Financing Information
Maintaining a High Level of Cash Flow from Operating Activities
Figure 1 in €M; in Current Euro
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 Full year December 31th, 2025, cash flow from operations totalled €1.63 billion, down 2% year over year, impacted by FX headwinds and exceptional tax contributions. Cash from operations was principally used for investments of €658 million, including M&A and capex. We also paid €343 million in cash dividend payments. Treasury share buy-back and employee shareholding plan net of proceeds from stock options exercise totalled €185 million.
Maintaining Significant Financial Flexibility with a High Level of Liquidity
Figure 2 in € billions
Our net financial position at December 31, 2025 totaled €1.53 billion, an increase of €73 million compared to €1.46 billion for the year ended December 31, 2024, reflecting cash, cash equivalents and short-term investments of €4.13 billion and debt related to borrowings of €2.59 billion at December 31, 2025.
Corporate Rating
On November 27th, 2025, 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 27th, 2025 | 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 million and €700 million, respectively.
On June 16, 2026, the Group issued a €1,000 million bond with a maturity of June 16, 2031. The issuance will be used for general corporate purposes, including refinancing of the €900 million in notes due September 2026.
| 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% |
| 2031 | June 16, 2026 | June 16, 2031 | 1,000 | 3.375% |
Borrowings
| As of December 31st, 2025 | Payments due by period | |||
| in million euros | Total | Less than 1 year | 1-5 years | 5-10 years |
| Bonds | 2,045.0 | 899.2 | 1,145.8 | - |
| Commercial Paper | 548.5 | 548.5 | - | - |
| Accrued interest | 1.7 | 1.7 | - | - |
| TOTAL | 2,595.2 | 1,449.4 | 1,145.8 | - |
In July 2022, the Group launched a program of commercial paper (Negotiable EUropean Commercial Paper - NEU CP) with a maximum outstanding amount, authorized by the Board, of €750 million.
In 2025, the Group issued €2,424.5 In July 2022, the Group launched a program of commercial paper (Negotiable EUropean Commercial Paper - NEU CP) with a maximum outstanding amount, authorized by the Board, of €750 million. million with a maximum maturity of three months and reimbursed €2,324.5 million under this program. As of December 31st, 2025, the outstanding amount of commercial paper came up to €548.5 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).
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 refinanced our €750 million Revolving Credit Facility (RCF), originally due October 2026, with a new five-year facility, maturing June 2031. The RCF includes two optional one-year extensions. The Facility also incorporates a €250 million swingline and an accordion option of up to €500 million.