Financing Information
Maintaining a High Level of Cash Flow from Operating Activities
Dassault Systèmes Capital Allocation
We focus our uses of cash on:
- Repayment of financial debt;
- Share repurchases to minimize share dilution from stock-based employee performance programs;
- Capital returns to shareholders in the form of dividends;
- Select acquisitions undertaken consistent with our Mission, Strategy and Addressable Market expansion objectives.
For the half-year ended June 30th, 2025, cash flow from operations totalled €1.15 billion, up 2% year over year, thanks to improvements of the working capital during the semester. Cash from operations was principally used for investments of €328 including M&A and capex, cash dividend payments for €343 million Treasury share buy-back and employee shareholding plan net of proceeds from stock options exercise for €84 million.
Maintaining Significant Financial Flexibility with a High Level of Liquidity
The evolution of our cash and net financial position reflects the acquisition of Medidata Solutions, Inc. on October 28, 2019. The cash purchase price was paid with Bonds in the amount of €3.0 billion, a term loan, drawn in Euro and US dollar, in an aggregate amount of €1.0 billion, and with cash on hand, in Euro and US dollar, in an aggregate amount of €1.1 billion.
Our net financial position at June 30th, 2025 totaled €1.51 billion, an increase of €47million compared to €1.46 billion for the year ended December 31, 2024, reflecting cash, cash equivalents and short-term investments of €4.08 billion and debt related to borrowings of €2.58 billion at June 30, 2025.
Our adjusted net debt /IFRS EBITDAO ratio stood at -0.4x at December 31, 2024, compared to 0.0x at December 31, 2024, based on an adjusted net debt including the lease liabilities as reported under IFRS 16 of €569 million and an IFRS EBITDAO for the year ended December 31, 2024 of €2,161 million.
Corporate Rating
On November 15th, 2024, Standard & Poor’s Global Ratings re-affirmed their “A” rating with a stable outlook for Dassault Systèmes SE and its long-term credit.
| Agency | Date | Long term | Outlook | Short term | Business risk profile |
| S&P | November 15th, 2024 | A | Stable | - | Strong |
| S&P | November 17th, 2023 | A | Stable | - | Strong |
| S&P | April 17th, 2023 | A | Stable | - | Strong |
| S&P | April 26th, 2022 | A | Stable | -- | Strong |
| S&P | August 27th, 2019 (inaugural) | A- | Stable | -- | Strong |
N.B : for the latest S&P report on the company please register on https://www.spglobal.com/ratings/en/products-benefits/products/ratings360
Bond Issue Program
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, 2022 and 2024, the Group reimbursed the first two tranches of bonds for €900.0 and €700.0 million, respectively.
| Bond | Date of issue | Maturity Date | Volume (in €m) | Coupon (Payable Annually) |
| 2026 | Sept. 16, 2019 | Sept. 16, 2026 | 900 | 0.125% |
| 2029 | Sept. 16, 2019 | Sept. 16, 2029 | 1,150 | 0.375% |
Borrowings
| As of June 30th, 2025 | Payments due by period | |||
| in million euros | Total | Less than 1 year | 1-5 years | 5-10 years |
| Bonds | 2,043.9 | - | 2,043.9 | - |
| Term loans | 0.1 | 0.1 | - | - |
| Commercial Papers | 529.6 | 529.6 | - | - |
| Accrued interests | 4.4 | 4.4 | - | - |
| TOTAL | 2,577.9 | 534.0 | 2,043.9 | - |
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 the first half of 2025, the Group issued €1,182.0 million with a maximum maturity of three months and reimbursed €1,101.0 million under this program. As of June 30, 2025, the outstanding amount of commercial papers came up to €529.6 million.
Our financing facilities do not contain covenants linked to changes in the Group’s rating. A lower credit rating would result in an increase (capped) in the margins applicable to the credit facilities; symmetrically, a higher rating would lead to a decrease in the applicable margin (with a floor).
Line of credit
We secured a financing commitment in the form of a revolving line of credit of €750 million for an initial period of 5 years from October 28, 2019. In May 2020 and May 2021, we exercised our option to extend its term for one year respectively, bringing the new termination date to October 2026. As of June 30th, 2025, the line of credit was not drawn down.