-Villacoublay Cedex,
France
Tel.: +33 (0)1 6162 6162
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